A. M. Castle & Co. Appoints Steven Scheinkman as President and Chief Executive Officer
April 17 2015 - 8:30AM
Business Wire
Scheinkman brings over two decades of metals
service center experience, including historical leadership roles
with Transtar Metals and A.M. Castle
A. M. Castle & Co. (NYSE: CAS) (“the Company”), a
global distributor of specialty metal and plastic products,
value-added services, and supply chain solutions, today announced
that the Board of Directors appointed Steven Scheinkman to the
position of President and Chief Executive Officer, effective
immediately. He succeeds Scott Dolan, who resigned from the Company
and its Board of Directors to pursue other interests.
“We are excited to announce the appointment of Steve Scheinkman
to the position of President and CEO of A. M. Castle. We believe it
is critical that we have a CEO in place who can lead us through
this restructuring, which is necessary to address changes in the
business and the marketplace. Steve’s background in the metals
service center industry, as well as his history with our
organization, make him an ideal candidate to return the Company to
long-term prosperity and to recapture our niche leadership position
in the industry,” said Brian Anderson, Chairman of the Board of
Directors of A.M. Castle. “On behalf of all of us here at A.M.
Castle and our Board of Directors, I also want to thank Scott Dolan
for his service. Scott led Castle over the past two years in a
challenging environment, and we wish him much success in his future
endeavors.”
Scheinkman concluded, “A.M. Castle has a 125 year history of
excellence in the provision of specialty products, services, and
supply chain solutions. While the Company has taken numerous steps
to right-size itself over the last few years, more work needs to be
done to create a more nimble cost structure, improve our supply
chain, and better leverage our commercial organization. I’m very
excited at the opportunity to lead the Company and look forward to
working with our talented employees, customers, investors, and
partners to position the Company for long-term prosperity.”
Steven Scheinkman was added to A. M. Castle’s Board of Directors
earlier this month and he is the former President and Chief
Executive Officer of Transtar Metals Corporation, which A. M.
Castle acquired in late 2006. Scheinkman’s historical experience
also includes positions as the President and Chief Executive
Officer of Innovative Building Systems LLC and as a director of
Claymont Steel Holdings, Inc., a manufacturer of custom discrete
steel plate. He served as the President and Chief Executive Officer
and a director of Transtar Metals Corp. (“Transtar”), a supply
chain manager/distributor of high alloy metal products for the
transportation, aerospace and defense industries, from September
1999 to September 2006. Following Transtar’s acquisition by A. M.
Castle in September 2006, he served as President of Transtar Metals
Holdings Inc. until September 2007 and thereafter served as its
advisor until December 2007. He also served in various capacities
as an executive officer of Macsteel Service Centers USA, a
distributor and processor of steel products, including President,
Chief Operating Officer and Chief Financial Officer from 1986 to
1999.
About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor
of specialty metal and plastic products and supply chain services,
principally serving the producer durable equipment, oil and gas,
commercial aircraft, heavy equipment, industrial goods,
construction equipment, retail, marine and automotive sectors of
the global economy. Its customer base includes many Fortune 500
companies as well as thousands of medium and smaller-sized firms
spread across a variety of industries. Within its metals business,
it specializes in the distribution of alloy and stainless steels;
nickel alloys; aluminum and carbon. Through its wholly-owned
subsidiary, Total Plastics, Inc., the Company also distributes a
broad range of value-added industrial plastics. Together, Castle
and its affiliated companies operate out of 47 service centers
located throughout North America, Europe and Asia. Its common stock
is traded on the New York Stock Exchange under the ticker symbol
“CAS”.
Cautionary Statement on Risks Associated with Forward Looking
Statements
Information provided and statements contained in this release
that are not purely historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended (“Securities Act”), Section 21E of the
Securities Exchange Act of 1934, as amended (“Exchange Act”), and
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements only speak as of the date of this
release and the Company assumes no obligation to update the
information included in this release. Such forward-looking
statements include information concerning our possible or assumed
future results of operations, including descriptions of our
business strategy. These statements often include words such as
“believe,” “expect,” “anticipate,” “intend,” “predict,” “plan,”
“should,” or similar expressions. These statements are not
guarantees of performance or results, and they involve risks,
uncertainties, and assumptions. Although we believe that these
forward-looking statements are based on reasonable assumptions,
there are many factors that could affect our actual financial
results or results of operations and could cause actual results to
differ materially from those in the forward-looking statements,
including those risk factors identified in Item 1A “Risk Factors”
of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2013. All future written and oral forward-looking
statements by us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to above. Except as required by the federal securities
laws, we do not have any obligations or intention to release
publicly any revisions to any forward-looking statements to reflect
events or circumstances in the future, to reflect the occurrence of
unanticipated events or for any other reason.
At ALPHA IRAnalyst Contact:Chris Hodges or Monica
Gupta(312) 445-2870Email: CAS@alpha-ir.com