LOUISVILLE, Ky.–(BUSINESS WIRE)–Jun 09, 2010–STEEL TECHNOLOGIES ANNOUNCES MANAGEMENT TRANSITION
Current CEO will serve in advisory role
New CEO will be appointed at upcoming board meeting
Louisville, Ky. (June 8, 2010) – Steel Technologies LLC (“Steel Technologies” or the “company”) today announced that Bradford T. Ray, CEO, will resign and assume an advisory role as of July 1, 2010.
Brad joined the company in 1981 and has served in a number of leadership roles over the last 29 years, including CEO since 1999. Brad served on the Board of Directors since 1989 and was Chairman of the Board from 2002 through 2007. Prior to becoming CEO, Brad served as President and Chief Operating Officer from November 1994 to 1999. Previously he was Executive Vice President of the company from April 1993 to November 1994 and also served as Vice President Manufacturing of the company from January 1987 through April 1993.
Effective July 1, 2010, Michael J. Carroll will be appointed CEO and President, subject to the board approval on June 11, 2010. Mike is currently serving as President and COO, a position he has held since 1999. Mike started with the company in 1979 and was previously Executive Vice President, a position he held since 1995. Prior to this, he was Senior Vice President of Sales and served on the company’s Board of Directors from 1992 through 2010.
The company was founded by Brad’s father, Merwin J. Ray, in 1971 and has grown from a small single operation in Eminence, Ky. to a company with a significant North American presence as a leader in the steel processing sector. The company has grown to 23 locations, including 3 joint ventures, throughout the United States, Canada and Mexico, with $1.3 billion in revenue in 2009.
Brad and Mike have worked closely for 30 years during times of significant growth through both Greenfield expansion and acquisitions. The company anticipates a seamless transition.
Steel Technologies was a public company from 1985 through 2007 and traded on the NASDAQ prior to being purchased by Mitsui & Co. (U.S.A,), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a Japanese trading company.
In April 2010, Mitsui & Co. (U.S.A.), Inc. entered into a 50-50 joint venture with Nucor Corporation. As part of this venture, each company now indirectly holds 50% share in Steel Technologies.
Brad will assume an advisory position to the senior management and the Board of Managers of the company. The succession plan is scheduled to be adopted and approved by the Board at a meeting on June 11.
Steel Technologies processes flat rolled steel to specific thickness, width, temper, finish and shape requirements for the automotive, appliance, lawn and garden, agriculture, construction, office furniture, hardware and consumer goods industries. Steel Technologies has 23 locations including 3 joint venture operations, located throughout the United States, Canada and Mexico. More information about the company may be found at www.steeltechnologies.com.