Steel Dynamics Inc. (NASDAQ: STLD) announced that Richard P. Teets Jr. and Gabriel L. Shaheen will retire from the company's board of directors effective at the 2026 annual meeting of shareholders on May 6, 2026.

Teets, a co-founder of Steel Dynamics, has served on the board for over 35 years. Mark D. Millett, chairman and chief executive officer, said Teets was instrumental in developing the company's cultural foundation and contributed engineering insight and operational knowledge that shaped the business.

"Dick has been my partner and friend for over 35 years beginning with our pioneering of thin-slab-casting using electric-arc-furnace technology," Millett said in the announcement.

Teets expressed appreciation for his time with the company, stating that Steel Dynamics "has been a highlight of my life and it will forever be my family." He plans to focus on charitable and community projects, including a family foundation.

Shaheen served on the board for over 16 years. Millett noted that Shaheen's financial expertise and strategic perspective provided valuable counsel to the board throughout his tenure.

"I was initially drawn to Steel Dynamics as the leading large company in the Fort Wayne community," Shaheen said. "Witnessing leadership's commitment to the SDI team members and its communities, throughout its tremendous growth in size, capability, and financial strength was impressive."

Steel Dynamics operates as an industrial metals solutions company with facilities in the United States and Mexico. The company produces steel and aluminum products using recycled materials as primary inputs.