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 platform. "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 opportunities. 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 businesses. 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, http://www.sec.gov, and on the Steel Dynamics Web site, http://www.steeldynamics.com 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 otherwise.
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89