| Steel Dynamics Announces Qualitech Purchase Litigation Settlement |
| FORT WAYNE, INDIANA, January 2, 2003—Steel Dynamics, Inc.
(NASDAQ: STLD) today announced that the litigation involving its
acquisition of the assets of the former Qualitech Steel special bar
quality mill in Pittsboro, Indiana has been resolved. Under the terms
of the settlement, Steel Dynamics will continue to own the facility,
which it formally acquired on September 6, 2002.
In announcing the settlement, Keith E. Busse, Steel Dynamics’ president and chief executive officer, said: “We are pleased that all parties to this dispute were able to reach an amicable settlement. We can now focus all of our attention and resources on accomplishing the necessary engineering, as well as equipment ordering and installation that will be required in order to begin production in Pittsboro. We look forward to this challenge and to the opportunity to work with and become part of the Pittsboro and Hendricks County community.” The litigation, commenced in August 2002 in the Hendricks County, Indiana Superior Court, questioned Steel Dynamics’ right to purchase the Pittsboro assets. The settlement fully resolves all such issues. Steel Dynamics manufactures a variety of hot- and cold-rolled steel products at its Butler, Indiana, flat-roll mini-mill and has recently begun initial beam production at its new Columbia City, Indiana, structural steel and rail facility. For more information about Steel Dynamics, Inc., please visit www.steeldynamics.com. Forward Looking Statements:This press release contains predictive statements about future events, including statements related to conditions in the steel marketplace, costs of steel production, selling prices, and other factors affecting the company’s future revenues and profitability. These statements are intended to be made as “forward-looking” within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Reference is made to SDI’s detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, as set forth in SDI’s most recent Annual Report on Form 10-K and other reports from time to time filed with the Securities and Exchange Commission, available publicly on the SEC’s Web site. Contact: Fred Warner, Investor Relations Manager |
| 1/2/2003 |