Insteel Industries Inc. last week announced that its board of directors declared a regular quarterly cash dividend of 3 cents per share and a one-time special cash dividend of $1.50 per share of common stock.
Both dividends are payable on Dec. 18 to shareholders of record as of Dec. 1.
“We welcome the opportunity to return capital to our shareholders through the payment of a special dividend while fully funding our aggressive capital investment program and maintaining ample financial flexibility to pursue acquisition opportunities that may arise,” said H.O. Woltz III, Insteel’s president and CEO.
Insteel, headquartered in Mount Airy, is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Insteel’s products are sold primarily to manufacturers of concrete products that are used in nonresidential construction.