UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 20, 2016 (October 18, 2016)
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana |
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0-21719 |
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35-1929476 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of incorporation) |
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Identification No.) |
7575 West Jefferson Blvd, Fort Wayne, Indiana 46804
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: 260-969-3500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On October 18, 2016, Steel Dynamics, Inc. issued a press release titled Steel Dynamics Announces Share Repurchase Program. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed with this report:
Exhibit Number |
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Description |
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99.1 |
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A press release dated October 18, 2016, titled Steel Dynamics Announces Share Repurchase Program. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
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STEEL DYNAMICS, INC. |
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/s/Theresa E. Wagler |
Date: October 20, 2016 |
By: |
Theresa E. Wagler |
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Title: |
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Press Release |
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October 18, 2016 | |
7575 W. Jefferson Blvd. | |
Fort Wayne, IN 46804 |
Steel Dynamics Announces Share Repurchase Program
FORT WAYNE, INDIANA, October 18, 2016 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced today that its Board of Directors has authorized a share repurchase program of up to $450 million of the companys common stock. The authorization is effective immediately. The Board of Directors canceled the previously authorized program.
This authorization demonstrates the Boards and managements confidence in our ability to generate strong free cash flow, even in challenging market environments such as 2015, said Mark D. Millett, President and Chief Executive Officer. We remain committed to delivering value to our shareholders by first focusing on profitable organic and strategic growth opportunities. In addition to the value creation derived from our strategic growth, we are pleased that due to our strong balance sheet and continued free cash flow generation, we are also able to simultaneously return value to our shareholders through the use of this program to complement our regular quarterly cash dividend.
Under the companys share repurchase 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 companys common stock are made based upon the market price of the companys common stock, the nature of other investment opportunities or growth projects presented to the company, the companys cash flows from operations, and general economic conditions. The share repurchase 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.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. 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.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics future business, product developments and the operation of new or existing facilities. These statements 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.
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, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com.
Contact: Tricia Meyers, Investor Relations Manager +1.260.969.3500