NACCO Industries, Inc. announced that on February 22, 2023, Mr. Richard de J. Osborne and the Board of Directors of the Company agreed that Mr. Osborne will retire after twenty-five years of exemplary service to the Company, effective May 16, 2023. Mr. Osborne joined the Board in 1998 and during the upcoming twenty-five years provided a unique and valuable perspective to Board discussions and deliberations given his experience leading a major mining company. Mr. Osborne previously served as Chairman and CEO of ASARCO Incorporated, a leading producer of non-ferrous metals.

Mr. Osborne's experience at ASARCO Incorporated enabled him to provide the Board with a wealth of experience in, and understanding of, the mining industry. From this experience, as well as his past service on the boards of other publicly traded corporations, Mr. Osborne provided the Board with a comprehensive perspective for developing corporate strategies and managing risks, including those of a publicly traded corporation. Mr. Osborne currently serves as the Chair of the Audit Review Committee, and as a member of the Compensation and Human Capital Committee and the Nominating and Corporate Governance Committee.

As a result of Mr. Osborne's retirement, he will not stand for reelection at the Company's Annual Meeting of Stockholders to be held on May 16, 2023.