Steel Dynamics' New Mill Announcement Doesn't Reflect Our Concerns About Deteriorating Fundamentals
Steel Dynamics announced plans to construct a new steel mill in the Southwestern United States with a capacity of 3 million tons per year. In doing so, the company would increase its existing flat-roll capacity by roughly one third. At an estimated cost of $1.7 billion-1.8 billion (for a company with a market capitalization of roughly $8 billion), this investment is a sizable project. The company plans to begin construction in 2020 and management forecasts operations would commence in the second...Steel Dynamics is a steel producer and metal recycler. The company manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joists and deck products. The company's segments are: Steel, which produces steel from ferrous scrap and scrap substitutes, utilizing casting, automated rolling mills and several downstream steel coating and bar processing lines, and Iron Dynamics; metals recycling, which involves the purchase, processing, and resale of ferrous and nonferrous scrap metals into reusable forms and grades; and steel fabrication, which produces steel building components, including steel joists, girders, trusses, and steel deck.
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