Metals USA Bankrupt!!!

From: (
Date: Mon Nov 19 2001 - 22:08:28 EET
News Flash
Texas based Metals USA has filed for Chapter 11 bankruptcy protection. This comes after the United States largest service center consolidator delayed its quarterly earnings report last week.

In September of 2000 BuyStainlessOnline, Inc. attended an AWMI (American Women in Metals) meeting where the speaker was Metals USA CEO Michael Kirksey. He shared his interesting (but highly flawed) opinions on how the future of Steel looked. We released this article at that time and it was well recieved all around the globe. Special thanks to David Center in Lake Success for retaining a copy!

Metals USA CEO Clarifies \"Godzilla\" Ideal
9/13/2000 By Mason Fine (As found on

     I was fortunate enough to attend an AWMI (Association of Women in
Metals) dinner forum last night. The featured speaker of the event was Michael Kirksey, CEO and President of Metals USA, a newly formed company which has recently made waves in the Metals Industry. Mr. Kirksey, a 3 year veteran of the Metals Industry, discussed in detail how Metals USA plans on reaching profitability. For those unaware, the company (Metals USA) has been engaged in a quite active acquisition campaign. Mr. Kirksey elaborated last night on \"Godzilla\" (The Company) striving to reach a point where their supply chain management solutions will be so powerful that smaller service centers will either be swallowed up by \"Godzilla\" or forced into a smaller market segment. Metals USA\'s attitude towards this new \"Super Supply Chain\" solution drew varied responses from the fifty or more attendees of the forum. One highly interesting aspect of Mr. Kirksey\'s solution includes a service where mills and service centers will become more profitable through guaranteed raw material prices. How exactly Met
als USA believes that there will come a time when Iron Ore will not fluctuate in price is lost to me. I asked Mr. Kirksey if Metals USA\'s projections for profitability coincided with the successful implementation of their integrated supply chain solution, his first answer was \"I don\'t understand the question\", followed by \"There are three Silos involved here\", after which Mr. Kirksey further elaborated on the Internet being involved, a guarantee on metal prices, and next day customer service. It is my opinion that if Metals USA can really pull this off, they stand to gain everything. On the other hand, if the price of metals can\'t be fully insured, Metals USA may have a big problem.
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