Ryerson Launches Comprehensive Reorganization

Oct 24, 2007 Full story: Earth Times 12

“This is an exciting new era for Ryerson, and a unique opportunity for all of us to chart a course for the future”

Ryerson Inc. today announced it has taken the initial steps in a comprehensive reorganization to make the company stronger, more nimble and a better service provider for customers. via Earth Times

Full Story
Daughter of the mill

United States

#1 Dec 3, 2007
I dont know how STRONGER and more nimble come into play when they are going to Lay-off almost all if not all of their Chicago workers being the Daughter of a steel mill employee my dad has been with ryerson for over 25 years I have watched get scared of these exact things a few times before but now its all to realistic...now he has to worry about his retirement and how to pay his bills in the coming future...I just think this is insane but I could just be bias...but hey way to go Ryerson right before christmas no less..

Since: Apr 07

Hermosillo, Mexico

#2 Dec 3, 2007
To the scrooges running the companies Xmas means nothing to them when compared with " bottom line results ". Hell they'll probably get a fat bonus for saving the company so much money .
Worker

Chicago, IL

#3 Dec 6, 2007
I will just say that I am afraid for not only myself, but for the workers who have worked there 20+ years but are not old enough to get the full pension but are to old to get employment in other places. With the way the economy is going, I am not even sure how us younger people will do when it comes to looking for employment. Not only will we be fighting each other for Jobs but we will be fighting with other companies that are being let go from thier jobs as well. I think that they are making a big mistake. This is where Joseph started it all. Thanks Platinum Equity.
23 Years Seniority Worker

Chicago, IL

#4 Dec 11, 2007
I also want to comment that it's not fair for all those people who gave up their life working for this co. for over 20+ years to be laid off... where in the world can they get a new job and start from scratch... especially with young kids and the bills coming in every month none stop... especially with this mortgage rates..NOT FAIR!
Plant employee

Romeoville, IL

#5 Dec 11, 2007
Well, well, well... What a genius! Running the great company to the ground in 13 years and getting 54 mil. dollars together with other two compadres, changing rules for themselves in the last moment - this is something. Who cares about people who invested 20, 30 or even more years working for the company. You say it's not fair? Who were you all those years, just a number! We got our millions, you will get nothing! It was nice meeting you, but now we don't need you anymore. Have a nice X-mas!
Chicago plant worker

Romeoville, IL

#6 Dec 11, 2007
Worker wrote:
I will just say that I am afraid for not only myself, but for the workers who have worked there 20+ years but are not old enough to get the full pension but are to old to get employment in other places. With the way the economy is going, I am not even sure how us younger people will do when it comes to looking for employment. Not only will we be fighting each other for Jobs but we will be fighting with other companies that are being let go from thier jobs as well. I think that they are making a big mistake. This is where Joseph started it all. Thanks Platinum Equity.
I think you got it all wrong. It was not Platinum but Mr. Novich and his wonderful ideas that brought the company, Chicago plants in particular to the level we have now. That's why he and other two were paid 54 mil. dollars after they change the rules just for themselves... How genius!
So, thank you, Novich, Gratz and Niederpruem for the X-mas this year!

Since: Apr 07

Hermosillo, Mexico

#7 Dec 12, 2007
plant employee got it right . The former upper management, when it came to the final strokes, were looking out ONLY for themselves . Hell employees were probably considered to be well looked after when they assigned them "employee plant numbers" that could be erased because "they" were just numbers and nothing more . The fact that the employees/ numbers were what made the company is an aside . Management was probably too occupied with figuring out how to pay none or minimal taxes on their windfalls .
Willow

Naperville, IL

#8 Apr 17, 2008
They got me a few years ago after working there for fourteen years. You're all in my prayers.
Nestfeatherer

AOL

#9 Apr 23, 2008
Best of luck to All. I hear you Willow.
Plant employee

Romeoville, IL

#10 Jun 4, 2008
Well, old boys from management are trying to find the ways to avoid pay what they should to own employees in the case of plant, department closing. As usually it takes forever (well known procedures...) to agree with unions how they will pay, what they will pay, who can retire not loosing anything... and of course main question: who will get screw after working for our "great" company for 20, 25, 30 or even more years. Company lawyers are very busy again. Who will get what in real life? Will see soon. Maybe. Very, very frustrating...
Former Employee

AOL

#11 Feb 1, 2010
Since Platinum took over, Ryerson went back to their old ways and lost more $$. So many former employees all taking pieces of business away nationally. Platinum made a HUGE mistake buying this POC. They figured with all the real estate it was a safe investment until the next bubble in commercial property hit. Not looking good. Just My Humble Opinion. I could be wrong. God Bless them.
See article below:
Ryerson had a net loss of $124.2 million on $3.4 billion in sales for the 12 months ended Sept. 30, with cash flow (earnings before interest, taxes, depreciation and amortization) of $105.8 million.
A direct comparison with the previous 12-month period wasn’t disclosed, but sales slumped by more than 45% in the first nine months last year as the recession took hold. Ryerson had net income of $71.8 million on sales of $5.9 billion in 2006.
Ryerson was acquired in October 2007 by Platinum Equity LLC, a Beverly Hills private-equity firm that paid $1.07 billion in cash and assumed $653 million of debt.
Platinum owns 99% of Ryerson’s shares, but the firm’s IPO registration doesn’t yet say how many shares will be sold to the public, or at what price, so it’s impossible to put a value on the company. No underwriters were named.
The public offering will be used to pay off Ryerson’s considerable debt load, including a $200-million sale of notes this month to pay a dividend to Platinum, on top of a $56.5-million dividend and an annual management fee of up to $5 million paid to Platinum last year.
The company had $637 .7 million in debt and a debt-to-capitalization ratio of 75% as of Sept. 30, down from more than $1.2 billion in debt as of Sept. 30, 2008.
Using newly issued stock to pay off debt instead of investing in growth “definitely limits the upside on the initial enthusiasm” investors will have for the deal, said Josef Schuster, CEO and founder of Ipox Capital Management LLC, a Chicago-based investment firm that specializes in IPOs.
Soon 2 be former employee

Crystal Lake, IL

#12 Jan 9, 2012
It's January 2012 and all these comments still apply.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Steel Discussions

Title Updated Last By Comments
Novamerican Steel Inc. Announces Its Name Chang... (Feb '09) 23 hr KPUT 794
A case of buyer's remorse? What went wrong at U... Thu PeeTestThisYouBas... 2
Amid the Global Economic Crisis, China Rises (Oct '09) Sep 3 two balls no strikes 339
Steel Dynamics Inc - 10-Q - Management's Discus... Aug '14 RJL 2
UPDATE 1-Russia's Severstal sells U.S. plants t... Jul '14 bfburner 8
U.S. Steel departing S&P 500, bumped by Martin ... Jul '14 1005 Proud 1
Tyre Bead Wire Manufacturer In India Jun '14 Jaspal Verma 1
•••

Steel People Search

Addresses and phone numbers for FREE

•••