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Steel Dynamics Sintonin Steel Plant to Start in Mid 2021

Steel News - Published on Wed, 22 Jul 2020

Image Source: Steel Dynamics Sintonin Steel Plant
Steel Dynamics Inc CEO Mr Mark Millett during the company's second quarter earnings call announced that Steel Dynamics remains on track to begin operations at its new USD 1.9 billion flat-rolled steel mill in Sintonin in Texas in mid-2021 as the coronavirus pandemic has not impacted construction. He said "We're having weekly conversations with the equipment suppliers regarding the impact of COVID-19 and don't believe our planned schedule has been meaningfully impacted thus far.”

The new EAF mill is expected to have an annual production capacity of approximately 3 million short tons.

SDI reported net income of USD 75.5 million on sales of USD 2.09 billion in Q2, down from net income of USD 194.3 million on sales of USD 2.77 billion in the year-ago quarter.Steel Dynamics shipped 2.52 million short tons of steel in Q2, including 2.15 million short tons of external sales. SDI's steel mill utilization was almost 80% in Q2 compared with an overall US domestic industry rate of 55%, which allowed the company to increase market share, particularly in the flat-rolled market

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Posted By : Yogender Pancholi on Wed, 22 Jul 2020
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