Nucor Announces Additional Share Repurchase Program
09/07/2007 - Nucor’s Board of Directors unanimously approves the repurchase of up to an additional 30 million shares of the company's common stock.
Nucor Corp.’s Board of Directors has unanimously approved the repurchase of up to an additional 30 million shares of the company's common stock.
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In a separate action, Nucor's Board declared the regular quarterly cash dividend of eleven cents ($0.11) per share on Nucor's common stock.
Nucor's Board also approved the payment of a supplemental dividend of fifty cents ($0.50) per share, for a total dividend of sixty-one cents ($0.61) per share. This cash dividend is Nucor's one-hundred thirty-eighth consecutive quarterly cash dividend.
According to the company, the supplemental dividend of fifty cents ($0.50) per share represents a portion of a total supplemental dividend (estimated to be two dollars ($2.00) per share) that Nucor's Board expects to declare over the year ending December 31, 2007.
The supplemental dividend is based primarily on Nucor's results for the year ended Dec. 31, 2006.
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Since 2005, Nucor has repurchased approximately 37.0 million shares at a cost of $1.6 billion, including the repurchase of 11.6 million shares to date in the third quarter of 2007 at a cost of $599.8 million. This completes the previous repurchase authorization.
Combined with the cash dividends paid, including supplemental dividends, Nucor has returned approximately $3.0 billion of capital to its stockholders since the beginning of 2005.
The company says it will make share repurchases from time to time either in the open market or through private transactions, in accordance with Securities and Exchange Commission requirements. As of August 25, 2007, Nucor had 287.9 million shares outstanding.
Nucor and affiliates manufacture steel products, with operating facilities primarily in the U.S. and Canada. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor is North America's largest recycler.
