Steel Products
SDI's Millett to Take Center Stage at SMU's Steel Summit
Written by Tim Triplett
June 17, 2021
As a co-founder of Steel Dynamics Inc. (SDI), Mark Millett has had a front row seat to the dramatic changes the steel industry has staged over the past three decades. Actually, he has played a leading role in many of those changes and continues to choreograph the latest act in steel’s story with the imminent debut of SDI’s new mill in Sinton, Texas.
Millett, who is now SDI’s chairman as well as its chief executive, will bring a unique perspective to the program during Steel Market Update’s Steel Summit Aug. 23-25 in Atlanta, where he will sit for an in-depth, one-on-one interview with SMU President and Publisher John Packard.
Under Millett’s leadership, SDI reported record sales of $3.5 billion and record net income of $431 million in this year’s first quarter. In guidance issued this week, SDI said flat roll shipments are on track to achieve record quarterly volume in the second quarter. Looking ahead to the third quarter, the steelmaker expects even stronger results as robust order entry and historically low flat roll inventories continue to drive higher steel prices.
SDI plans to begin ramping up production at its new Texas electric arc furnace (EAF) mill in late summer. The $1.9-billion mill is expected to ship 2.2-2.4 million tons in 2022. SDI claims the new mill will have “Next Generation” capabilities for production of advanced high-strength steel grades, including automotive and energy grades.
But that’s not the only investment in the works. SDI plans two new flat rolled coating lines in the southern U.S. to support the Sinton mill. It also plans to locate two new coating lines in the Midwest by the second half of 2022, each comprised of a 300,000-ton galvanizing line, with Galvalume capability, and a 240,000-ton paint line.
SDI’s Texas campus has already begun to attract processors and other customers who are locating on-site to capitalize on the logistical advantages of partnering so closely with a leading supplier.
Among the subjects Millett will discuss during SMU’s Steel Summit: green and sustainable steelmaking. SDI prides itself on its environmental record. Its steel production is 100% EAF based. And EAF mills have inherent advantages over blast furnaces in terms of their use of recycled metal and reduced carbon emissions. Every ton of steel recycled reduces the need for 1,500 pounds of iron ore, 1,400 pounds of coal and 120 pounds of limestone. SDI’s mills generate only 12% of the Scope 1 emissions per metric ton compared to the average U.S. blast furnace. About 84% of the material used in SDI’s furnaces to produce steel is recycled scrap and internally generated iron substitutes. Its mills use only 25% of the energy needed per metric ton versus world steel averages, the company claims.
Millett Bio
Mark Millett is a co-founder of SDI and has held a variety of senior management positions. He has served on the board of directors since SDI’s inception in 1993 and was named board chairman in May, replacing Keith Busse. In August 2008, Millett was named Executive Vice President for Metals Recycling and Ferrous Resources, as well as President and Chief Operating Officer of OmniSource. From 1998 to 2008, he was responsible for SDI’s Flat Roll mill operations. Under his leadership, the business experienced significant growth, expansion, and portfolio diversification. As a result, SDI operates one of the most productive and profitable flat roll minimill operations in the United States. Millett assumed the position of President and Chief Executive Officer of Steel Dynamics in January 2012. Prior to the formation of Steel Dynamics, he worked for Nucor for 12 years. He holds a bachelor’s degree in metallurgy from the University of Surrey, England.
The 2021 SMU Steel Summit Conference will be held in Atlanta on August 23-25. You can learn more information about our program, speakers, speaker bios, NexGen Leadership Award, costs to attend (live or virtually), and how to register by going to: https://www.events.crugroup.com/smusteelsummit/home
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]