Steel Dynamics Completes $600M Note Offering

Steel Dynamics, Inc. (NASDAQ/GS: STLD) has announced the successful completion of a note offering, with the sale of $600 million aggregate principal amount of 5.375% notes due 2034. The net proceeds from the notes will be used for general corporate purposes, which may include the repayment of the company’s $400 million 2.800% senior notes due December 2024.

Theresa E. Wagler, Executive Vice President and Chief Financial Officer, expressed satisfaction with the execution and support for the investment grade note offering. The transaction is part of the company’s long-term strategy to provide a strong capital foundation in support of its teams, customers, shareholders, and continued growth. Steel Dynamics remains committed to maintaining its investment grade credit ratings, which are believed to provide lower-cost and longer-term capital, allowing for long-term strength, optionality, and value creation opportunities.

The joint book-running managers for the offering of the notes are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, and PNC Capital Markets LLC.

Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in North America, with facilities located throughout the United States and in Mexico. The company's product portfolio includes hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections, and steel joists and deck. Additionally, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap. Today the company's shares have moved -2.2% to a price of $124.34. For more information, read the company's full 8-K submission here.

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