Steel Dynamics, Inc. today announced that the company's board of directors authorized an additional share repurchase program of $1.5 billion of the company's common stock. The authorization is effective immediately and is additive to the previous $1.5 billion program, which had $278 million remaining authorized and available for repurchase on September 30, 2023.  Since 2017, the company has repurchased $5.2 billion of its common stock, representing 36 percent of its outstanding shares, and has paid cash dividends of $1.4 billion through September 30, 2023.

"These actions reflect the Board's and senior leadership's continued confidence in our ability to consistently generate industry-leading strong free cash flow throughout all market environments," stated Mark D. Millett, Chairman and Chief Executive Officer. "We are committed to delivering shareholder value creation through profitable growth. We believe the strength of our operating model, capital structure, and liquidity profile provide us the unique ability to strategically grow, while also returning value to our shareholders."

Under the company's share repurchase program, purchases take place as and when determined by the company in open market or private transactions, including transactions that may be affected pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Pursuant to this program, purchases of shares of the company's common stock, are made based upon the market price of the company's common stock, the nature of other investment and growth opportunities, expected free cash flow, and general economic conditions.  The share repurchase program does not require the company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the company at any time without prior notice.

Dividends

The company's board of directors also declared a quarterly cash dividend of $0.425 per common share.  The dividend is payable to shareholders of record at the close of business on December 31, 2023, and is payable on or about January 16, 2024.

 

Source:prnewswire.com

Report Abuse