Steel Dynamics CEO sees Texas mill delayed another three months (NASDAQ:STLD)

Steelworker starting molten steel pour in steelworks

Monty Rakusen/Cultura via Getty Images

Steel Dynamics (NASDAQ:STLD) said on Tuesday its Sinton, Texas, mill will not reach 80% utilization until the end of this year, delaying by three months a previous timeline to reach that level.

According to two Bloomberg, Steel Dynamics (STLD) CEO Mark Millett told an industry conference in Atlanta that recent delays were the result of equipment problems and power issues related to a substation.

Millett said the mill should reach full capacity in H1 2023, providing nearly 3M metric tons/year of steel.

The Sinton mill holds special interest because it will provide advanced high-strength steels that are in high demand for the transition to electric vehicles.

Steel Dynamics (STLD) recently reported setting quarterly records for net income, sales and steel shipments in Q2.

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