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FORT WAYNE, Ind., June 29 /PRNewswire-FirstCall/ -- Steel Dynamics,
Inc. (Nasdaq: STLD) today announced that its Board of Directors has
approved an increase of 5 million shares to its existing share repurchase
program. 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.
"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 Chief
Executive Officer." 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. Our Board and management are expressing continued
confidence in SDI's ability to generate strong free cash flows to sustain
these efforts. 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 as and
when determined by the Company from time to time, 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 upon 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.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 including
statements regarding future earnings, the availability of the Company's
cash flows, debt capacity, long-term growth objectives, intention to
repurchase shares, and the source or availability of funding for the
Company's buyback program. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and other
factors, many of which are identified in the Company's Annual Report on
Form 10-K and most recent quarterly and periodic reports filed with the
Securities and Exchange Commission, and which could cause actual results to
differ materially from those which are anticipated. These reports are
available publicly on the SEC's Web site, http://www.sec.gov, and on the Company's
Web site, http://www.steeldynamics.com.
Forward-looking or predictive statements we make reflect our beliefs as
of the date on which the statements were made based on our knowledge of our
businesses and the environment in which they operate as of such date. Due
to the foregoing risks and uncertainties, as well as other matters beyond
our control which can affect forward-looking statements, you are cautioned
not to place undue reliance on these predictive statements, which speak
only as of the date of this press release. We undertake no duty to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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