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Steel Dynamics Announces Management Appointments At Its OmniSource Subsidiary

Stocks in this article: STLD

FORT WAYNE, Ind., Nov. 28, 2012 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced senior management appointments at its wholly-owned OmniSource Corporation subsidiary.

Rich Brady has been named Executive Vice President – Southeast. He assumes responsibility for leading the ferrous and nonferrous operations for the region. Rich joined Steel Dynamics in 2004 and transitioned to OmniSource in 2008. He most recently served as the Executive Vice President Ferrous Commercial at OmniSource. Rich holds a Bachelor's degree in business from the University of Missouri and a Masters in Business Administration from Indiana University.

Effective December 1, 2012, Jason Redden will assume the role of Executive Vice President – Commercial, responsible for ferrous and nonferrous sales and will also assume the national accounts sales management responsibilities. Jason most recently served as the Executive Vice President – Nonferrous Group, where he directed all nonferrous procurement, sales, and operational activities. Prior to that, Jason was the Vice President of National Accounts and Foundry Sales at OmniSource. A graduate of the University of Houston, Jason has been involved in the steel and scrap industries for more than twenty (20) years. He joined OmniSource in 1997.

Also effective December 1, 2012, Scott Gibble, currently Executive Vice President – Midwest at OmniSource, will expand his responsibilities to include nonferrous operations, procurement, and non-sales related support functions. Scott has been a valuable member of the OmniSource team since 1999, when he left David J. Joseph Company to join OmniSource. Scott's prior experience includes brokerage, trading, and operations management. He graduated from Gettysburg College and is a former Naval Officer.

"We are pleased to make these promotions," stated Russ Rinn, Executive Vice President of Metals Recycling and President and Chief Operating Officer of OmniSource Corporation. "Rich, Jason, and Scott have consistently contributed to the company's ability to grow its footprint. Their insightful leadership and valuable experience in the steel and scrap businesses have also contributed and will continue to contribute to our ability to weather the ebbs and flows within the scrap industry. We appreciate their commitment to OmniSource's success and I am delighted to announce their respective appointments," Rinn concluded.

About Steel Dynamics, Inc.

Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with annual sales of $8.0 billion in 2011, over 6,500 employees, and manufacturing facilities primarily located throughout the United States (including five steel mills, six steel processing facilities, two iron production facilities, over 70 metals recycling locations and six steel fabrication plants). 

Forward-Looking Statement

This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. 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. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of a prolonged or deepening recession on industrial demand; (2) changes in economic conditions, either generally or in any of the steel or scrap-consuming sectors which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, and other steel-consuming industries; (3) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (4) the impact of domestic and foreign import price competition; (5) risks and uncertainties involving product and/or technology development; and (6) occurrences of unexpected plant outages or equipment failures.

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