FORT WAYNE, Ind., March 11, 2015 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today the company's board of directors
announced a quarterly cash dividend of $0.1375 per common share, a 20% increase over the
company's 2014 quarterly rate. The dividend is payable to
shareholders of record at the close of business on March 31, 2015, and is payable on or about
April 10, 2015.
"We are pleased that our board of directors took this action,
based on its confidence in the current and anticipated future
strength of our cash flow generation capability and strong
financial position. Our ability to generate strong cash flows has
clearly been demonstrated throughout the cycle, including during
challenging market environments such as these," stated Chief
Executive Officer, Mark D. Millett.
"This performance is derived from our low, highly variable cost
structure and diversified, value-added product offerings.
During the first quarter, we also further strengthened our balance
sheet by calling $350 million in
debt, which we expect to repay with free cash flow, thereby
reducing our annual interest burden by $27
million. We believe these actions reflect the strength
of our capital structure and liquidity profile, and the continued
optimism and confidence in our future prospects."
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with annual sales of $8.8 billion in 2014, over 7,700 employees, and
manufacturing facilities primarily located throughout the United States (including six steel mills,
eight steel coating facilities, two iron production facilities,
over 90 metals recycling locations and six steel fabrication
plants).
Forward-Looking Statement
This press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
operation of new or existing facilities. These statements 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)
the effects of uncertain economic conditions; (2) cyclical and
changing industrial demand; (3) changes in conditions in any of the
steel or scrap-consuming sectors of the economy which affect demand
for our products, including the strength of the nonresidential and
residential construction, automotive, appliance, pipe and tube, and
other steel-consuming industries; (4) fluctuations in the cost of
key raw materials (including steel scrap, iron units, and energy
costs) and our ability to pass-on any cost increases; (5) the
impact of domestic and foreign import price competition; (6)
unanticipated difficulties in integrating or starting up new or
acquired businesses; (7) risks and uncertainties involving product
and/or technology development; and (8) occurrences of unexpected
plant outages or equipment failures.
More specifically, we refer you to SDI's 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, in our quarterly
reports on Form 10-Q or in other reports which we from time to
time file with the Securities and Exchange Commission. These are
available publicly on the SEC website, www.sec.gov, and on the
Steel Dynamics website, www.steeldynamics.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/steel-dynamics-announces-increased-first-quarter-2015-cash-dividend-300049290.html
SOURCE Steel Dynamics, Inc.