Steel Dynamics, Inc. (NASDAQ: STLD) announced on November 9, 2026, that its board of directors has authorized an additional share repurchase program of $3.0 billion. This new authorization is effective immediately and is additive to the company's previously existing $1.5 billion program, which had $216 million remaining authorized as of September 30, 2026.
The company stated that since 2017, it has repurchased $8.2 billion of its common stock, representing 45 percent of its outstanding shares. Under the new program, share purchases will be made based on market price, investment opportunities, expected free cash flow, and general economic conditions. The program does not require the company to acquire any specific number of shares and may be modified, suspended, extended, or terminated at any time.
In addition to the share repurchase authorization, the board declared a quarterly cash dividend of $0.53 per common share. The dividend is payable to shareholders of record at the close of business on December 31, 2026, with payments expected to be made on or about January 8, 2027.
Chairman and Chief Executive Officer Mark D. Millett commented that the actions reflect the board's and senior leadership's confidence in the company's ability to generate industry-leading free cash flow. He noted that the capital allocation strategy is focused on disciplined, high-return investments through organic growth and strategic acquisitions within core competencies, while maintaining an investment grade credit rating.
