SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 14, 2011 (April 14, 2011)
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana |
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0-21719 |
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35-1929476 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of incorporation) |
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Identification No.) |
7575 West Jefferson Blvd, Fort Wayne, Indiana 46804
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: 260-969-3500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors: Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 14, 2011, the board of directors of Steel Dynamics, Inc. (the company) announced the appointment of Mark D. Millett to the newly created position of President and Chief Operating Officer of the company. Millett, a co-founder of the company in 1993 and a director since that time, has been Executive Vice President for Metals Recycling and Ferrous Resources, as well as President and Chief Operating Officer of OmniSource Corporation (a wholly-owned subsidiary of the company) since August 2008. During the 10 years prior to August 2008, Mr. Millett led the companys flat-rolled steel and iron-making initiatives.
In his new capacity, Millett will assume direct management of the operating leadership team, with all Executive Vice Presidents, except for the CFO, reporting directly to him.
Mr. Milletts annual salary will increase from $540,000 to $670,000, effective with his appointment. All other compensation arrangements will remain materially unchanged.
Item 8.01. Other Events.
On April 24, 2011, Steel Dynamics, Inc. issued a press release titled Steel Dynamics Names Millett President and Chief Operating Officer. The full text of the press release is furnished herewith and attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibit is furnished with this report:
Exhibit Number |
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Description |
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99.1 |
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A press release dated April 14, 2011, titled Steel Dynamics Names Millett President and Chief Operating Officer. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
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STEEL DYNAMICS, INC. |
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/s/Theresa E. Wagler |
Date: April 14, 2011 |
By: |
Theresa E. Wagler |
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Title: |
Chief Financial Officer |
Exhibit 99.1
Press Release |
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April 14, 2011 |
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7575 West Jefferson Boulevard |
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Fort Wayne, IN 46804-4131 |
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260.459.3553 Phone |
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260.969.3590 Fax |
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www.steeldynamics.com |
Steel Dynamics Names Millett President and Chief Operating Officer
FORT WAYNE, Ind., April 14, 2011 Steel Dynamics, Inc. (NASDAQ-GS: STLD), today announced that its 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, has been Executive Vice President for Metals Recycling and Ferrous Resources as well as President and COO of OmniSource Corporation, a wholly owned subsidiary, since August 2008. In those capacities, Millett has been responsible for the companys resources platform, which includes all ferrous and nonferrous scrap operations and ironmaking initiatives.
Millett, 51 years old, who is a company director, will continue to report to co-founder, Chairman and CEO Keith E. Busse. Mark will assume direct management of the operating leadership team, with all Executive Vice Presidents, except for the CFO, reporting directly to him. Mark will continue to work with the Chairman on executing the companys growth strategies. A search is underway to fill the position Millett will be relinquishing. Until then, Millett 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.
Marks appointment recognizes the leadership role Mark has played in the growth of the company, said Busse. Mark and I have worked together for decades and he has been an important part of our companys success, both on the steelmaking side and in connection with our ferrous resources platform. Mark, Dick and I will continue to work together to propel our company to new heights.
This appointment is part of the boards on-going executive talent development and succession planning process, said Joseph Ruffolo, the boards lead independent director. This appointment is part of our mission to ensure that the company continues to benefit from consistent, strong and capable leadership.
Obviously, I am grateful to Keith and the board of directors, and I look forward to continuing to work with Keith, Dick and the rest of our talented colleagues in leading this great company we founded 18 years ago to new successes, said Millett.
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 companys Iron
Dynamics and Mesabi Nugget ironmaking initiatives. During his 10 years leading the Flat Roll Division, from 1998 to June 2008, Mr. Millett and his team initiated the process that led to expanded operations, products and diversification, which created the framework to increase the Butler Mills steelmaking capacity to three million tons annually, making it one of the most productive and profitable flat roll mini-mills in the country.
Previously, Millett was employed by Nucor Corporation for 12 years, where he served in several key positions, including the design, construction and operation of the melting and casting facility at the worlds first thin-slab mini mill in Crawfordsville, Indiana.
Millett received a Bachelor of Science degree in metallurgy from the University of Surrey, England.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. (SDI) is the nations 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, Indiana, 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 percent of the companys steel shipments are flat-rolled sheet steels and the remainder are various long products. SDI is among the most profitable American steel companies in terms of profit margins and operating profit per ton.
Forward Looking Statements
This press release contains some predictive statements about future events, including statements related to our future plans and prospects. 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.
Factors that could cause such predictive statements to turn out other than as anticipated or predicted include, among others: the effects of prevailing or worsening economic conditions on industrial demand in general or on steel consumption in particular; the impact of price competition, risks and uncertainties involving new products or new technologies; changes in the availability or cost of steel scrap or substitute materials; increases in energy costs; occurrence of unanticipated equipment failures and plant outages; labor unrest; and the effect of the elements on production or consumption.
More specifically, we refer you to SDIs detailed explanation of these and other factors and risks that may cause such or any other predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K, 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, available publicly on the SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.
Forward-looking or predictive statements we make are based upon information and assumptions, concerning our businesses and the environments in which they operate, which we consider reasonable
as of the date on which these statements are made. Due to the foregoing risks and uncertainties however, 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.
Contact:
Ben Eisbart, Vice President
(260) 423-8600
Ben.Eisbart@steeldynamics.com
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