27 Aug Esmark Inc. Announces Management Changes for Esmark Steel Group Subsidiary
Esmark Inc. Chairman and CEO James P. Bouchard To Reassume CEO Duties; Names Management Team For Steel Group And Ohio Mill Operations
Company Delays Restart Operations For Ohio Mill Operations As It Reviews Purchase Offers and Strategic Options for Mill Assets
PITTSBURGH, PA, August 27, 2013 – Esmark Inc. today announced management changes for its Esmark Steel Group subsidiary to better serve its diverse customer base and streamline service center and mill operations in Chicago and Ohio, respectively. As part of the management realignment, Esmark Inc. Chairman and CEO James P. Bouchard will reassume CEO duties of Esmark Steel Group.
Esmark Inc. Chairman and Chief Executive Officer James P. Bouchard said the management restructuring and his renewed role as CEO of Steel Group operations were a strategic response to the changing needs of its OEM customer base and the current dynamics of the steel marketplace. “We believe our management teams at our service centers in Illinois and cold-rolled mill operations in Ohio need to be better aligned to serve our OEM customers with the right mix of products and services at the right time,” he said. “As the steel industry continues to adapt to the current economic environment we must respond in kind if we’re going to remain competitive.”
Brian Bergmann, currently Vice President of Esmark Inc. and a seasoned steel industry executive, has been named Vice President and Chief Operating Officer for Esmark Steel Group. In addition, Daniel Martin, currently Controller for Esmark Steel Group, has been named Vice President of Finance for Steel Group operations.
Bouchard said that Thomas Modrowski, formerly CEO of Esmark Steel Group, has been named Chief Operating Officer of its Ohio mill operations, which includes Ohio Cold Rolling Company in Yorkville, Ohio. John Krupinski, currently CFO of Esmark Steel Group, assumes the same title for Ohio mill operations. Thomas Mihelcic, Vice President of Purchasing for Esmark’s recently divested CSI Bars Division, has been named General Manager of Commercial Sales for Ohio Mill operations. Michael Ogrizovich and Scott Sternheimer, currently President and Vice President of Commercial, respectively, of Esmark Steel Group, will remain in their capacities. All management changes are effective immediately.
Bouchard added that all Esmark Steel Group operations and the company’s trucking and transportation logistics operations will now be based at Esmark Inc.’s new world headquarters in Sewickley, Pennsylvania.
Esmark Delays Decision on Ohio Mill Restart as it Reviews Inquiries and Offers for Assets
Bouchard said that the company has not made a decision on whether to restart the Ohio mill operations in Yorkville due to a number of inquiries and offers made for the assets. “We’ve received multiple inquiries about the mill assets and several offers from potential suitors, so the evaluation process must be completed before we make the decision to restart the mill, sell the assets or explore other strategic options,” he explained.
Esmark acquired the former RG Steel Yorkville cold-rolled finishing mill in a bankruptcy court-supervised auction in August 2012, as well as RG Steel’s 50 percent interest in Ohio Coatings Company’s tin plate production facility.
About Esmark Inc. and Esmark Steel Group
Esmark Inc. is a diversified, privately-held family company with a portfolio of industrial companies with strong roots in the steel industry. Over the years, Esmark has diversified its interests and operations into a number of businesses engaged in the industrial and commodity sectors. Esmark (a former publicly traded company on NASDAQ: ESMK) has focused on several key industries including steel services, oil and gas exploration, aviation, real estate, business services, technology and youth sports development. Esmark Steel Group, a wholly owned subsidiary of Esmark, Inc., is one of the nation’s largest value-added processors and distributors of flat-rolled steel products and provides just-in-time logistics and transportation services to a wide range of customers and industries across the country. For more information visit www.esmarksteelgroup.com
Media Contact: Bill Keegan, Director of Communications, Esmark Inc., 312.927.8424 bill.keegan07@gmail.com.