FORT
WAYNE, Ind., Feb. 26,
2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS:
STLD) today announced that the company's board of directors
declared a first quarter cash dividend of $0.46 per common share, or 8% increase over the
company's 2023 quarterly rate. The dividend is payable to
shareholders of record at the close of business on March 31, 2024 and is payable on or about
April 14, 2024.
"We are pleased that our board of directors took this action,
based on our confidence in the current and anticipated future
strength of our cash flow generation capability and our strong
financial position," said Mark D.
Millett, Chairman and Chief Executive Officer. "We have
consistently grown our cash dividend to shareholders in alignment
with our structural growth initiatives, maintaining a strong cash
dividend growth profile. We believe this action reflects the
strength of our capital structure and liquidity profile, the
continued optimism and confidence in our prospects to strategically
grow, while staying committed to maintaining our investment grade
credit rating."
About Steel Dynamics, Inc.
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.
Steel Dynamics produces steel products, including hot roll, cold
roll, and coated sheet steel, structural steel beams and shapes,
rail, engineered special-bar-quality steel, cold finished steel,
merchant bar products, specialty steel sections, and steel joists
and deck. In addition, the company produces liquid pig iron and
processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This report contains some
predictive statements about future events, including statements
related to conditions in domestic or global economies, conditions
in steel, aluminum, and recycled metals market places, Steel
Dynamics' revenues, costs of purchased materials, future
profitability and earnings, and the operation of new, existing or
planned facilities. These statements, which we generally precede or
accompany by such typical conditional words as "anticipate",
"intend", "believe", "estimate", "plan", "seek", "project", or
"expect", or by the words "may", "will", or "should", are intended
to be made as "forward-looking", subject to many risks and
uncertainties, within the safe harbor protections of the Private
Securities Litigation Reform Act of 1995. These statements speak
only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
domestic and global economic factors; (2) global steelmaking
overcapacity and imports of steel, together with increased scrap
prices; (3) pandemics, epidemics, widespread illness or other
health issues, such as COVID-19 or its variants; (4) the cyclical
nature of the steel industry and the industries we serve; (5)
volatility and major fluctuations in prices and availability of
scrap metal, scrap substitutes and supplies, and our potential
inability to pass higher costs on to our customers; (6) cost and
availability of electricity, natural gas, oil, or other energy
resources are subject to volatile market conditions; (7) increased
environmental, greenhouse gas emissions and sustainability
considerations or regulations; (8) compliance with and changes in
environmental and remediation requirements; (9) significant price
and other forms of competition from other steel and aluminum
producers, scrap processors and alternative materials; (10)
availability of an adequate source of supply of scrap for our
metals recycling operations; (11) cybersecurity threats and risks
to the security of our sensitive data and information technology;
(12) the implementation of our growth strategy; (13) litigation and
legal compliance; (14) unexpected equipment downtime or shutdowns;
(15) governmental agencies may refuse to grant or renew some of our
licenses and permits; (16) our senior unsecured credit facility
contains, and any future financing agreements may contain,
restrictive covenants that may limit our flexibility; and (17) the
impacts of impairment charges.
More specifically, we refer you to our more detailed explanation
of these and other factors and risks that may cause such predictive
statements to turn out differently, as set forth in our most recent
Annual Report on Form 10-K under the headings Special
Note Regarding Forward-Looking Statements and Risk Factors, in
our Quarterly Reports on Form 10-Q, or in other reports which we
file with the Securities and Exchange Commission. These reports are
available publicly on the Securities and Exchange Commission
website, www.sec.gov, and on our website,
www.steeldynamics.com under "Investors – SEC Filings."
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SOURCE Steel Dynamics, Inc.