Exhibit 99.1
Press Release |
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7575 W. Jefferson Blvd.
Fort Wayne, IN 46804
Steel Dynamics Announces Repayment of its $228 million Senior Secured Term Loan
FORT WAYNE, INDIANA, December 14, 2016 — Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that it has repaid in full its senior secured term loan in the principal amount of $228,125,000 under the Company’s Senior Secured Credit Facility dated November 14, 2014, using available cash.
“Combined with the success of our recent Senior Note refinancing, this debt repayment further establishes a strong capital structure and credit profile to support our continued growth,” stated Theresa E. Wagler, Executive Vice President and Chief Financial Officer. “The combined transactions are expected to reduce our annual interest expense by approximately $10 million in 2017.”
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States and in Mexico. Steel Dynamics produces steel products, including 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. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This press release contains certain predictive statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on the Company’s current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements.
More specifically, we refer you to SDI’s detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, www.sec.gov.
Forward-looking or predictive statements we make are based upon information and assumptions, concerning our businesses and the environments in which they operate, which we consider reasonable as of the date on which these statements are made. Due to the foregoing risks and uncertainties however, as well as, matters beyond our control which can affect forward-looking statements, you are cautioned not to place undue reliance on these predictive statements, which speak only as of the date of this press release. We undertake no duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Theresa E. Wagler, Executive Vice President and Chief Financial Officer—+1.260.969.3500