Nucor Increases Base Dividend by 173%
12/06/2007 - Nucor’s Board of Directors increases the regular quarterly cash dividend on Nucor's common stock to thirty-cents per share, and approves a supplemental dividend of thirty-one cents per share.
Nucor Corp.’s Board of Directors has increased the regular quarterly cash dividend on Nucor's common stock to thirty cents ($0.30) per share, from its pervious eleven cents ($0.11) per share.
In addition to the thirty-cents-per-share base dividend amount, Nucor's Board also approved the payment of a supplemental dividend of thirty-one cents ($0.31) per share, bringing the total dividend to sixty-one cents ($0.61) per share.
This cash dividend is payable on February 11, 2008 to stockholders of record on December 31, 2007, and is Nucor's one-hundred thirty-ninth consecutive quarterly cash dividend.
Nucor has increased its regular, or base, cash dividend every year since it first began paying dividends in 1973. Nucor's board of directors stated that the 173% increase in the base quarterly cash dividend (to thirty cents) reflects the company's success in building Nucor's sustainable long-term earnings power. The Board noted that the growth in Nucor's earnings power has been driven by disciplined execution of the company's strategic plan. The board noted that the increased base dividend also reflects Nucor's belief that, going forward, the business cycle for steel will see both higher highs and higher lows.
Nucor said the thirty-one cents ($0.31) per share supplemental dividend is based primarily on Nucor's continued strong results. The company cautioned that payment of supplemental dividends in any future period will depend on many factors, including Nucor's earnings, cash flows and financial position.
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.
