FORT
WAYNE, Ind., Nov. 3, 2023
/PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) 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.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers
and metals recyclers in North
America, based on estimated annual steelmaking and metals
recycling capability, with facilities located throughout
the United States, and in
Mexico. Steel Dynamics produces
steel products, including hot roll, cold roll, and coated sheet
steel, structural steel beams and shapes, rail, engineered
special-bar-quality steel, cold finished steel, merchant bar
products, specialty steel sections, and steel joists and deck. In
addition, the company produces liquid pig iron and processes and
sells ferrous and nonferrous scrap.
Forward-Looking Statements
This report contains some predictive statements about future
events, including statements related to conditions in domestic or
global economies, conditions in steel, aluminum, and recycled
metals market places, Steel Dynamics' revenues, costs of purchased
materials, future profitability and earnings, and the operation of
new, existing or planned facilities. These statements, which we
generally precede or accompany by such typical conditional words as
"anticipate", "intend", "believe", "estimate", "plan", "seek",
"project", or "expect", or by the words "may", "will", or "should",
are intended to be made as "forward-looking", subject to many risks
and uncertainties, within the safe harbor protections of the
Private Securities Litigation Reform Act of 1995. These statements
speak only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
domestic and global economic factors; (2) global steelmaking
overcapacity and imports of steel, together with increased scrap
prices; (3) pandemics, epidemics, widespread illness or other
health issues, such as COVID-19 or its variants; (4) the cyclical
nature of the steel industry and the industries we serve; (5)
volatility and major fluctuations in prices and availability of
scrap metal, scrap substitutes and supplies, and our potential
inability to pass higher costs on to our customers; (6) cost and
availability of electricity, natural gas, oil, or other energy
resources are subject to volatile market conditions; (7) increased
environmental, greenhouse gas emissions and sustainability
considerations or regulations; (8) compliance with and changes in
environmental and remediation requirements; (9) significant price
and other forms of competition from other steel and aluminum
producers, scrap processors and alternative materials; (10)
availability of an adequate source of supply of scrap for our
metals recycling operations; (11) cybersecurity threats and risks
to the security of our sensitive data and information technology;
(12) the implementation of our growth strategy; (13) litigation and
legal compliance; (14) unexpected equipment downtime or shutdowns;
(15) governmental agencies may refuse to grant or renew some of our
licenses and permits; (16) our senior unsecured credit facility
contains, and any future financing agreements may contain,
restrictive covenants that may limit our flexibility; and (17) the
impacts of impairment charges.
More specifically, we refer you to our more detailed explanation
of these and other factors and risks that may cause such predictive
statements to turn out differently, as set forth in our most recent
Annual Report on Form 10-K under the headings Special
Note Regarding Forward-Looking Statements and Risk Factors, in
our Quarterly Reports on Form 10-Q, or in other reports which we
file with the Securities and Exchange Commission. These reports are
available publicly on the Securities and Exchange Commission
website, www.sec.gov, and on our website, www.steeldynamics.com
under "Investors – SEC Filings."
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SOURCE Steel Dynamics, Inc.