Steel Dynamics Increases Share Repurchase Authorization Again
09/23/2008 - Steel Dynamics’ Board of Directors approves a further increase of 5 million shares to its existing share repurchase program.
Steel Dynamics’ Board of Directors has approved a further increase of 5 million shares to its existing share repurchase program.
The Board had authorized an additional 10 million shares on August 26, which at the time increased the number of shares that could be repurchased to 11.0 million shares. Since that time, the company has bought back 9.7 million of its shares.
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 CEO.
The company's Board of Directors also 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 its buyback program, the company makes purchases at its discretion 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. The share buyback program does not require the company to acquire any specific number of shares and the company may modify, suspend, extend or terminate the program at any time without prior notice.
