FORT WAYNE, Ind., April 26, 2023 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that the company supports The Steel Climate Standard. The Steel Climate Standard was published by the Global Steel Climate Council (GSCC) to provide a technology-agnostic global standard to measure and report steel product greenhouse gas (GHG) emissions and provide a science-based target-setting framework to enable the industry to reduce carbon emissions.
In publishing its standard, the GSCC invited interested organizations to review The Steel Climate Standard and submit comments, which are due by May 17, 2023. The full text of the standard and guidelines on submitting comments can be found at: https://globalsteelclimatecouncil.org.
"We are proud to be a founding member of the Global Steel Climate Council," said Mark D. Millett, Chairman and Chief Executive Officer. "Steel is an integral component of the global economy and foundational to the world's essential infrastructure. Specifically, lower-carbon steel is necessary for the transition to a lower-carbon global economy. This new standard will accelerate the actual reduction of greenhouse gas emissions and provide key decisionmakers with transparent and consistent data to make informed decisions. Steel Dynamics is already a leader in producing lower-carbon steel products. We continue to identify decarbonization opportunities, building on our entrepreneurial, innovative spirit."
GSCC's proposed standard is comprised of two main components: (1) product certification criteria that allows customers to know if the steel they are buying is on the glidepath to achieve the goals of the Paris Climate Agreement; and (2) a science-based target-setting framework based on a 1.5°C scenario glidepath for net zero GHG emissions by 2050. The GSCC standard will measure all key GHG emissions from Scope 1, Scope 2 and Scope 3 categories.
"The Steel Climate Standard is a simple and understandable benchmark for reducing the steel industry's greenhouse gas emissions and encourages innovation and investments in lower emission technology," said Jeff Hansen, Vice President Environmental Sustainability and GSCC Board Member. "We are excited to help develop and launch this important standard for the industry, and for the investment and innovation that will surely follow."
About the Global Steel Climate Council
GSCC is a non-profit organization created to lead an effort to reduce steel carbon emissions and encourage investments in lower emission technology as part of the global effort to decarbonize economies and societies. GSCC members are steel manufacturers, associations and other organizations in the steel supply chain that have a presence in 79 countries around the world.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as COVID-19 or its variants; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations or regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."
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SOURCE Steel Dynamics, Inc.
