Moody's confirms Steel Dynamics

Moody's Investors Service said it confirmed Steel Dynamics Corp.'s Ba1 corporate family rating and probability of default rating.

At the same time, Moody's said it confirmed the Ba2 rating on the company's senior unsecured notes.

This concludes the review for possible downgrade, which commenced April 28, the agency added.

The outlook was changed to negative.

While Steel Dynamics' financial metrics are expected to contract materially in 2009, particularly as reflected by elevated leverage ratios (as measured be the debt/EBITDA ratio) given the fall off in demand in its core business segments, the Ba1 corporate family rating considers the company's low cost mini-mill operating structure, and its diversified product mix, which has shifted in recent years toward higher value-added steel and specialty alloys, Moody's said.

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