William S. Dietrich, II, a former steel executive and philanthropist who donated the largest… Updated Oct. 10.

William S. Dietrich II, a former steel executive, philanthropist and self-made businessman who donated the largest monetary gift in Pitt’s history, passed away on Thursday at the age of 73.

The John A. Freyvogel Funeral Home announced on Friday that Dietrich died Thursday but did not disclose the cause of his death. Carnegie Mellon University said in a statement that complications from cancer contributed to his passing.

Dietrich had many ties to Pitt. A Pittsburgh native born in 1938, he received both his master’s degree and Ph.D. from Pitt.

He sat on Pitt’s Board of Trustees beginning in 1991 and served as the Board’s chairman from 2001 to 2003.

Chancellor Mark Nordenberg said in a press release that Dietrich’s passing is a loss to Pitt’s Board and the business and civic communities.

“Speaking for myself, Bill was a good friend and an inspiring role model, as well as one of the University community’s favorite people,” he said. “The impact of his extraordinary generosity will be felt by faculty and students throughout this University for countless generations to come.”

In 1960, Dietrich graduated from Princeton and went on to serve in the U.S. Marine Corps Reserve. After leaving the Marines, he worked for his father’s steel company, which sold scrap metal to manufacturers. He turned his family-owned construction business into Dietrich Industries, Inc., one of the largest manufacturers of light metal construction framing in the nation.

Dietrich sold the steel company in 1996 and later used his assets to distribute gifts to Pitt and Carnegie Mellon, which were to receive the donated funds upon his death.

On Sept. 22, Pitt announced that Dietrich would donate $125 million to the school, the largest gift in the University’s history. On Sept. 28, the Board of Trustees voted on a resolution to rename the School of Arts & Sciences the Kenneth P. Dietrich School of Arts & Sciences, in honor of Dietrich’s father.

After the announcement, Dietrich said that he was providing the gift for a number of reasons. He wants to advance Pitt’s quality education, continue to maintain Pitt’s position as an important institution in Southwestern Pennsylvania and recognize the progress the University has made.

“As a graduate who personally benefited from my own studies at Pitt, I want to ensure that the University can continue to provide educational opportunities of the highest quality to its undergraduate and graduate students,” Dietrich said on Sept. 22.

Earlier in September, Dietrich announced a $265 million gift to Carnegie Mellon, the largest gift in CMU’s history.

The source of the funds that will directly benefit Pitt is the Dietrich Charitable Trust, which was created by Dietrich’s own assets generated by the 1996 sale of Dietrich Industries. The assets in this trust will fund a new charitable organization, The Dietrich Foundation, which will administer the funds benefiting Pitt.

The gift will bring the University’s “Building Our Future Together” capital campaign past the $1.85 billion mark, edging it closer to its $2 billion goal. The campaign disperses funds for use in scholarships and fellowships and by faculty.

Pitt spokesman Robert Hill said at the time of the donation that the gift would at first be used to support the School of Arts & Sciences, and scholarships and fellowships available to students might come at a later time.

N. John Cooper, the Bettye J. and Ralph E. Bailey Dean of Arts and Sciences, said that the arrangements might take a few years to completely sort out.

“Mr. Dietrich fully understood the message of Pitt, and I know the way it impacts us will function on different levels,” he said. “We will be able to compete better with our amazing faculty, it will be the best and most desired function in our classrooms, and it will affect research, the undergraduate and graduate levels.”

Funeral services for Dietrich will be private.

Staff Writer Danny Zaidi contributed to this report.