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Posted on Fri. Jun. 27, 2008 - 10:51 am EDT Bookmark and Share Subscribe RSS   E-mail

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Brothers depart ex-family business
3 Rifkins decided to leave OmniSource.
of The News-Sentinel

Three brothers who grew up with OmniSource Corp. as the family business have left the company, which was purchased by Steel Dynamics Inc. last year.

Fred Warner, manager of investor relations for SDI, said that a filing with the Securities and Exchange Commission earlier this month disclosed that Danny, Marty and Rick Rifkin are leaving the company. The brothers continue to own stock in SDI, stock which was part of the $1.1 billion purchase agreement in October.

Danny Rifkin was OmniSource's chief operating officer and SDI's executive vice president. He will continue to hold a seat on SDI's board of directors. Marty Rifkin and Rick Rifkin were both executive vice presidents of nonferrous.

Leonard Rifkin, the brothers' father, died in February, only months after the sale was finalized.

SDI, which is based in Fort Wayne, has nearly 6,000 employees. It was founded in 1993 and has grown to become a metals-industry power with a market capitalization of more than $7 billion and annual revenue of more than $5 billion.

The company operates large steelmaking facilities in Whitley and DeKalb counties.

SDI together with its subsidiaries manufactures and sells of steel products.

It operates in three segments: steel operations, fabrication operations, and steel scrap and scrap substitute operations.

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