HAMMOND, Ind., Jan. 13, 2020 /PRNewswire/ -- Specialty Steel Works Incorporated ("SSWI") announced that its Board of Directors has appointed current President and COO Michael Salamon, as CEO and President effective today. Mr. Salamon will also become a member of the Board of Directors of SSWI.
Also, effective today, Joel Hawthorne has stepped down as CEO. Mr. Hawthorne was appointed CEO as the Company emerged from bankruptcy in November, 2017. While CEO, he stabilized the business and incorporated changes that set the stage for the businesses to achieve their full potential.
Ben Santonelli, Chairman of SSWI said: "I want to thank Joel Hawthorne for his leadership in transitioning the Company following its emergence from bankruptcy. Joel positioned the Company for success by working to restore customer and investor confidence and inspiring employees to connect vision and ideas to drive strategy and create value for all stakeholders. We appreciate his leadership during this period of transition."
Mr. Santonelli continued: "Mike Salamon is the right person to lead SSWI into the future. He understands our business and markets and has a proven ability to forge customer relationships and drive results. Salamon has led the effort to make the Company more customer centric, simplified its business model and improved its cost structure. Salamon will move the Company forward in a manner that allows the business to capitalize on opportunities presented in an ever changing and dynamic environment. The Board and I have great confidence in his ability to lead and inspire the next chapter of SSWI's transformation and growth."
Mr. Hawthorne noted: "It has been an honor and privilege to lead SSWI through this transition period. The Company's strategy is on track, the management team is strong and the Company is poised for even greater success as it enters this next phase."
Mr. Salamon commented: "Joel and I have worked together closely for two years. He is leaving SSWI having made a significant contribution to our evolution following emergence from bankruptcy. I look forward to building on the momentum he has created. I am honored to lead our company as its CEO and work with our senior leadership team and Board. Together we will continue to drive a positive safety culture, capitalize on value enhancing opportunities, and provide our customers with excellent service and the highest caliber products."
About Specialty Steel Works, Incorporated
Specialty Steel Works Incorporated ("SSWI"), headquartered in Hammond, Indiana, is North America's leading manufacturer and processor of value-added specialized steel products including (i) high-quality engineered cold finished steel bars ("CFSB) and (ii) precision-tolerance, cold drawn seamless tubes. SSWI operates under three business units: (i) Niagara LaSalle Corporation, (ii) Corey Steel Company and (iii) Michigan Seamless Tube. Our specialty steel processing business is operated out of six strategically located production facilities in the Midwest with a combined annual capacity to produce 680,000 tons of CFSB and 55,000 tons of seamless tube. SSWI products comprise the broadest specialty steel offering in the industry and are engineered to meet specific customer demands for critical applications across diversified end markets.
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SOURCE Specialty Steel Works Incorporated