Steel Dynamics Names Millett President and COO
04/15/2011 - Steel Dynamics, Inc.’s board of directors has approved the appointment of Mark D. Millett to the new position of President and Chief Operating Officer, effective immediately. Richard P. Teets Jr. will continue as Executive Vice President and President and COO of Steelmaking.
Steel Dynamics, Inc.’s board of directors has approved the appointment of Mark D. Millett to the new position of President and Chief Operating Officer, effective immediately.
Millett, a co-founder of the company in 1993 and a company director, has been Executive Vice President for Metals Recycling and Ferrous Resources as well as President and COO of OmniSource Corp., a wholly owned subsidiary, since August 2008. In those capacities, Millett has been responsible for the company's resources platform, which includes all ferrous and nonferrous scrap operations and ironmaking initiatives.
Millett, 51, will continue to report to co-founder, Chairman, and CEO Keith E. Busse. He will assume direct management of the operating leadership team, with all Executive Vice Presidents, except for the CFO, reporting directly to him. He will continue to work with the Chairman on executing the company's growth strategies.
A search is underway to fill the position Millett is vacating, but until then, he will continue to fulfill these responsibilities. Richard P. Teets Jr., the third co-founder of the company and a company director, will continue as Executive Vice President and President and COO of Steelmaking.
"This appointment is part of the board's ongoing executive talent development and succession planning process," said Joseph Ruffolo, the board's lead independent director. "This appointment is part of our mission to ensure that the company continues to benefit from consistent, strong and capable leadership."
At Steel Dynamics, Millett led the successful integrations of The Techs and OmniSource into the company after their acquisitions in 2007. He also led the team that pioneered the company's Iron Dynamics and Mesabi Nugget ironmaking initiatives. During his 10 years leading the Flat Roll Division, from 1998 to June 2008, Millett and his team initiated the process that led to expanded operations, products, and diversification, which created the framework to increase the Butler Mill's steelmaking capacity to 3 million tons annually.
Previously, Millett was employed by Nucor Corp. for 12 years, where he served in several key positions, including the design, construction, and operation of the melting and casting facility at the world's first thin-slab mini mill in Crawfordsville, Ind. Millett received a Bachelor of Science degree in metallurgy from the University of Surrey, England.
Steel Dynamics, Inc. (SDI) is the nation's fifth largest producer of carbon steel products and one of the largest metals recyclers with 2010 revenues of $6.3 billion on steel shipments of 5.3 million tons and ferrous shipments of 5.2 million gross tons. Based in Fort Wayne, Ind., SDI employs about 6,180 people and operates five electric-furnace mini mills and, through its OmniSource subsidiary, some 70 scrap facilities throughout the Midwest and Southeast. More than 60% of the company's steel shipments are flat-rolled sheet steels and the remainder are various long products.
