TRADING POST Big plans for a brand-new, steel-trading behemoth
Apr 01, 2008 | 01:08 PM
The creation of Coutinho & Ferrostaal GmbH & Co. KG, the new global steel trading giant, has not prompted the combined company to make significant staff cutbacks.
"Often, when you have a consolidation of similar companies, that's one of the benefits you seek. But it's not an objective here," said Uwe T. Schmidt, co-chairman and chief executive officer of the company that has brought together the trading businesses of MAN Ferrostaal AG, Coutinho Caro & Co. International Trading GmbH and Grupo Villacero SA de CV. "We are going to use the existing labor source and promote additional business with the same staff," expanding its markets, products and service offerings.
The new organization, which has more than 340 employees and is expected to have sales this year exceeding $3 billion while handling just over 5 million tonnes, is viewed as one of the world's two largest independent, or non-mill-related, steel trading organizations. Stemcor Holdings Ltd., London, is the other.....
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