Harbinger dissatisfied with Ryerson's results, CEO

By Lisa Kerner

Charlotte, N.C., Feb. 14 - In response to Ryerson Inc.'s fourth-quarter results, Harbinger Capital Partners managing director said Larry Clark said "As Ryerson's largest shareholder, we are very disappointed with but not surprised by today's announced fourth-quarter and full-year 2006 results.

"They are significantly below consensus estimates and certainly make the case for change in the company's board even more compelling."

Clark cited the company's $0.17 per share loss and the lowest gross margins in almost a decade, according to a news release.

In addition, Clark said he was disappointed with Ryerson chief executive officer Neil Novich's comments that gross margin percent is not useful in gauging a company's financial health and relative performance.

Harbinger owns a 9.7% percent stake in Ryerson. The New York investment firm is seeking the election of seven independent directors to replace the majority of Ryerson's board of directors at its 2007 annual shareholders meeting.

Chicago-based Ryerson distributes and processes metals and other materials in the United States, Canada, Mexico and India.

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