Steel Dynamics (STLD) Approves $450M Buyback Plan
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Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced today that its Board of Directors has authorized a share repurchase program of up to $450 million of the company's common stock. The authorization is effective immediately. The Board of Directors canceled the previously authorized program.
"This authorization demonstrates the Board's and management's confidence in our ability to generate strong free cash flow, even in challenging market environments such as 2015," said Mark D. Millett, President and Chief Executive Officer. "We remain committed to delivering value to our shareholders by first focusing on profitable organic and strategic growth opportunities. In addition to the value creation derived from our strategic growth, we are pleased that due to our strong balance sheet and continued free cash flow generation, we are also able to simultaneously return value to our shareholders through the use of this program to complement our regular quarterly cash dividend."
Under the company's share repurchase program, purchases take place as and when 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 are made based upon the market price of the company's common 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 repurchase 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.
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