Moody's ups Steel Dynamics

Moody's Investors Service said it upgraded Steel Dynamics Inc.'s ratings, raising the rating on its $300 million 9.5% senior unsecured notes due 2009 to Ba2 from Ba3 and its $115 million 4% convertible subordinated notes due 2012 to Ba3 from B2.

The outlook is stable.

According to Moody's, the upgrades recognize the company's improved operating performance and debt protection measures achieved in the current environment of high steel prices and strong demand in North America, its success in bringing several new projects on line in 2004, and the expanded product mix and end-market diversification this has brought about.

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