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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 15, 1999
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METAL MANAGEMENT, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-14836 94-2835068
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(Commission File Number) (I.R.S. Employer Identification No.)
500 N. Dearborn Street, Suite 405, Chicago, IL 60610
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(Address of Principal Executive Offices) (Zip Code)
(312) 645-0700
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
Effective as of July 15, 1999, T. Benjamin Jennings resigned as the
Chairman of the Board and Chief Executive Officer of Metal Management, Inc., a
Delaware corporation (the "Company"), in order to pursue other personal and
business interests. Mr. Jennings also resigned as a director of the Company.
The Company will immediately commence a nationwide search for a new
Chief Executive Officer. Albert A. Cozzi, the Company's President and Chief
Operating Officer, will assume the additional title of Chairman of the Board.
Pending the outcome of the search for a new Chief Executive Officer, the duties
of that office will be carried out by a four-member committee consisting of
Albert A. Cozzi, William T. Proler, the President of the Company's Gulf Coast
operations, and Executive Vice Presidents George A. Isaac, III and David A.
Carpenter.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
99.1 Press Release, dated July 16, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
METAL MANAGEMENT, INC.
Dated: July 20, 1999 By: /s/ David A. Carpenter
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David A. Carpenter
Executive Vice President, Administration,
Legal & Regulatory Affairs and Secretary
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT:
Xavier Hermosillo, Corporate Communications and Investor Relations:
Midwest/East - Call (312) 645-0445 - West Coast - Call (310) 832-2999
Metal Management, Inc. Announces Resignation of Chairman and Chief Executive
Officer
Chicago, IL - - July 16, 19989- Metal Management, Inc. (NASDAQ symbol-MTLM)
("Metal Management" or "the Company") today announced that T. Benjamin Jennings
has resigned, effective immediately, as the Company's Chairman and Chief
Executive Officer, and as a director, in order to pursue other personal and
business interests. Mr. Jennings and the Company have agreed that Mr. Jennings
will continue his relationship with MTLM in a consulting capacity to assist in
future transactions.
The Company announced that it would immediately commence a nationwide search for
a new Chief Executive Officer. Albert A. Cozzi, Metal Management's President
and Chief Operating Officer, will assume the additional title of Chairman of the
Board. Pending the outcome of the nationwide search, the duties of the chief
executive officer will be carried out by a four-member committee consisting of
Mr. Cozzi, William T. Proler, the President of the Company's Gulf Coast
operations, and Executive Vice Presidents George A. Isaac, III and David A.
Carpenter. The composition of the Company's Board of Directors will otherwise
remain unchanged.
Metal Management is one of the largest and fastest-growing full service
metals recyclers in the United States, with approximately 50 recycling
facilities in 15 states and estimated annualized gross revenues of
approximately $800-million. The Company also owns a 28.5 percent interest in
Southern Recycling, the largest scrap metal recycler in the Gulf Coast
region.
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