Insteel Industries pays special dividend

Insteel Industries, Inc. (IIIN) will pay a special dividend of $1.50 per share in 2020. This follows a $1.00 per share special dividend announced by the company in 2015. The regular quarterly dividend is $0.03 per share.

Both the regular quarterly cash dividend of $0.03 per share and a one-time special cash dividend of $1.50 per share of common stock payable on December 18, 2020 to shareholders of record as of December 1, 2020.

"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," commented H.O. Woltz III, Insteel's President and CEO. 

Insteel 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. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities located in the United States.