Steel Dynamics sells $650 million 2028 notes and $150 million more 2035 notes
On November 21, 2025, Steel Dynamics completed the sale of $650 million of 4.000% notes due 2028 and $150 million of additional 5.250% notes due 2035. The company expects net proceeds of about $792 million, which it plans to use to redeem its $400 million 5.000% notes due 2026 and for general corporate purposes. For shareholders, the deal refinances near-term debt and extends maturities, while adding new interest payment obligations.
Key points
- $650 million 4.000% notes due 2028 and $150 million add-on to 5.250% notes due 2035 sold November 21, 2025
- Net proceeds of about $792 million; plan to redeem $400 million 5.000% notes due 2026 on December 21, 2025
- Add-on 2035 notes issued at 101.443% of principal, an implied yield of 5.053%
- Notes are senior unsecured obligations; 2028 notes mature December 15, 2028 and 2035 notes mature May 15, 2035
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 21, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.