Maas-Hansen Steel Corp.s ownership will remain
independent following the death of chairwoman Lura Mae
Hansen-Foote in April at the age of 98.
Mark Tinyo, president
of the Los Angeles flat-rolled steel distributor and processor
founded in 1929, said Hansen-Footes sons, Larry and
Robert Hansen, who are members of the companys board of
directors, are expected to assume leadership roles on the board
at its next meeting in July.
"There are no plans
now for any change" in ownership, Tinyo said.
Maas-Hansen, which sells hot-rolled, cold-rolled and coated
steel, has been the topic of takeover speculation for several
years, although the family indicated repeatedly its
determination to retain its ownership.
AMM more than a decade ago, when she became head of
the company following the death of husband Charles P. Hansen,
that the company intended to remain independent. At that time,
one industry veteran recalled last week, Maas-Hansen was
considered the "gold standard" of independent flat-rolled
distributors, and the chance of a competitor winning away any
of its customers was seen as extremely unlikely.
While market sources
said other flat-rolled steel distributors have gained market
share in recent years as competition in California has
intensified, it is still considered one of the major
independent flat-rolled steel houses in the region.
"Weve never had
an unprofitable year," Tinyo said.
In addition to its
operation in Los Angeles, Maas-Hansen has a facility in
Fontana, Calif., that opened in 2000.
The Hansen family also
holds partial ownership in Los Angeles processor Interstate
Steel Center Co. Tinyo said that while he couldnt speak
for that company, he wasnt aware of any plans to change
Interstates ownership structure.