The co-founder and steel operations president of Fort Wayne, Indiana-based Steel Dynamics Inc plans to retire at the end of March, Kallanish learns from a company release.

Richard Teets, who also serves as the company’s steel chief operating officer, will retire 31 March. He will retain his seat on the company’s board of directors and act as a consultant for the balance of 2016.

“We are all indebted to Dick, and I, along with our board of directors, recognize and appreciate his contributions to the company and the industry in general,” says ceo Mark Millett. “Dick's engineering talent, operating knowledge and negotiating ability have touched every aspect of the company's operations, creating novel approaches to problem solving and unique business models that help to differentiate us from our peers and drive superior performance.”

Concurrent with Teets’ retirement, Steel Dynamics will create three new executive positions to manage the company’s operations.

The downstream manufacturing group will be headed up by vice president and fabrication operations president Christopher Graham. The long products group will be led by vice president Glenn Pushis, who was previously responsible for the company’s flat-rolled operations in Butler, Indiana, and six coating facilities in Indiana and Pennsylvania. Engineered bar products vice president Barry Schneider, meanwhile, will take charge of the company’s flat-rolled group, which includes two mills and eight coating lines.