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Steel Dynamics approves up to US$750M share buyback program

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Steel Dynamics approves up to US$750M share buyback program

Steel Dynamics Inc.'s board authorized an additional share buyback program of up to US$750 million, with immediate effect, the company said Sept. 4.

The move follows the completion of a US$450 million share repurchase program in August.

The program will see the repurchase of the company shares based on the market price of the shares, the nature of other investment and growth opportunities, expected free cash flow, and general economic conditions.

"This new authorization demonstrates the board's and management's continued confidence in our ability to generate strong free cash flow in both weak and strong market environments," said Mark Millett, Steel Dynamics' president and CEO.