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Steel Dynamics ups Q1 dividend YOY

Steel Dynamics Inc. on Feb. 20 proposed a first-quarter cash dividend of 18.75 U.S. cents per share, a 21% increase over the company's 2017 quarterly rate.

The dividend will be paid April 13 to shareholders on record as of March 31. The company produces steel and recycles metals at operations in the U.S. and Mexico.

"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 strong financial position," President and CEO Mark Millett said.

The company booked a profit of US$304.7 million in the fourth quarter of 2017, up significantly from a profit of US$20 million in the same quarter of 2016.