FORT WAYNE, Ind., Oct. 18, 2016 /PRNewswire/ -- Steel
Dynamics, Inc. (NASDAQ/GS: STLD) announced today that its Board of
Directors has authorized a share repurchase program of up to
$450 million of the company's common
stock. The authorization is effective immediately. The Board of
Directors canceled the previously authorized program.
"This authorization demonstrates the Board's and management's
confidence in our ability to generate strong free cash flow, even
in challenging market environments such as 2015," said Mark D. Millett, President and Chief Executive
Officer. "We remain committed to delivering value to our
shareholders by first focusing on profitable organic and strategic
growth opportunities. In addition to the value creation
derived from our strategic growth, we are pleased that due to our
strong balance sheet and continued free cash flow generation, we
are also able to simultaneously return value to our shareholders
through the use of this program to complement our regular quarterly
cash dividend."
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 effected
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
opportunities or growth projects presented to the company, the
company's cash flows from operations, 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.
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 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 press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' future business,
product developments 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.
More specifically, we refer you to Steel Dynamics' 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 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.
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SOURCE Steel Dynamics, Inc.