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Steel Dynamics Realigns Organization
08/06/2008 - Steel Dynamics realigns its executive management structure, with each of the company's three current executive vice presidents assuming new responsibilities for various segments of the company, supported by additional corporate management appointments.
Steel Dynamics, Inc. has realigned its executive management structure, with each of the company's three current executive vice presidents now assuming new responsibilities for various segments of the company. The realignment, which the company says was prompted by both organic growth and recent acquisitions, also includes additional corporate management appointments.
Executive Management Structure—At the executive management level, the company named Mark Millett, 49, Executive Vice President for Metals Recycling and Ferrous Resources. Millet also becomes President and Chief Operating Officer of OmniSource Corp., succeeding Danny Rifkin, who left the company effective July 1, 2008. Millett will retain his responsibilities for the company's iron-making projects, which currently include Mesabi Nugget and Iron Dynamics.
Richard Teets, 52, becomes Executive Vice President for Steelmaking and President and Chief Operating Officer of Steel Operations. In this role, Teets will lead all of the company's steelmaking operations, including the Flat Roll Division and The Techs, which formerly reported to Mark Millett. The company's four long-products steelmaking divisions will continue to report to Teets.
Gary Heasley, 43, continues as Executive Vice President for Strategic Planning and Business Development, and also takes on responsibility for New Millennium Building Systems (NMBS), the company's joist-and-deck fabricating business. This business segment had reported to Dick Teets since the company's April 2007 management restructuring.
Mark Millett and Dick Teets are co-founders of Steel Dynamics and serve as directors. All three executive vice presidents continue to report to Keith Busse, Chairman and CEO.
“The changes announced today provide our senior executives the opportunity to focus on specific segments of the company's business," commented Busse. "For our raw materials platform, Mark Millett has the unique strengths that will allow us to take full advantage of the opportunities in growing and integrating OmniSource with Steel Dynamics, as well as to continue to develop and implement our critical iron-making initiatives. Dick Teets has excellent management and technical skills to lead the growth of our steel operations, the company's primary business. Gary Heasley's industry experience permits him to focus on the strategic and operational opportunities in the fabricating side of our business and to continue to explore and execute M&A, joint-venture, greenfield, and other business opportunities.
“This new structure enhances the company's ability to capitalize on our existing businesses and to embrace our promising future in growth opportunities for steelmaking, resources, and downstream operations," Busse added.
Corporate Management Appointments—In a series of additional appointments, the company announced that Ben Eisbart, 64, will become Vice President of Human Resources, a new position, reporting to Keith Busse. Brent Ritenour, 42, is promoted to Vice President, Internal Audit.
The company promoted David Bednarz, 48, to Vice President—Iron Resources, reporting to Mark Millett. In his new role, he will continue to be responsible for Iron Dynamics, with the added responsibility for the Mesabi Nugget ironmaking and mining projects.
The company appointed Paul Everett, 45, Vice President Finance—Ferrous Resources, reporting to CFO Theresa Wagler. In addition, Rick Poinsatte, 41, has been appointed Vice President and Treasurer, reporting to Theresa Wagler.
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Mark Millett served as General Manager of SDI's Flat Roll Division from 1998 to 2007. Last year he was promoted to Executive Vice President, gaining added responsibility for The Techs and for SDI's ferrous resources initiatives. He holds a BS in metallurgical engineering from Surrey College. Before Steel Dynamics, he served in technical and management positions at Nucor Corp.
Dick Teets served as General Manager of SDI's Structural & Rail Division from 1998 to 2007. In April 2007 he became Executive Vice President responsible for SDI's four long-products steelmaking divisions and New Millennium Building Systems. He holds a BS in Mechanical Engineering from Lafayette College and an MBA from Duquesne University. His career in the steel industry spans 30 years, and includes engineering and management experience in both integrated and minimill steelmaking.
Gary Heasley joined Steel Dynamics in 2005 as Vice President and Chief Financial Officer, and assumed his current position in 2007. Prior to joining SDI, he led the investment banking team serving the metal industries at Keybanc Capital Markets and served as an auditor for Ernst & Young. He holds a BS degree in accounting from Youngstown State University and is a CPA.
Ben Eisbart joined OmniSource Corp. in 1992, where he held the position of Executive Vice President for Administration and Corporate Compliance Officer. He holds a BA in English and an MS in counseling from Alfred University, and served as an officer in the U.S. Army.
Brent Ritenour joined Steel Dynamics in 2003 as corporate auditor and oversees internal audit activities including Sarbanes-Oxley compliance and other audit matters related to the company's existing and acquired operations. He holds a BS in Accounting from Oral Roberts University and is a CPA. Before joining Steel Dynamics, he served twelve years with Ernst & Young, becoming a senior manager, and managed internal audit functions in industry for four years.
Dave Bednarz has managed the company's Iron Dynamics operation, which produces liquid pig iron for the Flat Roll Division, since 2000. Dave holds a B.S. in Mining Engineering from Michigan Technological University, earned an MBA in 1993, and joined Steel Dynamics in 1997.
Paul Everett joined OmniSource in 1997 and recently served as OmniSource's Vice President of Accounting. He holds a B.A. in Accounting from the University of Toledo and is a CPA. Before joining OmniSource, Paul had prior experience with Deloitte & Touche and in industry.
Rick Poinsatte joined SDI in 2000 as CFO of New Millennium Building Systems, and most recently served as plant manager of the NMBS plant at Lake City, Fla. Rick holds a bachelors degree in accounting from the University of Notre Dame and is a CPA.
