Steel Dynamics plans redemption of $300 million 9½% notes

By Jennifer Chiou

New York, March 28 - Steel Dynamics Inc. said it intends to redeem its $300 million of 9½% senior notes due 2009 using the proceeds from a planned $400 million offering of debt securities.

The Fort Wayne, Ind.-based manufacturer and seller of steel products said that remaining proceeds will be used to repay amounts outstanding under its senior secured revolving credit facility, to finance certain capital expenditures and for general corporate purposes.

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