Fort Wayne Steelmaker Seeks Alternative Sources
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A Fort Wayne-based steel producer is being impacted by the Russian invasion of Ukraine. Our partners at WPTA-TV report Steel Dynamics Inc. (Nasdaq: STLD) is searching for new sources to obtain the raw material it uses, which is known as pig iron, from Eastern Europe.
The station reports crude iron shipments could be harder for the steel producer to get amid the invasion.
“We also have our own iron operations in Butler, Indiana, which gives us a big competitive advantage as well,” SDI Chief Financial Officer Theresa Wangler said. “So we’re not seeing supply chain issues at this point in time, but we’re definitely looking forward and leaning into the strategy of how we’re participating in those markets.”
According to an SDI spokesperson, the company is also creating plans to maintain stockpiles. Steel Dynamics expects demand for processed steel to increase domestically as federal infrastructure plans call for large amounts.