Higher levels of free cash flow generated during the "high" of the cycle were deployed toward increased dividends and share repurchases in the company, which retired 21 million shares in 2022. Steel Dynamics has also increased its dividend by 25% in the 12-month lookback period, boosting the dividend yield to a current 1.6%. Historically, Steel Dynamics' dividend yield has hovered around the 3% mark, signaling that a possible fair or overvaluation may be at play today.