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Steel Dynamics President and CEO Mark Millett confirmed reports the producer is pursuing an acquisition of the idled Kentucky Electric Steel during SDI’s quarterly conference call. Millett said he would describe the deal as in the “planned acquisition” stage, though the completion of the transaction was looking favorable.

Ashland, Ky.-based KES would provide about 200,000 tons of rolling capacity, principally for flat products and flat bars.

“Our intent is not currently to start up the hot side. It’s to better utilize our Steel West Virginia and Roanoke billet capacity,” Millett said. “It’s going to improve the through-cycle utilization and earnings profile of those two facilities.”