Steel Dynamics Inc (STLD)

[OptionMonster]

Steel Dynamics Announces Additional Increase in Share Repurchase Authorization and Third Quarter Cash Dividend

FORT WAYNE, Ind., Sept. 22 /PRNewswire-FirstCall/ -- Steel Dynamics, Inc. (Nasdaq/GS: STLD) today announced that its Board of Directors has approved a further increase of 5 million shares to its existing share repurchase program.

Since the August 26 authorization of an additional 10 million shares, which at the time increased the number of shares that could be repurchased to 11.0 million shares, the company has bought back 9.7 million of its shares. So with the current addition, the company now has authority to continue purchasing up to an additional 6.3 million shares.

"This increase in authorized shares, on top of our recent strong share repurchase activity, is as clear an indication as our Board and management can give of our belief that our stock is significantly undervalued," said Keith E. Busse, Steel Dynamics Chairman and Chief Executive Officer.

In addition, the company's Board of Directors declared a quarterly cash dividend of $0.10 per share to be distributed to shareholders of record at the close of business on September 30, 2008, payable on or about October 10, 2008.

Under the company's buyback program, purchases take place as and when determined by the company in open market or private transactions, including transactions that may be effected pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Pursuant to this program, purchases of shares of the company's common stock are made based upon the market price of the company's stock, the nature of other investment opportunities or growth projects presented to the company, the company's cash flows from operations, and general economic conditions. The share buyback program does not require the company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the company at any time without prior notice.