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Terence R. Rogers
Treasurer
773-788-3206
For Immediate Release
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RYERSON TULL ANNOUNCES RESTRUCTURING PLAN
Chicago, Illinois - June 6, 2000 - At employee meetings being held today at
all of its locations, Ryerson Tull, Inc. (NYSE: RT) is announcing plans to make
significant organizational and business process changes. The purpose is to
create a more customer-focused organization, with greater speed and
responsiveness, while enhancing overall efficiency, quality and service. As a
result of the restructuring, the company expects to generate annualized cost
savings of approximately $30 million beginning in 2001. Details regarding the
restructuring charges will be disclosed at the time of the company's second
quarter earnings announcement.
In late 1999, Ryerson Tull formed a team to study its organization and
business processes to determine how it should be structured in order to achieve
its growth and profitability goals. "We challenged our people to rethink how we
are organized and how we manage our business. The result was a lot of fresh
ideas and innovative solutions for best meeting our customers' needs and
improving how we run Ryerson Tull," stated Neil S. Novich, Chairman, President
and CEO of Ryerson Tull.
Customer-Focused Organizational Structure
Following the reorganization, there will be 13 geographic divisions each
composed of three to seven service centers. These divisions will be headed by
vice presidents who will have full accountability for marketing, pricing,
growth, profitability, customer service, and quality. "This will push decision
making closer to the customer, increasing speed, and making the company more
responsive to local market conditions," said Novich, who noted that these
changes are also a result of customer input.
Ryerson Tull will close regional offices in West Chester, Pennsylvania, and
Seattle, Washington as a result of these changes. Purchasing services have been
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centralized under a chief procurement officer. Human resources, credit, and
accounting will also be centralized, enabling the company to capture economies
of scale.
Additionally, resources will be reallocated to higher-growth areas, such as
the Customer Solutions Team.
"Although most of the planning and decision making is behind us, we need
our employees' active involvement in determining the final details, to achieve
the best results," added Novich. "When the employee teams have completed their
work, we will be able to announce the restructuring charges."
"Although we are making significant changes to the structure of our
organization, we have not changed course in terms of strategy," concluded
Novich. "With our national network of service centers, extensive processing
capabilities, technology leadership, and other value-added services, Ryerson
Tull is uniquely positioned to capitalize on the rapid changes occurring in the
metals service center industry."
Ryerson Tull, Inc. is North America's leading distributor and processor of
metals, with annual revenues of $2.8 billion. The company has a network of
nearly 70 facilities across the United States and in Canada. It also has
investments in service center operations in Mexico and Asia, and maintains metal
trading capabilities around the world.
