Ryerson Holding Corp., a 172-year-old Chicago steel distributor, is preparing to go public with a proposed initial offer price of $12 per share for its planned stock sale , according to documents filed with the Securities and Exchange Commission, the Chicago Tribune reported.
With 11 million shares for sale, Ryerson estimates it will earn $110.7 million. The company plans to use most of the money it raises to repay debt. Ryerson, which processes and distributes steel, aluminum and other metals, once had a large presence in Chicago, where it began in 1842.
The 3-month price of the US HRC futures contract rose 0.2 percent on Thursday, August 7, making it the day’s biggest mover. After two days of flat prices, it closed at $642.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $675.00 per short ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.29) and a low price of CNY 830.00 ($134.67) per dry metric ton. The price of Chinese HRC continues hovering around CNY 3,380 ($548.40) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($225.53) per metric ton.
Also on the LME, the steel billet cash price showed little movement yesterday, hovering around $410.00 per metric ton. The 3-month price of steel billet remained essentially flat at $425.00 per metric ton on the LME.