Worthington Industries, Columbus, OH, announced that its subsidiary, Worthington Steelpac Systems, LLC, has acquired a 49% interest in LEFCO Industries, LLC, a minority business enterprise.  ; The resulting joint venture will become LEFCO Worthington, LLC.  ; In addition to continuing LEFCO’s existing products, the joint venture will manufacture steel rack systems for a variety of industries, including automotive and trucking.  ;
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LEFCO operates a manufacturing facility in Cleveland, OH, where the company produces engineered wooden crates and specialty pallets.  ; Worthington Steelpac and LEFCO have been working in a strategic alliance for the past two years to assess opportunities for an MBE supplier in the steel rack fabrication market.  ; With …
Latest In Metals Service Centers
Metals distributor Ryerson Inc., Chicago, IL, has taken the initial steps in a reorganization following its acquisition by buyout firm Platinum Equity.
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On Monday, Platinum made several appointments to the company’s senior leadership team:
- Robert Archambault was named Interim CEO. Archambault is a partner at Platinum Equity overseeing the Ryerson investment.
- Stephen Makarewicz was been appointed as President and COO. Makarewicz was previously President of Ryerson South.
- Terence Rogers was appointed as Executive Vice President and Chief Financial Officer. Rogers was previously Vice President of Finance for Ryerson.
As part of the reorganization, Neil Novich, …
Ryerson Inc., Chicago, IL, stockholders voted to approve the agreement allowing acquisition of Ryerson by Platinum Equity, LLC.
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Upon closing, Ryerson will become a wholly-owned subsidiary of Rhombus Holding Corporation. Rhombus Holding Corporation is owned by a private investment fund or funds affiliated with Platinum Equity, LLC.
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Ryerson Inc. is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. The Company services customers through a network of service centers across the U.S. and in Canada, Mexico, India, and …
Source: Statistics Canada
In July, falling prices for metals and the strength of the Canadian dollar drove the prices of manufactured products down for a third consecutive month, while a jump in crude oil prices pushed raw materials prices upward.
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From June to July, prices charged by manufacturers, as measured by the Industrial Product Price Index (IPPI), fell  ; 0.7% following two consecutive monthly declines. The drop in prices essentially reflects lower prices for primary metal products, motor vehicles and other transportation equipment, as well as chemical products. However, higher prices for petroleum and coal products, and lumber and other wood products tempered the decline in the IPPI.
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Metals distributor Samuel, Son & Co. Ltd., Mississauga, Ontario, Canada, has signed a joint venture agreement with Generation Metals International Ltd., Reading, England.
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The new company, Samuel, Son & Co. (UK) Ltd., expands the Canadian distributor to the UK. In a release, the company said: This partnership will enhance our commitment to Eclipse Aviation Corporation as the metal service provider for raw materials outside of the U.S.”
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The new company will open a 23,000-square-foot facility north of Birmingham focused on processing a range of aerospace raw material metallic commodities with attention to aerospace aluminum plate products.
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Samuel, Son & Co. has 110 branches strategically located throughout North America. …
Ryerson Inc., Chicago, IL, which recently announced it has agreed to be acquired by Platinum Equity, reported second quarter sales of $1.6 billion, a 7.2% increase from the year-ago period.
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A 17.5% rise in the average selling price per ton offset an 8.8% decline in tons shipped. From the first quarter, sales declined 2.7% on a 1.1% increase in the average selling price per ton and a 3.7% decline in tons shipped.
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Profit was up 72% year-over-year, and up 51% excluding a favorable income tax settlement.
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Ryerson reported that softer industry volume was offset by higher metals pricing, efforts to control costs, continued inventory reductions, and progress on short-term initiatives of addressing underperforming service centers, improving inventory …
Platinum Equity has agreed to acquire Ryerson Inc., Chicago, IL, for $2 billion, which includes the assumption of debt. The price represents a 15% premium over Ryerson’s closing share price on Feb. 31, 2007, the day Ryerson announced it was considering strategic alternatives.
Ryerson is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion.
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With the transaction, Ryerson will go from a public to a private company.
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The merger agreement allows Ryerson to solicit additional proposals from other potential acquirers through Aug. 18, 2007.
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When Ryerson announced it was considering strategic alternatives for the company, 50 potential acquirers were identified and contacted, including foreign and domestic …
Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales for the second quarter 2007 were $1.9 billion, an increase of 22% compared with the same period a year ago. Profit was $122.8 million, also up 22%.
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For the six months ended June 30, 2007, profit was $234.5 million, up 36% from the same period in 2006. Sales for the 2007 year-to-date period were $3.74 billion, an increase of …
Reliance Steel & Aluminum Co., Los Angeles, CA, has agreed to acquire Clayton Metals, Inc., Wood Dale, IL.
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Clayton Metals specializes primarily in the processing and distribution of aluminum, stainless steel and red metal flat-rolled products, custom extrusions and aluminum circles through its metals service center locations in Wood Dale, IL; Cerritos, CA; High Point, NC and Parsippany, NJ.
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Clayton Metal’s sales for the 12 months ended Dec. 31, 2006, were about $123 million. Current management is expected to remain in place.
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Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the U.S. Through a network of more than 180 locations in 37 states and Belgium, Canada, China and South Korea, the company …
Metals service center Ryerson Inc., Chicago, IL, reported profit of $28.1 million on sales of $1.7 billion in the first quarter 2007, up 21% from the same period last year.
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“‘We were pleased with the progress we made in the first quarter of 2007,” said Neil S. Novich, president and CEO. “In the third quarter of 2006, we put in place new supply chain management and improved inventory processes. We saw the result in the first quarter of 2007 with current value of inventory down $241 million, or 15%, from the end of 2006, and we are on track to attain our goal of five turns by year-end 2007.
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“In mid-2006, we also began a project to address the profitability of five, large underperforming service centers. We …
United States Steel Corporation, Pittsburgh, PA, has agreed to buy Lone Star Technologies, Inc., Dallas, TX, a manufacturer of welded oilfield tubular goods, for $67.50 per share in cash, or about $2.1 billion. The price is a premium of about 39% to Lone Star’s closing share price March 28, 2007.
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Lone Star Technologies, Inc. is a $1.4 billion holding company whose principal operating subsidiaries manufacture and market oilfield casing, tubing and line pipe, specialty tubing products, including finned tubes used in a variety of heat recovery applications, and flat rolled steel and other tubular products and services.
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U. S. Steel expects that the acquisition of Lone Star will strengthen its position as a producer of tubular products for the energy sector and …
Nucor Corp., Charlotte, NC, has acquired 96% of Toronto-based Harris Steel for C$46.25 in cash per share. Nucor intends to eventually buy all of Harris and take the company private.
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Harris Steel has several business units: Harris Rebar, involved in the fabrication and placing of concrete reinforcing steel and the design and installation of concrete post-tensioning systems; Laurel Steel, a manufacturer and distributor of wire and wire products, welded wire mesh and cold finished bar; and Fisher & Ludlow, a manufacturer and distributor of heavy industrial steel grating, aluminum grating and expanded metal.
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Harris also participates in steel trading on a worldwide basis through Novosteel and in the distribution of reinforcing steel and …
