Nov. 21, 2006 — Steel Dynamics’ Board of Directors has authorized the company to increase its existing 5 million share (pre-split) repurchase program by an additional 2.5 million shares. Pursuant to the additional authorization, the company will now have the ability to purchase up to an additional 2.8 million pre-split, 5.6 million post-split shares.

The company had announced a program on August 29, 2006, authorizing the repurchase of up to 5 million shares. Repurchases under that program have totaled 4.7 million shares to date. Since September 2004, the company has repurchased 12.2 million shares of its common stock, 24.4 million shares on a post-split basis.

“This additional stock buyback program underscores our commitment to employ multiple means to deliver tangible value to our stockholders,” said Keith E. Busse, Steel Dynamics’ President and CEO. “We are pleased to have been able to repurchase a substantial amount of our shares, at prices we considered an excellent value, while simultaneously undertaking and maintaining a significant capital spending program to position the company for future growth.

“Our Board and management are expressing continued confidence in SDI's ability to generate strong free cash flows to sustain these efforts,” said Busse. “We believe our solid balance sheet and healthy long- term financial outlook will give us the flexibility to continue generating solid organic growth and to take advantage of attractive opportunities that may arise.”

Under the company’s buyback program, purchases are to take place from time to time as 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 will be made based on 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.