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BUSINESS
September 14, 2007 | From Times Wire Reports
PPG Industries Inc. agreed to sell its auto-glass businesses to Beverly Hills-based private equity firm Platinum Equity for about $500 million. The deal will add to Platinum's stable of more than 20 companies. In July, Platinum bought Chicago-based steel distributor Ryerson Inc. for about $1 billion.
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BUSINESS
July 25, 2007 | Andrea Chang, Times Staff Writer
Beverly Hills-based buyout firm Platinum Equity said Tuesday it had agreed to acquire Ryerson Inc., a Chicago-based steel distributor and processor, for about $1 billion in cash. For Platinum, known for taking over high-tech companies, Ryerson would be its third steel industry acquisition in less than three years. The private equity firm, which is led by billionaire Tom Gores, agreed to pay $34.50 a share for Ryerson and to assume about $1 billion in debt.
BUSINESS
June 18, 2008 | Andrea Chang, Times Staff Writer
A booming market for steel is paying off big for two Los Angeles-area companies. L.A.-based Reliance Steel & Aluminum Co. said Tuesday that it had agreed to buy a smaller metal processor from Beverly Hills-based buyout firm Platinum Equity for more than $300 million. For Reliance, the country's largest metal processor, the purchase of Atlanta-based PNA Group Holding Corp. would extend a string of more than 40 acquisitions since the company went public in 1994. Reliance's stock jumped $2.
BUSINESS
September 4, 2008 | Tom Petruno, Times Staff Writer
Pension funds and other big investors have been warned to scale back their return expectations in the private-equity buyout business. But they still committed $2.75 billion to a new leveraged buyout fund launched by Beverly Hills-based Platinum Equity. That was $1.25 billion more than Platinum CEO Tom Gores' target, he said -- and $2.05 billion more than went into his first such fund, in 2004. The private-equity business isn't what it used to be, but a lot of institutional investors may figure they won't do better elsewhere, given the sorry state of financial markets.
BUSINESS
December 14, 2000 | JERRY HIRSCH, TIMES STAFF WRITER
Metal distributor Reliance Steel & Aluminum continued its drive to diversify its business nationally, announcing on Wednesday a deal to acquire two related companies in Illinois and Minnesota. The acquisition, Reliance's third expansion into the Midwest since March 1999, builds on a strategy that Wall Street has taken a shine to. Its shares have risen 25% over the last year, a period when stocks of competitors slumped.
BUSINESS
April 5, 2001 | E. SCOTT RECKARD, TIMES STAFF WRITER
With the steel supply business struggling in the economic slowdown, Earle M. Jorgensen Co. has forged a profitable strategy from improved technology and a diverse customer base. Despite a heavy debt load from a buyout 11 years ago, the Brea company has improved year-to-year profits for six straight quarters and was the only major distributor to post higher earnings in the last half of 2000.
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