UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event
reported) February 1, 2022 (
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events
On January 31, 2022, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Completes Acquisition of a 45% Minority Interest in New Process Steel.” A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) | Exhibits. |
The following exhibit is filed with this report:
Exhibit Number | Description | |
99.1 | A press release dated January 31, 2022, titled “Steel Dynamics Completes Acquisition of a 45% Minority Interest in New Process Steel.” | |
104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
STEEL DYNAMICS, INC. | ||
/s/Theresa E. Wagler | ||
Date: February 1, 2022 | By: | Theresa E. Wagler |
Title: | Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Press Release January 31, 2022 |
![]() |
7575 W. Jefferson Blvd. | |
Fort Wayne, IN 46804 |
Steel Dynamics Completes Acquisition
of a 45% Minority Interest in New Process Steel
FORT WAYNE, INDIANA, January 31, 2022 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced the completion of the acquisition of a minority equity interest in New Process Steel, L.P. (“New Process Steel” or “New Process”). New Process Steel is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications.
“This minority equity interest enables us to expand our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat roll steel customer needs.” stated Mark D. Millett, Chairman and Chief Executive Officer. “New Process Steel has a reputation for high-quality standards and strong customer relationships. With Richard Fant and the New Process leadership team at the helm, we believe New Process will have a number of opportunities for value-added manufacturing growth. Steel Dynamics’ focus remains on providing the highest quality steel and service to all of our customers, while creating innovative supply-chain solutions.”
New Process Steel Investment Overview
New Process Steel is a prominent North American metal products manufacturer and supply chain solutions provider, headquartered in Houston, Texas, with two manufacturing locations in Mexico and four manufacturing locations in the U.S., two of which are located at Steel Dynamics’ Butler and Columbus Flat Roll Steel divisions. New Process Steel was purchased in 1952 by Gene Fant, the father of New Process’ current Chief Executive Officer, Richard Fant. Richard Fant has significantly grown, modernized, and diversified New Process during his over 25-year tenure as CEO. He will independently operate New Process as the majority 55 percent equity holder, making all business decisions in the normal course of operations, including steel purchasing and customer supply decisions. New Process employs approximately 950 individuals and is currently Steel Dynamics’ single largest flat roll steel customer.
About Steel Dynamics, Inc.
Steel Dynamics 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 some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. There are many factors that could cause such forward-looking statements to turn out differently than anticipated.
Please refer to Steel Dynamics' detailed explanation of these 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 under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under “Investors — SEC Filings”.
Contact: Investor Relations — +1.260.969.3500
Cover |
Jan. 31, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2022 |
Entity File Number | 0-21719 |
Entity Registrant Name | STEEL DYNAMICS, INC. |
Entity Central Index Key | 0001022671 |
Entity Tax Identification Number | 35-1929476 |
Entity Incorporation, State or Country Code | IN |
Entity Address, Address Line One | 7575 West Jefferson Blvd |
Entity Address, City or Town | Fort Wayne |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 46804 |
City Area Code | 260 |
Local Phone Number | 969-3500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock voting, $0.0025 par value |
Trading Symbol | STLD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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