Harbinger sells off shares of Ryerson, keeps 7.76% stake

By Lisa Kerner

Charlotte, N.C., Aug. 27 - Following the election of Ryerson, Inc.'s incumbents to its board of directors, investors led by Harbinger Capital Partners Master Fund I, Ltd. sold a portion of their shares of common stock and may continue to sell shares of the company's common stock, according to a schedule 13D filing with the Securities and Exchange Commission.

Harbinger reported the sale of 479,025 shares on Aug. 23 and Aug. 24 priced from $32.18 to $32.44 per share.

The reporting persons may choose to discuss the company and its operations with other shareholders, officers or board members.

Harbinger maintained a 7.76% stake in Ryerson, owning 2,069,975 shares of the company's outstanding stock.

On Aug. 23, Harbinger, which had sought to make changes to the board, said it was pleased that Ryerson's stock had returned 31% since the investors disclosed their slate of nominees in January.

It was previously reported that Harbinger said Ryerson's merger with Platinum Equity, a Beverly Hills, Calif.-based private equity firm, would provide value to shareholders. At that time, Harbinger had a 9.5% stake in the Chicago-based metal processing company.

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