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Specialty Steel Works Announces CEO Leadership Transition

Specialty Steel Works Incorporated (SSWI) announced that its Board of Directors has appointed current President and COO Michael Salamon as CEO and President. Salamon will also become a member of the Board of Directors of SSWI.

Joel Hawthorne has stepped down as CEO. 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 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."

"Mike is the right person to lead SSWI into the future," Santonelli continued. "He understands our business and markets and has a proven ability to forge customer relationships and drive results. Mike has led the effort to make the company more customer centric, simplified its business model and improved its cost structure. He 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."

"It has been an honor and privilege to lead SSWI through this transition period," said Hawthorne. "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."

"Joel and I have worked together closely for two years," said Salamon. "He is leaving SSWI having made a significant contribution to our evolution. 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."

For more information contact:

Specialty Steel Works Incorporated

1412 150th Street

Hammond, IN 46327


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