LOS ANGELES 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.
Family owned 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.
Hansen-Foote told 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.