Ryerson focused on growth amid cuts

Nov 14, 2011 | 05:40 PM |

Tags  Ryerson, Terry Rogers, flat-rolled, plate, long products, layoffs, closures, acquisitions corinna petry

CHICAGO — Ryerson Inc. remains poised for growth with additional investments despite laying off 400 people over the past month as part of an ongoing consolidation of sales functions, the metals processor and distributor said.

"In October the company implemented a reorganization plan that reduced headcount by approximately 400 employees," Ryerson said in a 10-Q statement filed with the U.S. Securities and Exchange Commission. "The company reduced headcount in a continued effort to decentralize functions to its regions, as well as to execute management’s strategy of focusing on long and fabricated product sales."

Chicago-based Ryerson hasn’t disclosed how many employees were let go at each location, executive vice president and chief financial officer Terence R. Rogers told AMM, but noted that "we did not close operation locations (service centers) but consolidated sales functions. We eliminated redundant positions throughout the organization."....