Today's AMM article mentioned that 15 long term Ryerson employees in Chicago were let go. They closed the West Region and canned their President. Heard 25 employees will be let go in the West Region. Platinum Equity is taking as much $$ out of them as they can. The AMM article raised a lot of eyebrows on Ryerson's debt with almost $500 million due in 2015 and they still owe another $1.1 BILLION on top of that. It will be interesting what Platinum's next move when their 3rd quarter results come out. Invest in Reliance. They now what they are doing and their results are proof of that.
The IPO, good luck; this is not the market or the industry to invest in at this point in time. You would need to be a brain dead employee to invest in either. Neither of these companies manufacture anything. Consequently, Ryerson has and owner with experience and I suspect a plan, not without hip cups along the way; they may never again break the $5 B in sales but they were , were, were, a company that was way to political and probably had dead weight to dump... they should have dumped all the dead weight years ago.