Moody's rates Steel Dynamics notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to senior unsecured notes being offered in two tranches by Steel Dynamics, Inc.

At the same time, Moody's said it affirmed Steel Dynamics' Ba1 corporate family rating and probability of default rating and the Ba2 rating on its senior unsecured notes. The outlook is stable.

The agency said 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.

The rating also acknowledges the ongoing but slow recovery in end markets, which should benefit sales volumes and capacity utilization rates in the steel making operations.

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