Steel Dynamics Announces Steel Operations Leadership Appointments
Steel Dynamics (NASDAQ: STLD) announced key leadership changes for its Southwest-Sinton Flat Roll Steel Division and Columbus Flat Roll Steel Division. Dennis Black will become General Manager of the Southwest-Sinton Flat Roll Division starting February 1, 2021, overseeing a new $1.9 billion, 3 million-ton steel mill in Texas. Madhu Ranade will transition to a role focusing on iron procurement, while Daniel Keown will take over as General Manager of Columbus on January 1, 2021. These appointments aim to bolster Steel Dynamics' commitment to safety and operational excellence.
- Leadership transitions aimed at enhancing operational efficiency.
- Investment of $1.9 billion in a new steel mill expected to drive growth.
- Dennis Black's extensive experience in steel operations supports strategic goals.
- None.
FORT WAYNE, Ind., Dec. 18, 2020 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced leadership appointments for the company's new Southwest-Sinton Flat Roll Steel Division, its Columbus Flat Roll Steel Division, and a new position for the company's flat roll steel metallics strategy.
"I am excited and pleased that our ongoing talent development and succession planning efforts have provided these outstanding internal leaders to help ensure our ongoing success," said Mark D. Millett, Chief Executive Officer. "These individuals embody our culture of safety, excellence, and innovation."
Southwest-Sinton Flat Roll Division
Dennis Black will become the General Manager of the company's new Southwest-Sinton Flat Roll Steel Division reporting to Barry Schneider, Senior Vice President, Flat Roll Steel Group effective February 1, 2021. In his new role, Mr. Black will be responsible for the operations of the company's new Sinton Texas Flat Roll Steel Mill that is expected to begin operations mid-year 2021. This
Mr. Black was part of the team that constructed the company's first flat roll steel mill in 1994, serving in several engineering and operational roles in the melt shop. He eventually served as the hot strip mill manager at the company's Butler Flat Roll Division. Mr. Black also had leadership positions within the company's long products steel operations, as a rolling mill manager and hot mill manager at the Structural and Rail Division. Mr. Black earned a bachelor's degree in electrical engineering from Rose-Hulman Institute of Technology.
Columbus Flat Roll Steel Division
Currently, Madhu Ranade serves as Vice President and General Manager of the company's Columbus Flat Roll Steel Division. He has successfully led and grown Columbus for over seven years. During the first quarter 2021, Mr. Ranade will transition to having responsibility for procuring iron and iron substitutes for the company's flat roll operations. Mr. Ranade is uniquely qualified for this role based on his 43 years of steel industry experience. Mr. Ranade earned a master's degree in materials science and mineral engineering from the University of California at Berkeley and a bachelor's of technology in metallurgical engineering from the Indian Institute of Technology, Mumbai.
As Mr. Ranade transitions into his new role, Daniel Keown will become the General Manager of the company's Columbus Flat Roll Steel Division also reporting to Barry Schneider, Senior Vice President, Flat Roll Steel Group effective January 1, 2021. Mr. Keown will be responsible for operations of the company's Columbus Flat Roll Steel Division, comprised of a 3.2-million-ton electric arc furnace steel mill and four value-added coating lines. Since 2014, Mr. Keown led the operations of the company's Engineered Bar Products Division within the Long Product Steel Group. The company acquired this location in 2004, and Mr. Keown was part of the team that successfully reengineered, started, and operated the facility.
Mr. Keown began his career with Steel Dynamics in 1998 as a process engineer at the Butler Flat Roll Division and held various positions of increasing responsibility. Mr. Keown earned a master's degree in engineering management and a bachelor's degree in chemical engineering from Rose-Hulman Institute of Technology.
About Steel Dynamics, Inc.
Steel Dynamics 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 facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Diluted Earnings Per Share, a non-GAAP financial measure, provides additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted Diluted Earnings Per Share included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", 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 a guarantee 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 uncertain economic conditions; (2) the effects of pandemics or other health issues, such as the novel coronavirus outbreak (COVID-19); (3) cyclical and changing industrial demand; (4) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, energy, and other steel-consuming industries; (5) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (6) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (7) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (8) risks and uncertainties involving product and/or technology development; and (9) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics' more 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 under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q, or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under "Investors — SEC Filings".
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SOURCE Steel Dynamics, Inc.
FAQ
What leadership changes did Steel Dynamics announce on December 18, 2020?
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