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Steel Dynamics Increases Share Repurchase Program
07/02/2007 - Steel Dynamics’ Board of Directors approves a 5-million-share increase to its existing share repurchase program.
Steel Dynamics’ Board of Directors has approved an increase of 5 million shares to its existing share repurchase program.
"The expanded stock buyback program underscores our continuing commitment to employ multiple means to deliver tangible value to our stockholders," said Keith E. Busse, Steel Dynamics Chairman and CEO." We are pleased to have been able to repurchase a substantial number of shares, while simultaneously undertaking and maintaining a significant capital spending program to position the company for future growth.”
During June, the company purchased the last of its previously authorized share repurchase program, which was last increased in November 2006. Since September 2004, the company has repurchased 30 million shares of its common stock.
“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 the strength of our balance sheet and healthy long-term financial outlook will give us the flexibility to continue organic growth and to also take advantage of attractive acquisition or joint venture opportunities that may arise."
Under the company's buyback program, purchases are to take place from time to time as determined by the company. Purchases are made 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.
