Steel Dynamics Announces First Quarter 2020 Cash Dividend Increase and Additional Share Repurchase Authorization
Steel Dynamics Announces First Quarter 2020 Cash Dividend Increase and Additional Share Repurchase Authorization |
[26-February-2020] |
FORT WAYNE, Ind., Feb. 26, 2020 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that the company's board of directors declared a first quarter cash dividend of $0.25 per common share, a four percent increase over the company's 2019 quarterly rate. The dividend is payable to shareholders of record at the close of business on March 31, 2020 and is payable on or about April 10, 2020. The board of directors also authorized an additional share repurchase program of up to $500 million of the company's common stock. The authorization is effective immediately and is additive to the previous $750 million program, which had $51 million remaining authorized and available for repurchase at December 31, 2019. "These actions reflect the Board's and management's continued confidence in our ability to consistently generate industry-leading strong free cash flow throughout weak and strong market environments," stated Mark D. Millett, President and Chief Executive Officer. "We are committed to delivering shareholder value creation through profitable growth, while also utilizing other available tools. We believe the strength of our operating model, foundational capital structure, and liquidity profile provide us the unique ability to strategically grow, while also returning value to our shareholders, and remaining committed to maintaining our investment grade credit ratings." 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 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. About Steel Dynamics, Inc. Forward-Looking 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: Investors: SEC Filings. View original content:http://www.prnewswire.com/news-releases/steel-dynamics-announces-first-quarter-2020-cash-dividend-increase-and-additional-share-repurchase-authorization-301012100.html SOURCE Steel Dynamics, Inc. | ||
Company Codes: NASDAQ-NMS:STLD |
© 2020 PR Newswire. All Rights Reserved.