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 CLEVELAND, Nov. 23 /PRNewswire/ -- Steel Dynamics, Inc., announced today that it has signed a letter of intent with SMS Schloemann-Siemag of Germany regarding the purchase of thin-slab casting and rolling technology to be installed in their new steelmaking facility. The site for this new state-of-the-art facility has not yet been chosen. Site determination is expected to occur by year end.
 Steel Dynamics, Inc., is an entity recently formed by three former Nucor Corporation executives to pursue and further perfect thin-slab casting technology for the flat-rolled steel product marketplace. Society Investment Banking, a division of Cleveland-based Society Corporation (NYSE: SCY), has been retained as financial advisor and placement agent.
 Society Investment Banking was retained several weeks ago to raise the $340 million of financing required by this project. To date, $35 million in equity financing, a substantial amount of subordinated debt and a portion of the company's senior funding needs have been raised. "Financing memorandums covering the remaining financing requirements will be distributed sometime next week," said David Stickler, Society's investment banker responsible for the Steel Dynamics transaction.
 Keith Busse, president and chief executive officer of Steel Dynamics, Inc., and former vice president and general manager of Nucor's thin-slab cast steel mill in Crawfordsville, Ind., indicated that Steel Dynamics' focus will be on new niche market opportunities targeting light gage rolling down to 1 millimeter (0.040) inches. It is anticipated that the light gage material could be successfully substituted for certain cold rolled applications. The project is expected to begin operations in January 1996.
 Additional equipment purchases are on-going with commitments being targeted for the first quarter of 1994. Engineering for the proposed facility is underway and proceeding satisfactorily.
 As of Sept. 30, 1993, Society Corporation (NYSE: SCY) had $26 billion in assets, $2.0 billion in equity capital, over $4.0 billion of market capitalization and more than 445 banking offices in Ohio, Michigan, Indiana and Florida. Through its affiliates, Society engages in commercial banking, consumer banking, mortgage banking and leasing, and investment management and trust services.
 On Oct. 4, 1993, Society Corporation and KeyCorp (NYSE: KEY) of Albany, N.Y., announced the signing of a definitive agreement to merge. The transaction, which requires approval of shareholders of both Society and KeyCorp, as well as the receipt of regulatory approvals, is expected to close about March 31, 1994. The new company would be headquartered in Cleveland and rank as the 10th largest bank holding company in the nation with more than $58 billion in total assets and nearly 1,400 branch and affiliate offices in 18 states.
 -0- 11/23/93
 /CONTACT: Teresa Kleinhenz of Society National Bank, 216-689-4492, or Keith Busse of Steel Dynamics, 317-464-8046/

CO: Steel Dynamics, Inc.; SMS Schloemann-Siemag; Society Corp. ST: Indiana, Ohio IN: MNG SU:

AR-KL -- CL004 -- 7150 11/23/93 09:15 EST
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Publication:PR Newswire
Date:Nov 23, 1993

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