Steel Dynamics Increases Share Repurchase Program
07/30/2008 - The Steel Dynamics Board approves an increase of 5 million shares to the company’s existing share repurchase program, giving Steel Dynamics the authority to repurchase up to an additional 8.9 million shares.
Steel Dynamics, Inc.’s Board of Directors has approved an increase of 5 million shares to its existing share repurchase program.
With this increase, the company now has the authority to repurchase up to an additional 8.9 million shares.
"We believe that this expansion of our share repurchase program speaks to both management's and our board of directors' belief that, from time to time, as and when market conditions undervalue our stock, one of the better decisions that we can make to both demonstrate our confidence in the future and to build shareholder value is to invest in our own shares," said Keith Busse, Steel Dynamics Chairman and CEO.
Busse also expressed his belief that the company should be able to pursue this expanded share repurchase program without sacrifice to any of its facility expansion, capital expenditure or growth plans.
Since September 2004, the company has repurchased 46 million shares of its common stock. 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.
