FT. WAYNE, INDIANA — JUNE 26, 2000 — Steel Dynamics, Inc. (NASDAQ: STLD)
today announced that Larry Lehtinen, Vice President and General Manager
of Iron Dynamics, a subsidiary of Steel Dynamics, Inc., has resigned
effective June 13 to pursue other interests, including the development
of a consulting engineering practice.
Iron Dynamics will continue to benefit from Mr. Lehtinen’s vast
knowledge and experience, as he will continue to be available to Iron
Dynamics on a part-time basis as a technical consultant to the project.
All proprietary knowledge relating to Iron Dynamics’ scrap substitute
ironmaking process is protected by a confidentiality agreement.
Despite a delayed start-up at Iron Dynamics due to some initial
design problems with its submerged arc furnace, IDI is currently
producing liquid pig iron at approximately one-third of its planned
capacity for use by SDI in its melt shop. The final retrofits and
improvements are anticipated to be completed during the fourth quarter
of 2000. When completed, we believe that our innovative scrap
substitute process will set new standards for the industry, and we
eagerly await the opportunity to demonstrate the capabilities of this
new technology.
Keith Busse, Steel Dynamics president and chief executive officer
stated, “We wish Larry well in his new endeavors and look forward to an
ongoing relationship with him as a contributor to Iron Dynamics’
success.”
Forward Looking Statements
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