S&P lifts Steel Dynamics view to positive

S&P said it revised its outlook on Steel Dynamics Inc. to positive from stable and affirmed the BB+ corporate credit rating on the company.

S&P also affirmed its BB+ issue-level rating on the company's $2.35 billion senior unsecured notes. The recovery rating on the notes remains 3, indicating an expectation for meaningful (50% to 70%; rounded estimate: 60%) recovery in the event of a payment default.

“The outlook revision reflects our view that the improvement in operating results, profitability, and credit measures that Steel Dynamics is experiencing will continue over the next 12 to 24 months, potentially strengthening its overall credit risk over the longer term and commensurate with an investment-grade rating.”

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