FORT
WAYNE, Ind., Sept. 5,
2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS:
STLD) today petitioned the Department of Commerce (DOC) and
the U.S. International Trade Commission (ITC) to apply antidumping
duties against imports of corrosion resistant flat rolled steel
(CORE) from Australia,
Brazil, Canada, Mexico, the
Netherlands, South Africa,
Taiwan, Turkey, UAE, and Vietnam, and countervailing duties against
imports of CORE from Brazil,
Canada, Mexico, and Vietnam. The company was joined by four other
organizations in at least one or more of these cases.
"Between the first half of 2023 and the first half of 2024,
imports of CORE from the ten subject countries surged from less
than 1.25 million tons to almost two million tons, a significant 57
percent increase. The surge of unfairly traded imports of CORE has
had a significant negative impact on the domestic steel industry's
volume, prices, and profits, necessitating these cases," said
Barry T. Schneider, President and
Chief Operating Officer.
CORE steel is used in various market sectors, including in the
production of automobiles, appliances, and in many construction
applications. CORE products consist of hot rolled and cold rolled
steel, which has been coated with zinc, and in some cases aluminum,
and may be painted or have other coatings applied to make the
product corrosion resistant. The present annual U.S. market demand
for these products is over 20 million tons.
"Steel Dynamics has invested $3.7
billion in our steel divisions since June 2019, including investments in a new
state-of-the-art 3.0-million-ton electric arc furnace flat rolled
steel mill, four flat rolled galvanizing lines with
Galvalume® capability, and three flat rolled paint lines.
Corrosion-resistant flat rolled steel is a strategically important
product to the domestic steel industry, and the restoration of fair
trade is critically important," said Christopher A. Graham, Senior Vice President,
Flat Roll Steel Group.
Under the unfair trade statutes, the DOC must determine whether
to initiate the requested investigations within 20 days, and the
ITC must make a preliminary determination of injury within 45 days.
Subject to initiation, the company expects preliminary
determinations on subsidies later this year and on dumping early
next year, though these determinations are subject to extension.
Final rulings by both agencies should be completed by October 2025.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers
and metals recyclers in North
America, 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, aluminum, and
recycled metals market places, our revenues, costs of purchased
materials, future profitability and earnings, and the operation of
new, existing or planned facilities and decarbonization goals and
sustainability efforts. 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 guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
domestic and global economic factors; (2) global steelmaking
overcapacity and imports of steel, together with increased scrap
prices; (3) pandemics, epidemics, widespread illness or other
health issues; (4) the cyclical nature of the steel industry and
the industries we serve; (5) volatility and major fluctuations in
prices and availability of scrap metal, scrap substitutes and
supplies, and our potential inability to pass higher costs on to
our customers; (6) cost and availability of electricity, natural
gas, oil, and other energy resources are subject to volatile market
conditions; (7) increased environmental, greenhouse gas emissions
and sustainability considerations from our customers or related
regulations; (8) compliance with and changes in environmental and
remediation requirements; (9) significant price and other forms of
competition from other steel and aluminum producers, scrap
processors and alternative materials; (10) availability of an
adequate source of supply of scrap for our metals recycling
operations; (11) cybersecurity threats and risks to the security of
our sensitive data and information technology; (12) the
implementation of our growth strategy; (13) litigation and legal
compliance; (14) unexpected equipment downtime or shutdowns; (15)
governmental agencies may refuse to grant or renew some of our
licenses and permits required to operate our business; (16) our
senior unsecured credit facility contains, and any future financing
agreements may contain, restrictive covenants that may limit our
flexibility; and (17) the impacts of impairment charges.
More specifically, we refer you to our more 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 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 reports are
available publicly on the Securities and Exchange Commission
website, www.sec.gov, and on our
website, www.steeldynamics.com under "Investors – SEC
Filings."
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SOURCE Steel Dynamics, Inc.