Steel Dynamics, Inc. STLD, one of the leading steel producers in the U.S., has declared full redemption of its outstanding 7 5/8% Senior Notes (“Notes”) due 2020, priced at 103.813% of the principal amount, plus accrued and unpaid interest thereof (excluding the redemption date).

The company announced that after Mar 16, 2015 − the redemption date − the Notes would not be referred to as outstanding, would stop accumulating interest and all rights of their holders would expire, excepting the right to receive the price of redemption, with no further interest.

A total of around $17 million of related premiums and expenses were recorded in Mar 2015. Steel Dynamics’ annual interest burden will be cut by $27 million with the repayment of $350 million of the principal amount of the Notes.

Following an indenture back in Mar 17, 2010, Steel Dynamics issued an original principal amount of $350 million of Notes. This indenture was modified by a First Supplemental Indenture on Sep 16, 2014, with Steel Dynamics as the issuer and Wells Fargo Bank, National Association as the trustee. The registered holders of the Notes were sent the notice of redemption along with other related information on Feb 13, 2015.

Steel Dynamics remains committed to strengthen its balance sheet. The company remains confident and optimistic about its future prospects, based on the strength of its capital structure and liquidity profile.

Steel Dynamics currently carries a Zacks Rank #3 (Hold).

Better-ranked companies in the steel industry include Kobe Steel Ltd. KBSTY, ThyssenKrupp AG TYEKF and Companhia Siderurgica Nacional SID. While Kobe Steel and ThyssenKrupp sport a Zacks Rank #1 (Strong Buy), Companhia Siderurgica Nacional carries a Zacks Rank #2 (Buy).