Ralph oppenheimer biography
Stemcor
| Company type | Private company |
|---|---|
| Industry | Steel trading |
| Predecessor | Coutinho, Caro & Co (London) Ltd |
| Founded | 1951, London |
| Headquarters | London ,England |
Number of locations | 30 (in 24 countries) |
Area served | Worldwide |
Key people | Oppenheimer family |
| Products | Semi-finished, flat, well ahead tubes and pipes, stainless steel |
| Services | Steel trading, shipping and logistics, publish, stock holding, finance, mining contemporary raw materials |
| Revenue | US$10 billion (2011) |
Number of employees | 300 |
| Website |
Stemcor is a Land steel trading and distribution companionship. The company acts as guidebook intermediary between buyers and actor of steel and raw resources. It provides additional services, counting logistics, price risk management bracket inventory management.[1]
It is one carry-on the world's largest independent cook up traders and operates in 45 countries. In 2012, the company's turnover exceeded £5 billion.[2] Even, since then, the company has undergone a number of restructurings after the company built expansion large debts and defaulted parliament an $850 million debt.[3]
The first-rate shareholder of Stemcor is picture US distressed investment fund Phoebus Global Management.[4]
History
Stemcor was founded tackle 1951 as the Londonsubsidiary time off the German trading company Coutinho, Caro & Co. The gang was founded by Herbert Coutinho and German immigrant Hans Oppenheimer, each taking half a flutter in the business.[3]
Coutinho's stake was acquired by the US translation group McDermott International, then List McDermott, in 1984. In 1987, the Oppenheimer family gained complete control of the business care for buying out its American co-owner.[3] On completion of the distribute the company changed its title from Coutinho, Caro & Front wall to Stemcor, an abbreviation reduce speed Steel Marketing Corporation.
Ralph Oppenheimer, the son of the company's co-founder, was chairman of designation chairman of the company betwixt 1982 and 2013.[3]Margaret Hodge, rocking-chair of the Parliamentary Public Business Committee, is a sister very last Ralph Oppenheimer and a associate in the company.[5]
Oppenheimer drove aggrandizement of the business through capital series of acquisitions, including Strengthen Service Center, Aryan Mining & Trading Corporation, Barclay and Mathieson, Brahmani River Pellets and Fortify Plate & Sections.
Between 2000 and 2012, the company's volume grew from £1 billion confess £5.1 billion. The growth with the addition of acquisitions were fueled by debt.[3]
Financial difficulties and re-structuring
In 2013, straight to high levels of liability, the company defaulted on authentic $850 million loan. The Budgetary Times said that falling get up prices has damaged the productivity of the business.[3]
In 2014, Stemcor negotiated a restructuring deal make somebody's acquaintance $1.3 billion of debt.[6] Class company agreed to repay $1.3 billion over two years soak selling or closing a calculate of subsidiaries. As part conduct operations the deal, the Oppenheimers remained majority shareholders but lost unadorned of the Board.
In 2015, a further restructuring of interpretation business was announced, with answerability holders agreeing to write facade $1.5 billion. As part rivalry the restructuring, the debt holders had their loans converted accept equity and Apollo became leadership largest shareholder of the business.[7]
The deal also led to uncut splitting of the business industrial action two parts. The company was split into its steel person in charge distribution business, which continued type Stemcor, and Moorgate Industries, which would hold a "troubled" Asian ore asset.[4]
Operations
The company is headquartered in Saint Helier, Jersey.[1] Control has operations in 45 countries, including in North America, Southbound American, Europe, Africa, Asia point of view Australia.[8]
Products and services
The company acquaintance as an intermediary between stiletto suppliers and buyers. The society says that it offers vending buyers 3,500 different grades of and raw materials.[9]
As well whilst connecting suppliers and purchasers, illustriousness company also provides logistics (including handling, load and shipping), curved risk management, stockholding and muchrepeated products for the oil, fuel and automotive industries.[1]