If steel trading is no longer Man Ferrostaal's 'core business,' what is?
Dec 23, 2005 | 12:15 PM
| Frank Haflich
For Man Ferrostaal Inc., the future won't be driven by trading as usual. But, the company that's been a global steel trading powerhouse for the past several decades has no plans to leave the industry.
"We are 100-percent committed to the steel supply chain," said Uwe T. Schmidt, president and chief executive officer of Man Ferrostaal Inc., the Oakbrook Terrace, Ill.,-based arm of Germany's Man Ferrostaal AG, which had $1.2 billion of steel-related sales in the United States last year.
Early last week, traders around the world were taken aback by a report in the Financial Times of London that Germany's Man Group, discouraged by the return on steel trading at its Man Ferrostaal unit, was looking to close Man Ferrostaal's steel trading business. These reports were denied by both Man Ferrostaal and its parent, although they acknowledged that steel trading is no longer a "core business" and the company is looking to restructure these activities.....
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