INSTEEL INDUSTRIES Business Summary

Insteel Industries Inc. (IIIN) is the largest manufacturer of steel wire reinforcing products for concrete construction applications in the United States. The company generates revenue through the production and sale of two primary product lines: prestressed concrete strand (PC strand), used to impart compression forces into precast concrete elements like bridges and parking decks, and welded wire reinforcement (WWR), which serves as a high-strength alternative to traditional rebar. Insteel operates as a single business segment, strategically focused on the non-residential construction market, which accounts for approximately 85% of its total sales, including significant demand from infrastructure projects and data center developments. The company maintains a dominant market position relative to direct competitors such as Gerdau S.A., Steel Dynamics, Inc., and Gibraltar Industries, Inc., leveraging its extensive domestic manufacturing footprint and specialized engineering capabilities to maintain leadership in the concrete reinforcement sector. The company was founded in 1953 by Howard O. Woltz, Jr., originally as a local concrete and block plant before pivoting to steel wire production in the 1970s. Today, Insteel is led by the founder’s son, Howard O. Woltz III, who has served as Chairman, President, and CEO since 1991, bringing over four decades of experience to the firm. The executive leadership team includes Scot R. Jafroodi, who was appointed Vice President, Chief Financial Officer, and Treasurer in 2023, and Richard T. Wagner, the Senior Vice President and Chief Operating Officer. The company’s governance is overseen by a board that includes notable industry veterans such as Lead Director Abney S. Boxley III (President of Boxley Materials Company) and Anne H. Lloyd (former CFO of Martin Marietta Materials). Recent board additions include Eric J. Zernikow, a former Nucor Corporation executive, reflecting a leadership pedigree deeply rooted in the American steel and construction materials industries.