Stemcor: Difference between revisions
m →History: clean up; http→https for The Guardian using AWB |
m →top: Removed/fixed incorrect author parameter(s), performed general fixes |
||
| (18 intermediate revisions by 16 users not shown) | |||
| Line 1: | Line 1: | ||
{{Infobox company |
{{Infobox company |
||
| name = |
| name = Stemcor |
||
| logo = <!-- [[File:Stemcor logo.png]] -->| type = Private company |
| logo = <!-- [[File:Stemcor logo.png]] -->| type = Private company |
||
| genre = |
| genre = |
||
| Line 12: | Line 12: | ||
| location_country = [[England]] |
| location_country = [[England]] |
||
| location = |
| location = |
||
| locations = |
| locations = 30 (in 24 countries) |
||
| area_served = Worldwide |
| area_served = Worldwide |
||
| key_people = Oppenheimer family |
| key_people = Oppenheimer family |
||
| Line 26: | Line 26: | ||
| equity = |
| equity = |
||
| owner = |
| owner = |
||
| num_employees = |
| num_employees = 300 |
||
| parent = |
| parent = |
||
| divisions = |
| divisions = |
||
| Line 32: | Line 32: | ||
| homepage = [http://www.stemcor.com stemcor.com] |
| homepage = [http://www.stemcor.com stemcor.com] |
||
| footnotes = |
| footnotes = |
||
| intl = yes |
|||
}} |
}} |
||
'''Stemcor''' is a British [[steel]] trading and distribution company. The company acts as an [[intermediary]] between buyers and sellers of steel and raw materials. It provides additional services, including logistics, price risk management and inventory management.<ref name=":0">{{Cite web|url=http://www.stemcor.com/our-products-and-services/|title=Stemcor|website=www.stemcor.com|language=en|access-date=2018-02-14}}</ref> |
|||
'''STEMCOR''' - Steel Marketing Corporation, is a British [[steel]] trading company. The company is based in [[London]], [[England]], and has 145 business units in 45 countries around the world, employing more than 2000 people. |
|||
It is one of the world's largest independent steel traders and operates in 45 countries. As of 2012, the company's turnover exceeded £5 billion.<ref>{{Cite web|url=http://pwc.blogs.com/press_room/2015/10/pwc-restructuring-scheme-helps-protect-2000-jobs-at-steel-trader-stemcor-after-lenders-agree-terms.html|title=PwC restructuring scheme helps protect 2,000 jobs at steel trader Stemcor after lenders agree terms - Press room|website=pwc.blogs.com|access-date=2018-02-14}}</ref> However, since then, the company has undergone a number of [[restructuring]]s after the company built up large debts and defaulted on an $850 million debt.<ref name=":1">{{Cite news|url=https://www.ft.com/content/bf45ad0e-9f06-11e3-8663-00144feab7de|title=Stemcor wins agreement to restructure $1.3bn debt pile|last=|first=|date=26 February 2014|website=Financial Times|language=en-GB|access-date=2018-02-14|last1=Robinson|first1=Duncan|last2=Crabtree|first2=James}}</ref> |
|||
Stemcor is the world’s largest independent steel trader. In 2009 the company was ranked as the third largest privately owned company by turnover in the United Kingdom by ''The Sunday Times''' [[Top Track 100]] list.<ref>{{cite web |url=http://business.timesonline.co.uk/tol/business/specials/top_track_100/article6617969.ece |title=Stemcor |publisher=[[The Sunday Times]] |accessdate=2010-10-30}}</ref> The company does not own any steel producers, and the majority of the shares are held by the Oppenheimer family.<ref>{{cite web |url=http://www.stemcor.com/About-us.aspx |title=About us |publisher=Stemcor |accessdate=2010-10-30}}</ref> |
|||
The largest shareholder of Stemcor is US distressed investment fund [[Apollo Global Management]].<ref name=":2">{{Cite news|url=https://uk.reuters.com/article/stemcor-restructuring-apollo/corrected-troubled-british-steel-trader-stemcor-to-split-in-two-idUKL5N11L2EE20150915|title=CORRECTED-Troubled British steel trader Stemcor to split in two|author=Reuters Editorial|work=U.K.|access-date=2018-02-14|language=en-GB}}</ref> |
|||
== History == |
== History == |
||
Stemcor was founded in 1951 as the [[London]] [[subsidiary]] of German trading company [[Coutinho, Caro]] & Co. The company was founded by Herbert Coutinho and German immigrant Hans Oppenheimer, each taking half a stake in the business.<ref name=":1" /> |
|||
In 1951 Mr. Herbert Coutinho, Majority Shareholder of Coutinho, Caro & Co Hamburg, Germany's oldest large Trading Company ( established in 1895), opened a subsidiary in London and went into a 50/50 % Partnership with Hans Oppenheimer. The German company was sold to J McDermott in 1984, and in 1985 Hans Oppenheimer died passing his 50% ownership of the London company to his children. In 1987 Ralph Oppenheimer negotiated his family's purchase of the remaining 50% of the company. Upon completion of the deal in February 1988 the London company name was changed to Stemcor, an abbreviation of Steel Marketing corporation. In 2007 Stemcor acquired SPS which supplies steel plates to the oil and gas industries.<ref>http://www.thesundaytimes.co.uk/sto/business/Top_Track_00/article102260.ece</ref> |
|||
Coutinho's stake was acquired by US construction group [[McDermott International]], then J McDermott, in 1984. In 1987, the Oppenheimer family gained full control of the business after buying out its American co-owner.<ref name=":1" /> On completion of the deal the company changed its name from Coutinho, Caro & Co to Stemcor, an abbreviation of Steel Marketing Corporation. |
|||
Presently Oppenheimer's son Ralph is executive chairman, while his daughter [[Margaret Hodge]] ([[Member of Parliament]]) is a shareholder.<ref> {{cite news| url=https://www.theguardian.com/politics/2010/mar/13/nick-griffin-margaret-hodge-barking-dagenham | location=London | work=The Guardian | first=John | last=Harris | title=Griffin vs Hodge: the Battle for Barking | date=2010-03-13}}</ref> Julian Verden is the newly appointed CEO of Stemcor. Stemcor trades around 20 million tonnes of steel and steel-making raw materials employing 2,000 people in a network of 145 business units in 45 countries across the world.<ref>http://business.timesonline.co.uk/tol/business/specials/top_track_100/article6617969.ece </ref> |
|||
Ralph Oppenheimer, the son of the company's co-founder, served as Chairman of Executive Chairman of the company between 1982 and 2013.<ref name=":1" /> [[Margaret Hodge]], Chair of the Parliamentary Public Accounts Committee, is sister of Ralph Oppenheimer and a shareholder of the company.<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10123902/Stemcor-given-debt-repayment-deadline.html|title=Stemcor given debt repayment deadline|last=Gribben|first=Roland|journal=Daily Telegraph|date=2013-06-17|access-date=2018-02-14|language=en-GB|issn=0307-1235}}</ref> |
|||
== Major acquisitions == |
|||
*Steel Service Center - Finland, Belgium, Portugal |
|||
*Aryan Mining & Trading Corporation - India |
|||
*Barclay and Mathieson - United Kingdom |
|||
*Brahmani River Pellets - India |
|||
*Steel Plate & Sections Ltd - United Kingdom |
|||
Oppenheimer drove expansion of the business through a series of [[Mergers and acquisitions|acquisitions]], including Steel Service Center, Aryan Mining & Trading Corporation, Barclay and Mathieson, Brahmani River Pellets and Steel Plate & Sections. |
|||
== Stemcor's services == |
|||
* Steel trading |
|||
* Shipping and logistics |
|||
* Distribution |
|||
* Stock holding |
|||
* Finance |
|||
* Mining and raw materials |
|||
Between 2000 and 2012, the company's turnover grew from £1 billion to £5.1 billion. The growth and acquisitions were fueled by debt.<ref name=":1" /> |
|||
==Global locations== |
|||
* Africa - South Africa, Nigeria, Egypt, Morocco |
|||
* Australasia - Australia, New Zealand |
|||
* Caribbean - Jamaica, Trinidad |
|||
* Central and Eastern Europe - Hungary, Macedonia, Poland, Russia, Romania, Slovakia, Turkey, Ukraine |
|||
* South Asia - India, Pakistan |
|||
* Western Europe - United Kingdom, Switzerland, Sweden, Spain, Portugal, Norway, Italy, Germany, Greece, Finland, France, Belgium, Austria |
|||
* Middle East - UAE, Egypt |
|||
* Far East - Singapore, China, Hong Kong, Vietnam, Japan, Thailand |
|||
* North and Central America - USA, Mexico |
|||
* South America - Argentina, Brazil, Chile |
|||
==Financial |
=== Financial difficulties and re-structuring === |
||
In 2013, due to high levels of debt, the company defaulted on an $850 million loan. ''The FT'' said that falling steel prices has damaged the profitability of the business.<ref name=":1" /> |
|||
In May 2013, Stemcor was faced with a financial hurdle when creditors called in loans totaling more than USD 1B. Since then, Stemcor has been trying to refinance its loans whilst at the same time began a process of restructuring. [http://www.livemint.com/Companies/DmdrC3yKTjCTiGNkAcYuSN/Can-Stemcor-sell-its-India-assets.html], [http://in.reuters.com/article/2014/01/13/stemcor-debt-idINDEEA0C0CH20140113], [http://www.reuters.com/article/2013/08/16/stemcor-loan-idUSL4N0GH2YG20130816] |
|||
In 2014, Stemcor negotiated a restructuring deal on $1.3 billion of debt.<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/industry/10051609/Stemcor-on-verge-of-715m-standstill-deal.html|title=Stemcor on verge of £715m standstill deal|last=Quinn|first=James|journal=Daily Telegraph|date=2013-05-12|access-date=2018-02-14|language=en-GB|issn=0307-1235}}</ref> The company agreed to repay $1.3 billion over two years by selling or closing a number of subsidiaries. As part of the deal, the Oppenheimers remained majority shareholders but lost control of the Board. |
|||
As of April 16th, 2015 reports were circulating of a potential buy out from Apollo Group [http://uk.reuters.com/article/2015/04/16/uk-stemcor-restructuring-steel-idUKKBN0N71U420150416] |
|||
In 2015, a further restructuring of the business was announced, with debt holders agreeing to write off $1.5 billion. As part of the restructuring the debt holders had their [[Debt-to-equity swap|loans converted to equity]], and Apollo became the largest shareholder of the business.<ref>{{Cite news|url=https://www.telegraph.co.uk/finance/newsbysector/industry/11958979/Stemcor-debt-deal-saves-1000-steel-jobs-in-ray-of-light-for-troubled-sector.html|title=Stemcor debt deal saves 1,000 steel jobs in ray of light for troubled sector|last=Tovey|first=Alan|journal=Daily Telegraph|date=2015-10-28|access-date=2018-02-14|language=en-GB|issn=0307-1235}}</ref> |
|||
| ⚫ | |||
| ⚫ | |||
The deal also led to a splitting of the business into two parts. The company was split into its steel and distribution business, which continued as Stemcor, and Moorgate Industries, which would hold a "troubled" Indian ore asset.<ref name=":2" /> |
|||
== Operations == |
|||
The company is headquartered in [[Saint Helier|Saint Helier, Jersey]].<ref name=":0" /> It has operations in 45 countries, including in North America, South American, Europe, Africa, Asia and Australia.<ref>{{Cite web|url=http://www.stemcor.com/our-locations/|title=Stemcor|website=www.stemcor.com|language=en|access-date=2018-02-14}}</ref> |
|||
== |
=== Products and services === |
||
The company acts as an intermediary between steel suppliers and buyers. The company says that it offers customers 3,500 different grades of steel and raw materials.<ref>{{Cite web|url=https://www.linkedin.com/company/stemcor/|title=Stemcor|last=|first=|date=|website=LinkedIn|access-date=}}</ref> |
|||
* [http://www.stemcor.com Stemcor] |
|||
* [http://www.stemcor.com/video.aspx Corporate Video] |
|||
As well as connecting suppliers and purchasers, the company also provides logistics, including handling, load and shipping; price risk management; stockholding, and special products for the oil, gas and automotive industries.<ref name=":0" /> |
|||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
[[Category:Steel companies of the United Kingdom]] |
[[Category:Steel companies of the United Kingdom]] |
||
| ⚫ | |||
| ⚫ | |||
[[Category:Holding companies established in 1951]] |
|||
[[Category:Private companies limited by guarantee of the United Kingdom]] |
[[Category:Private companies limited by guarantee of the United Kingdom]] |
||
Latest revision as of 21:33, 13 November 2021
| Company type | Private company |
|---|---|
| Industry | Steel trading |
| Predecessor | Coutinho, Caro & Co (London) Ltd |
| Founded | 1951, London |
| Headquarters | , |
Number of locations | 30 (in 24 countries) |
Area served | Worldwide |
Key people | Oppenheimer family |
| Products | Semi-finished, Flat, Long Tubes & Pipes, Stainless steel |
| Services | Steel Trading, Shipping and Logistics, Distribution, Stock holding, Finance, Mining and Raw Materials |
| Revenue |  US$10 billion (2011) |
Number of employees | 300 |
| Website | stemcor.com |
Stemcor is a British steel trading and distribution company. The company acts as an intermediary between buyers and sellers of steel and raw materials. It provides additional services, including logistics, price risk management and inventory management.[1]
It is one of the world's largest independent steel traders and operates in 45 countries. As of 2012, the company's turnover exceeded £5 billion.[2] However, since then, the company has undergone a number of restructurings after the company built up large debts and defaulted on an $850 million debt.[3]
The largest shareholder of Stemcor is US distressed investment fund Apollo Global Management.[4]
History[edit]
Stemcor was founded in 1951 as the London subsidiary of German trading company Coutinho, Caro & Co. The company was founded by Herbert Coutinho and German immigrant Hans Oppenheimer, each taking half a stake in the business.[3]
Coutinho's stake was acquired by US construction group McDermott International, then J McDermott, in 1984. In 1987, the Oppenheimer family gained full control of the business after buying out its American co-owner.[3] On completion of the deal the company changed its name from Coutinho, Caro & Co to Stemcor, an abbreviation of Steel Marketing Corporation.
Ralph Oppenheimer, the son of the company's co-founder, served as Chairman of Executive Chairman of the company between 1982 and 2013.[3] Margaret Hodge, Chair of the Parliamentary Public Accounts Committee, is sister of Ralph Oppenheimer and a shareholder of the company.[5]
Oppenheimer drove expansion of the business through a series of acquisitions, including Steel Service Center, Aryan Mining & Trading Corporation, Barclay and Mathieson, Brahmani River Pellets and Steel Plate & Sections.
Between 2000 and 2012, the company's turnover grew from £1 billion to £5.1 billion. The growth and acquisitions were fueled by debt.[3]
Financial difficulties and re-structuring[edit]
In 2013, due to high levels of debt, the company defaulted on an $850 million loan. The FT said that falling steel prices has damaged the profitability of the business.[3]
In 2014, Stemcor negotiated a restructuring deal on $1.3 billion of debt.[6] The company agreed to repay $1.3 billion over two years by selling or closing a number of subsidiaries. As part of the deal, the Oppenheimers remained majority shareholders but lost control of the Board.
In 2015, a further restructuring of the business was announced, with debt holders agreeing to write off $1.5 billion. As part of the restructuring the debt holders had their loans converted to equity, and Apollo became the largest shareholder of the business.[7]
The deal also led to a splitting of the business into two parts. The company was split into its steel and distribution business, which continued as Stemcor, and Moorgate Industries, which would hold a "troubled" Indian ore asset.[4]
Operations[edit]
The company is headquartered in Saint Helier, Jersey.[1] It has operations in 45 countries, including in North America, South American, Europe, Africa, Asia and Australia.[8]
Products and services[edit]
The company acts as an intermediary between steel suppliers and buyers. The company says that it offers customers 3,500 different grades of steel and raw materials.[9]
As well as connecting suppliers and purchasers, the company also provides logistics, including handling, load and shipping; price risk management; stockholding, and special products for the oil, gas and automotive industries.[1]
References[edit]
- ^ a b c "Stemcor". www.stemcor.com. Retrieved 2018-02-14.
- ^ "PwC restructuring scheme helps protect 2,000 jobs at steel trader Stemcor after lenders agree terms - Press room". pwc.blogs.com. Retrieved 2018-02-14.
- ^ a b c d e f Robinson, Duncan; Crabtree, James (26 February 2014). "Stemcor wins agreement to restructure $1.3bn debt pile". Financial Times. Retrieved 2018-02-14.
- ^ a b Reuters Editorial. "CORRECTED-Troubled British steel trader Stemcor to split in two". U.K. Retrieved 2018-02-14.
{{cite news}}:|author=has generic name (help) - ^ Gribben, Roland (2013-06-17). "Stemcor given debt repayment deadline". Daily Telegraph. ISSN 0307-1235. Retrieved 2018-02-14.
- ^ Quinn, James (2013-05-12). "Stemcor on verge of £715m standstill deal". Daily Telegraph. ISSN 0307-1235. Retrieved 2018-02-14.
- ^ Tovey, Alan (2015-10-28). "Stemcor debt deal saves 1,000 steel jobs in ray of light for troubled sector". Daily Telegraph. ISSN 0307-1235. Retrieved 2018-02-14.
- ^ "Stemcor". www.stemcor.com. Retrieved 2018-02-14.
- ^ "Stemcor". LinkedIn.