Hyperdrive
Steel Dynamics Jumps on Report It Will Supply Tesla Truck Steel
Tesla's Cybertruck
Photographer: Frederick J. Brown/AFP/Getty Images
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Steel Dynamics Inc. shares jumped on a report that its new Texas plant could soon be supplying Tesla Inc. with steel for its upcoming truck, thrusting the producer into the automotive market in a big way.
A potential supply agreement, reported previously by local outlet 3News and the blog Electrek, would send metal from Steel Dynamics’ new plant in Sinton, Texas, currently under construction to Tesla’s new factory, which is also being built in the state. Shares rose as much as 3.7% to touch the highest in two years on the Nasdaq, and were up 1.7% to $39.44 a share at 2:05 p.m.