Steel Dynamics Increases Share Repurchase Programadmin
Steel Dynamics, Inc. announced that its 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. Since September 2004, the Company has repurchased 46 million shares of its common stock.
“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 Chief Executive Officer. 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.
Company’s Web site, www.steeldynamics.com.
Source: Steel Dynamics, Inc.