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Steel Dynamics Announces OmniSource Management Promotions

2008-08-13 13:15:00

    FORT WAYNE, Ind., Aug. 13 /EMWNews/ -- Steel Dynamics,

Inc. (Nasdaq: STLD) today announced a number of management promotions and

organizational changes at OmniSource Corporation, its wholly-owned metals

recycling subsidiary. The new assignments will bring additional industry

depth and experience to OmniSource's management team and are designed to

further position the company for continued profitable growth in metals

recycling. OmniSource is a significant provider of steel scrap to SDI's

electric-arc-furnace mini-mills, and continues to be an important resource

for other ferrous and nonferrous scrap metals consumers.

    In making these announcements, Mark Millett, Steel Dynamics Executive

Vice President for Metals Recycling and Ferrous Resources and the recently

appointed President and Chief Operating Officer of OmniSource Corporation,

said, "We are delighted that OmniSource has such a talented workforce, with

deep industry experience and management capabilities. These new

appointments, all of which have come from within the company, will provide

additional vision and leadership as we continue to build our OmniSource


    "In its first two full-quarters of operations as a part of Steel

Dynamics, OmniSource exceeded our expectations in terms of the volume of

scrap processed and sold as well as in its profitability, setting all-time

OmniSource quarterly records. OmniSource now stands as the second largest

ferrous scrap processor in North America and is also one of the nation's

top processors of nonferrous metals. Going forward, we expect to maintain

OmniSource's growth in ferrous and nonferrous recycling to both complement

and support SDI's continued growth in steelmaking. I am very pleased to

have the opportunity to lead the OmniSource organization and look forward

to its continued success."

    OmniSource Organization

    The following are appointed OmniSource executive vice presidents

reporting to Mark Millett.

    Tommy Tuschman, 63, who has served as an executive with OmniSource

since the merger of his scrap company into OmniSource in 1980, becomes

OmniSource's Executive Vice President for Strategic Sourcing and Business

Development. He will continue in his role of sourcing of metals from major

strategic accounts as well as pursuing other OmniSource growth


    Marvin Siegel, 70, will continue in his role as Executive Vice

President, leading OmniSource Southeast. Previously, Marvin served as

President of Recycle South, which became a part of OmniSource earlier this

year. OmniSource Southeast, based in Spartanburg, South Carolina, is a

major metals recycler in the Southeastern U.S. and operates as a separate

division of OmniSource.

    Larry Adelman, 57, has been named OmniSource Executive Vice President-

Nonferrous Group. Larry, who will be responsible for strategic operations

of the Nonferrous Group, served as President of Admetco, a nonferrous scrap

processor, from 1977 until it was acquired in 2004 by OmniSource.

    The following are appointed OmniSource vice presidents managing various

facets of OmniSource's Midwest-based ferrous and nonferrous metals


    Ferrous Management Appointments

    The following will report to Mark Millett:

    Rich Brady, 42, is named OmniSource Vice President-Ferrous Sourcing and

Marketing. Rich previously served as vice president for ferrous resources

for Steel Dynamics and upon joining the company in 2004 established SDI's

in-house scrap procurement department. A 17-year veteran of the metals

industry, he has held numerous positions in scrap procurement, trading and

management. In his new role, Rich will head the OmniSource marketing and

trading group in addition to the mill group dedicated to the procurement of

ferrous scrap for SDI's steel mills.

    Bob Brewer, 48, is named OmniSource Vice President-Ferrous Operations.

In this role, Bob will be responsible for six geographically-defined

OmniSource scrap collection and processing divisions in the Midwest. Bob

previously served as Southern Indiana Division Manager and has been

employed 16 years at OmniSource in a variety of operating positions.

    Jason Redden, 50, is named OmniSource Vice President-National Accounts

and Foundry Sales. In this role, Jason becomes responsible for procurement

and management of scrap metal from large regional and national industrial

accounts. Jason has held marketing positions at OmniSource since 1997, and

previously held positions in the steel industry in purchasing, sales, and

general management.

    Nonferrous Management Appointments

    The following will report to Larry Adelman:

    Steve Alberico, 51, is named OmniSource Vice President-Nonferrous

Sourcing and Marketing. Steve previously served as nickel and stainless

commodity manager. A 28-year veteran of the metals industry, he has held

numerous positions in scrap procurement, sales, and operations. In his new

role, Steve will be responsible for daily nonferrous marketing and trading.

    Jeff Rynearson, 46, a 25-year employee of OmniSource, has been named

Vice President-Nonferrous Operations. In this capacity, he will be

responsible for the company's six high-production nonferrous processing

facilities in the Midwest.

    Denny Luma, 53, President of Superior Aluminum Alloys, Inc., also

becomes a vice president of OmniSource. Superior Aluminum Alloys is a

secondary- aluminum smelter based in New Haven, Indiana, and is a

wholly-owned subsidiary of OmniSource Corporation. Prior to joining

OmniSource in 2001, Denny was president of Wabash Alloys.

    Mark Millett stated, "We are quite pleased with the progress we've made

thus far to realize the anticipated synergies between OmniSource's ferrous

scrap operations and our steel mills, with associated savings in

transportation and inventory holding costs. We are also benefiting from

logistics improvements that have resulted in a more predictable, continuous

flow of ferrous scrap to our mills. As we continue to expand the scope of

OmniSource's operations through additional acquisitions and investments in

its scrap processing operations, we fully expect to maintain and improve on

OmniSource's established relationships with consumers and providers of

recycled metals, including other steel companies, foundries, and ferrous

and nonferrous scrap suppliers. Our commitment to continuous improvement in

OmniSource operations, like our similar commitment in steel operations,

should benefit all of our customers.

    "As a part of Steel Dynamics, OmniSource employees have begun to

experience numerous benefits and opportunities, both personal and

professional. I look forward to working together with the very competent

workforce at OmniSource to build on the record of success and achievement

that OmniSource has attained in the metals recycling industry during its 60

years in the business," Millett concluded.

    Forward-Looking Statement

    This press release contains some predictive statements about future

events and conditions, including statements related to conditions in the

steel and metals recycling marketplaces, the outlook for Steel Dynamics and

OmniSource to participate in these markets, the integration of OmniSource

with Steel Dynamics' other businesses, and the success of OmniSource in

meeting profitability and growth expectations. 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. Such predictive statements are not

guarantees of future performance, and actual results could differ

materially from our current expectations.

    In addition, we refer you to SDI's 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

and in other reports which we from time to time file with the Securities

and Exchange Commission, available publicly on the SEC Web site,, and on the Steel Dynamics Web site,

    Forward-looking or predictive statements we make are based on our

knowledge of our businesses and the environment in which they operate as of

the date on which the statements were made. Due to these risks and

uncertainties, as well as matters beyond our control which can affect

forward- looking statements, you are cautioned not to place undue reliance

on these predictive statements, which speak only as of the date of this

press release. We undertake no duty to update or revise any forward-looking

statement, whether as a result of new information, future events or


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