|Press Release, February 14, 2019|
|7575 W. Jefferson Blvd.Fort Wayne, IN 46804|
Steel Dynamics Announces First Quarter 2019 Cash Dividend Increase of 28%
FORT WAYNE, INDIANA, February 14, 2019 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that the company’s board of directors has declared a quarterly cash dividend of $0.24 per common share, a 28 percent increase over the company’s 2018 quarterly rate. The dividend is payable to shareholders of record at the close of business on March 31, 2019, and is payable on or about April 12, 2019.
“Through strategic growth and optimization of our operations, we have further positioned Steel Dynamics in recent years to consistently perform at higher through-cycle levels,” said Mark D. Millett, President and Chief Executive Officer. “This meaningful increase in our quarterly cash dividend is a recognition of this achievement, and our strong cash generation capability. Our unique culture of team empowerment and performance-based incentive programs, coupled with our differentiated business model, are critical components that drive our best-in-class through-cycle operating and financial performance. We are committed to a balanced and prudent capital allocation framework, while maintaining our long-term focus toward value creating strategic growth initiatives.”
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States 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.
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics’ revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing 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) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuation in the cost of key raw materials and supplies (including steel scrap, iron units, and energy costs) and our ability to pass on any cost increases; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses or assets; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics’ 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 from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, sec.report, and on the Steel Dynamics website, www.steeldynamics.com: Investors: SEC Filings.
Contact: Tricia Meyers, Investor Relations Manager— +1.260.969.3500