Steel Dynamics, Inc. (NASDAQ: STLD) today announced that the company's board of directors authorized an additional share repurchase program of $1.5 billion of the company's common stock. The authorization is effective immediately and is additive to the previous $1.5-billion program, which had $278 million remaining authorized and available for repurchase on September 30. Since 2017, the company has repurchased $5.2 billion of its common stock, representing 36 percent of its outstanding shares, and has paid cash dividends of $1.4 billion through September 30.
"These actions reflect the Board's and senior leadership's continued confidence in our ability to consistently generate industry-leading strong free cash flow throughout all market environments," stated CEO Mark D. Millett. "We are committed to delivering shareholder value creation through profitable growth. We believe the strength of our operating model, capital structure, and liquidity profile provide us the unique ability to strategically grow, while also returning value to our shareholders."
The company's board of directors also declared a quarterly cash dividend of $0.425 per common share. The dividend is payable to shareholders of record at the close of business on December 31, 2023, and is payable on or about January 16, 2024.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico.
STLD shares grew $1.94, or 1.7%, to $113.48.
