FORT WAYNE, INDIANA, September 22, 2008 – Steel Dynamics, Inc.
(NASDAQ-GS: STLD) today announced that its Board of Directors has
approved a further increase of 5 million shares to its existing share
repurchase program.
Since the August 26 authorization of an additional 10 million shares,
which at the time increased the number of shares that could be
repurchased to 11.0 million shares, the company has bought back 9.7
million of its shares. So with the current addition, the company now has
authority to continue purchasing up to an additional 6.3 million
shares.
“This increase in authorized shares, on top of our recent strong
share repurchase activity, is as clear an indication as our Board and
management can give of our belief that our stock is significantly
undervalued,” said Keith E. Busse, Steel Dynamics Chairman and Chief
Executive Officer.
In addition, the company’s Board of Directors declared a quarterly
cash dividend of $0.10 per share to be distributed to shareholders of
record at the close of business on September 30, 2008, payable on or
about October 10, 2008.
Under the company’s buyback 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 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 buyback 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.
Forward Looking Statements
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