Insteel appoints former Nucor exec to board

MOUNT AIRY, N.C. - Insteel Industries Inc. (NYSE:IIIN), currently valued at approximately $548 million in market capitalization, announced the appointment of Eric Zernikow to its board of directors, effective immediately. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet. Zernikow, a seasoned professional with extensive experience in the steel industry, will serve on the Executive Compensation Committee and the Nominating and Governance Committee through the 2027 annual meeting of shareholders.

With a 22-year tenure at Nucor Corporation (NYSE:NUE), the largest steel producer in the nation, Zernikow brings a wealth of knowledge to Insteel. His most recent role at Nucor was as General Manager of Commercial, a position he held from 2020 to 2022. Prior to that, he served as the Commercial Director of the Engineered Bar Group and the National Sales Manager of the Nucor Cold Finish Group in Darlington, South Carolina. Zernikow’s experience also includes a stint as Plant Manager of Nucor Cold Finish.

Before his time at Nucor, Zernikow held various roles at USS Kobe Steel Company and Norwest Financial. Currently, he is involved as a strategic business advisor within the steel industry.

H.O. Woltz III, President and CEO of Insteel, expressed confidence in Zernikow’s capabilities, citing his "ideal blend of commercial and operational experience" as a valuable asset to the company’s board.

Insteel is recognized as the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. The company’s portfolio includes prestressed concrete strand and welded wire reinforcement products, such as engineered structural mesh, concrete pipe reinforcement, and standard welded wire reinforcement. Insteel’s products are primarily supplied to manufacturers of concrete products used in nonresidential construction.

Headquartered in Mount Airy, North Carolina, Insteel operates eleven manufacturing facilities across the United States. The addition of Zernikow to the board is expected to further strengthen Insteel’s leadership as it continues to serve the construction industry with its specialized products.

This report is based on a press release statement from Insteel Industries Inc.

In other recent news, Insteel Industries reported strong financial results for the first quarter of fiscal year 2025, surpassing both earnings and revenue forecasts. The company achieved an adjusted earnings per share (EPS) of $0.10, beating the expected $0.09, while revenue reached $129.7 million, exceeding the forecasted $111.85 million. This performance was driven by an 11.4% year-over-year increase in shipments and strategic acquisitions, which enhanced gross profit and margin. Additionally, Insteel Industries announced the approval of a new equity incentive plan aimed at aligning the interests of its employees, directors, and consultants with those of the company and its shareholders. The plan, effective from February 2025, allows for the issuance of up to 800,000 shares of common stock. The company’s board members Blake K. Doyle, Jon M. Ruth, and Joseph A. Rutkowski were re-elected for three-year terms, and Grant Thornton LLP was appointed as the independent registered public accounting firm for fiscal year 2025. These developments reflect Insteel’s ongoing commitment to corporate governance and performance incentives.

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