Steel distributors face new financing landscape
Feb 08, 2013 | 10:31 AM
| Corinna Petry
Tags
banking relationships,
creative financing,
private equity,
Association of Steel Distributors,
Jim Gerth,
Alliance Steel,
Bill Feniger,
Universal Metals
Lisa Goldenberg
CHICAGO — When the economy faltered in 2008 and 2009, banks’ relationships with their commercial customers changed.
The banking industry has revised its "modus operandi in how they deal with borrowers," Bill Feniger, president of Toledo, Ohio-based Universal Metals LLC, said during an AMM-led roundtable at an Association of Steel Distributors meeting in Detroit. "(Banks) have to wear skirts now, and I’m not sure they think it looks good."
The weight of federal oversight is key, he said. "The amount of reporting (and) the scrutiny you go through means higher overhead, because you have to have more people writing 27 trillion reports every day."....
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