Platinum Equity acquires Ryerson

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Platinum Equity, LLC completed its acquisition of Ryerson Inc. in a public-to-private transaction valued at $2 billion.

It was previously reported that Ryerson shareholders approved the $34.50-per-share merger agreement at a special meeting on Wednesday. Platinum and Ryerson announced their merger agreement in July.

"Ryerson has a great history and also great potential," Platinum chairman and chief executive officer Tom Gores said in a company news release.

"Over the last several months our operations team has been working with Ryerson personnel on a renewal plan to help the company build value. We are very excited about its future."

Platinum executives plan an "immediate transition focused on operational improvements" to improve customer service as well as the company's overall performance, the release stated.

Ryerson is now a wholly owned subsidiary of Platinum affiliate Rhombus Holding Corp., and its common stock has ceased trading on the New York Stock Exchange.

Platinum is a Beverly Hills, Calif.-based private equity firm. Ryerson is a Chicago-based metal processor.

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