Despite import headwinds, SDI upbeat on 2014 steel demand

Jan 28, 2014 | 05:23 PM | Corinna Petry

Tags  Steel Dynamics, SDI, hot-rolled sheet, cold-rolled, galvanized, steel imports, steel prices, Mark Millett Richard Teets

CHICAGO — Although January’s extreme cold and snow have slowed operations ranging from iron production to scrap generation, leaders of Steel Dynamics Inc. (SDI) expressed confidence that the company will have a positive year in terms of output, revenue and profitability.

The Fort Wayne, Ind.-based producer will invest between $125 million and $150 million on capital projects this year. This is less than in past years, when the company had expanded iron production, as well as bar, beam and rail production.

Automotive and energy demand will continue to be robust, president and chief executive officer Mark D. Millett said during a Jan. 28 conference call with equities analysts. Backlogs and order rates for beams, joists, merchant bar and other construction products—along with anecdotal observations about the number of cranes rising over U.S. municipalities—have persuaded Millett and his leadership team that nonresidential construction activity will gain ground this year.....

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