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BREAKING:Ryerson Provides First Quarter 2017 Guidance and Announces Conference Call to be Held on May 4, 2017

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CHICAGO, April 6, 2017 /360WiseNews/ — Ryerson Holding Corporation (NYSE: RYI), a leading distributor and value-added processor of industrial metals, today provided guidance for its first quarter ending March 31, 2017. The Company anticipates higher revenue for the first quarter of 2017 compared to the fourth quarter of 2016 and the first quarter of 2016 with higher average selling prices and higher tons sold for the current quarter as compared to both periods. The Company expects first quarter 2017 net income attributable to Ryerson Holding Corporation in the range of $12 million to $15 million, which includes a range of $2 million of LIFO expense, net to $2 million of LIFO income, net.  Adjusted EBITDA, excluding LIFO is expected to be in the range of $53 million to $55 million for the first quarter of 2017. Ryerson reported first quarter 2016 net income attributable to Ryerson Holding Corporation of $14 million, which included LIFO income, net of $15 million. Adjusted EBITDA, excluding LIFO was $37 million in the first quarter of 2016. A reconciliation of Adjusted EBITDA, excluding LIFO to net income attributable to Ryerson Holding Corporation is included below in this news release.

Ryerson’s end markets as measured in shipments per day showed sequential quarterly growth in nearly all sectors. Ryerson experienced quarterly year over year growth in oil & gas, construction equipment, and food processing and agricultural equipment, while HVAC and metal fabrication and machine shop sectors experienced quarterly year over year demand declines.

Ryerson anticipates higher average selling prices in the first quarter of 2017, which can be attributed to supply side stabilization and global metal demand improvement. The rise in prices for metallurgical coal, Chinese iron ore, and steel scrap, combined with increased Chinese domestic steel consumption and positive U.S. industrial sentiment indicators have supported higher steel prices. Aluminum prices have steadily increased from September 2016 through the first quarter of 2017 on better than expected supply and demand fundamentals. Recent increases in chrome prices, driven by supply tightening, have positively impacted stainless steel prices in the first quarter of 2017, although nickel fundamentals have been volatile due to policy uncertainty in Indonesia and the Philippines, leading to some retracement of LME nickel prices in March 2017.

Current demand conditions appear favorable when viewed against the year ago period. U.S. industrial production grew 0.4% in February compared to the prior year, and has expanded for 3 straight months after 15 straight months of contraction. Manufacturing sentiment indicators, as measured by PMI, continue to show expansion for the U.S. and Chicago indices, with Chicago PMI reaching a 2 year high in March 2017. Further, year-to-date U.S. service center shipments were up 3.8% year over year in February 2017 according to the Metals Service Center Institute. Ryerson remains cautiously optimistic on demand for metal products in the first half of 2017 given these early performance indicators, as we see how positive sentiment ultimately converts to real demand for industrial metals.

Ryerson Holding Corporation’s First Quarter 2017 Conference Call Details

Ryerson also announced that it will host a conference call to discuss first quarter 2017 results on Thursday, May 4 at 10 a.m. Eastern Time. The live online broadcast will be available on the Company’s investor relations website, ir.ryerson.com. Ryerson will report earnings after the market closes on Wednesday, May 3.

 

DATE:           

Thursday, May 4, 2017

TIME:                    

10:00 a.m. ET / 9:00 a.m. CT

DIAL-IN:        

 877-201-0168 (Domestic) / 647-788-4901 (International)

CONFERENCE ID:         

2102975

 

An online replay of the call will be posted on the investor relations website, ir.ryerson.com, and remain available for 90 days.

Ryerson is a leading distributor and value-added processor of industrial metals, with operations in the United States, Canada, Mexico and China. Founded in 1842, Ryerson employs around 3,500 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.

Safe Harbor Provision

Certain statements made in this press release and other written or oral statements made by or on behalf of the Company constitute “forward-looking statements” within the meaning of the federal securities laws, including statements regarding our future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “estimates,” “will,” “should,” “plans” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2016 and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise. Keep Reading

South Atlantic Bancshares, Inc. Completes $20 Million Capital Raise

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MYRTLE BEACH, S.C., March 30, 2017 /360WiseNews/ — South Atlantic Bancshares, Inc. (OTCQX: SABK) (the “Company”), parent of South Atlantic Bank, today announced the closing of a stock purchase with various investors from which it raised aggregate gross proceeds of $20 million through the issuance of its common stock. The securities offered were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

In making the announcement, South Atlantic Bancshares Chairman and Chief Executive Officer, K. Wayne Wicker said, “The capital raise will support the bank’s continued growth and expansion. Since its opening in late 2007, the bank has grown to six offices, all located in some of the fastest-growing areas in the country. Additionally, improving economic conditions are fueling interest in expansion and new projects throughout our markets. Great opportunities for growth lie ahead for the markets we serve and our banking subsidiary. We are pleased to welcome our new shareholders and appreciate the confidence that they have in our Company.”

FIG Partners, LLC, an employee-owned broker/dealer based in Atlanta, Georgia, acted as the Company’s financial advisor in raising the new capital and Hunton & Williams LLP acted as legal counsel to the Company. Keep Reading

Appvion will report its fourth quarter and full-year 2016 financial results on March 13

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APPLETON, Wis., March 6, 2017 /360WiseNews/ — Appvion, Inc. will report its fourth quarter and full-year 2016 financial results after market close on March 13. Chief Executive Officer Kevin Gilligan and Chief Financial Officer Tom Ferree will host a teleconference to discuss those results with the investment community on March 14 at 11:00 a.m. ET.

The call will be broadcast live over the Internet. A webcast link and presentation slides will be available in the investor section/events & presentations of the Appvion website at www.appvion.com. The broadcast will also be archived on that same page of the company website.

About Appvion
Appvion creates product solutions through its development and use of coating formulations and applications. The company produces thermal, carbonless, security, inkjet, digital specialty, and colored papers. Appvion, headquartered in Appleton, Wisconsin, has manufacturing operations in Wisconsin, Ohio and Pennsylvania, employs approximately 1,400 people and is 100 percent employee-owned. For more information, visit www.appvion.com.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/appvion-will-report-its-fourth-quarter-and-full-year-2016-financial-results-on-march-13-300418652.html

SOURCE Appvion, Inc.

Montage International And The Robert Green Company Reach Agreement For Hospitality Offerings At La Quinta’s SilverRock Development Project

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The two companies agree to develop SilverRock Resort, to include both a Montage and Pendry Hotel

ORANGE COUNTY, Calif., March 2, 2017 /360WiseNews/ — Montage International and The Robert Green Company have reached an agreement today for the development of the SilverRock Resort in La Quinta, California. Breaking ground in summer 2017 and opening in late 2019, the development will include Montage La Quinta with branded Montage Residences, Pendry La Quinta with branded Pendry Residences, Spa Montage, an expansive catering and conference facility, state-of-the-art recreation center, multiple food and beverage outlets, a mixed-use village, and the 18-hole Arnold Palmer Signature Golf Course.

This project represents the first joint development venture for Montage International incorporating its two hotel and resort brands, Montage Hotels & Resorts and Pendry Hotels. Architecture and design firm, Gensler, will work with Montage International and The Robert Green Company to develop the two properties which will feature a mid-century modern design aesthetic in keeping with their Coachella Valley location. Montage La Quinta will include approximately 140 guestrooms with a signature Spa Montage and fitness center along with three food and beverage outlets, multi-generational recreation center, resort pool, retail boutiques and the brand’s signature Paintbox children’s program. There will be 29 four and five bedroom Montage Residences with access to all of the resort’s services and amenities. Pendry La Quinta will include approximately 200 guestrooms with three food and beverage outlets, fitness center with access to Spa Montage, resort pool and retail boutiques. There will also be 66 two and three bedroom Pendry Residences with access to all Pendry services and amenities. At the center of the community is the breathtaking 18-hole Arnold Palmer Signature Golf Course which will be realigned and enhanced as part of the overall development.

“Having worked in the Coachella Valley early in my career, it is especially exciting to return with a dynamic development that is ideally suited for our Montage and Pendry brands,” said Alan J. Fuerstman, founder, chairman and CEO, Montage International. “With The Robert Green Company, we will be bringing to the City of La Quinta an amazing resort unlike anything else in the desert.  The architecture, design, amenities and most importantly, the extraordinary service that is the hallmark of Montage International, should be a perfect fit for the community.”

“We are thrilled to have reached an agreement with Montage International to bring both Montage and Pendry to SilverRock Resort. There has never been a resort of this caliber in the desert and nothing of this scale developed in the desert in decades.  We look forward to bringing a new level of luxury to this destination and to the City of La Quinta,” said Robert S. Green, Jr., president and CEO, The Robert Green Company.

La Quinta is a natural extension for Montage International, with its current portfolio offering access to city, sea, ski, and Lowcountry escapes, and now the California desert. Keep Reading

SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Seacor Holdings Inc. (CKH)

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NEW YORK, March 2, 2017 /360WiseNews/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Seacor Holdings Inc. (“Seacor” or the “Company”) (NYSE: CKH). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/ckh.

The investigation concerns whether Seacor and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

On March 2, 2017, pre-market, Seacor filed to postpone its 2016 annual report, expressing that the it has not completed an assessment of its internal controls over financial reporting due to certain control deficiencies. Seacor said that the deficiencies related to impairment determinations and could represent material weaknesses.  Following this news, Seacor stock dropped as much as $4.84, or 6.76%, during intraday trading on March 2, 2017. Keep Reading

Deloitte Global survey: In era of heightened uncertainty, new risks rise to the fore – just as financial institutions look to reduce costs

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Geopolitics, cybersecurity, robotic process automation and cognitive computing all key areas for risk managers in 2017 and beyond

NEW YORK, March 2, 2017 /360WiseNews/ — A majority of banks and other financial institutions surveyed are not confident about their firms’ effectiveness in managing cybersecurity and geopolitics, two of the biggest risks facing global businesses of all shapes and sizes, according to Deloitte Global’s tenth survey of financial services risk managers.

This comes as there is talk around deregulation in the United States, banks being challenged to hold overall costs down, major cybersecurity breaches and a shift to using new technology tools like robotic process automation (RPA) to improve quality and efficiency by automating routine tasks. Consequently, Deloitte Global’s report predicts that 2017 may be an inflection point for financial institutions’ risk management efforts.

“Risk management is becoming even more important today, as financial institutions confront a variety of trends that have introduced greater uncertainty into the future direction of the business and regulatory environment,” said Edward Hida, Deloitte Global Risk & Capital Management Leader. “Risk management programs will need to not only become more effective and efficient, but also acquire the agility to respond flexibly and nimbly to the next set of demands. This is where I believe the next era of risk management will need to evolve to.”

According to the survey, 80 percent or higher of those surveyed rated their institution as extremely or very effective in managing traditional risks like liquidity, underwriting/reserving, credit and investment risk. In contrast, when it came to newer risk types – which often present more challenges – respondents considered their institution to be less effective in areas like cybersecurity (42 percent), model (40 percent), third party (37 percent), data integrity (32 percent), and geopolitical risks (28 percent). In the geopolitical risk area, this percentage dropped roughly by half from Deloitte Global’s previous survey in 2014, indicating that this issue has rocketed up risk managers’ radar.

Increasing investment in risk management
While the financial services industry is under pressure to reduce costs as a whole, 44 percent of respondents expected their institution’s annual spending on risk management to increase by 10 percent or more over the next two years, including 13 percent who expected an increase of more than 25 percent. These figures are an increase from 2014’s survey, when 37 percent of respondents expected an increase of 10 percent or more and 9 percent expected an increase of 25 percent or more.

“I suspect that part of these budgets are being redirected to invest in new, emerging technologies,” said Hida. “Along with technologies like RPA, an emerging trend is for institutions to leverage technologies like cognitive and advanced analytics techniques to identify behavior patterns and predictive analytics to identify emerging risks.”

Additionally, given the pace of regulatory change, 52 percent of respondents were extremely or very concerned about the ability for risk technology to adapt to changing regulatory requirements.

Among other survey findings:

  • One Area of Particular Concern in Geopolitical Risk: Risk managers were asked about how proposals in some countries to renegotiate trade agreements (which can be an influencer to that country’s economic prospects) were likely to impact the risks facing their institutions. Respondents were divided, with 48 percent expecting that the risks facing their institution would increase, while 49 percent thought these proposals would have no impact. Executives in Europe were most likely to expect increased risk: 68 percent expected that risks would increase, including 16 percent who thought they would increase significantly.
  • The Two Biggest Issues in Stress Tests: A number of qualitative issues in capital stress testing were rated as being extremely or very challenging, including capital stress-testing IT platforms (66 percent) and data quality and management for capital stress-testing calculations (52 percent).
  • The Battle for Risk Management Talent: 70 percent of respondents said attracting and retaining risk management professionals with required skills would be an extremely or very high priority for their institution over the next two years, while 54 percent said the same about attracting and retaining business unit professionals with required risk management skills. Since cybersecurity is a growing concern across all industries, the competition is especially intense for professionals with expertise in this area.
  • Time for IT Systems Modernization?: Roughly half of respondents were either extremely or very concerned about several issues related to IT systems including legacy systems and antiquated architecture or end-of-life systems (51 percent), inability to respond to time sensitive and ad-hoc requests (49 percent), lack of flexibility to extend the current systems (48 percent), and lack of integration among systems (44 percent).
  • Culture Challenges Remain: While regulators around the world have recently placed greater focus on the important role that culture plays in effective risk management, work remains to be done on this front. According to those surveyed, board oversight activities at many financial institutions did not include helping establish and embed the risk culture of the enterprise (67 percent) or review incentive compensation plans to consider alignment of risks with rewards (55 percent).
  • Credit Risk Gets Harder to Gauge: With relatively weak economic conditions in many markets around the world, managing credit risk is a significant challenge for financial institutions. When asked how challenging it would be to manage credit risk over the next two years, the areas most often considered to be extremely or very challenging were collateral valuation (38 percent), commercial real estate (33 percent), unsecured credit (33 percent), and mortgages/home equity lines of credit (30 percent).

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Vanguard Integrity Professionals Announce Vanguard Administrator™ Helping To Reduce The Chance Of Security Breach

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Implement the most stringent Security and Compliance programs available.

LAS VEGAS, Feb. 22, 2017 /360WiseNews/ — Vanguard Integrity Professionals is pleased to announce the immediate availability of its Vanguard Administrator solution available across its enterprise-wide cybersecurity software suite.  Vanguard Administrator™ saves time and money by simplifying and automating security administration tasks. Administrator enables enterprises to operate with reduced headcount and improved security, while increasing workload.

  • Can your Cybersecurity tools help you implement the most stringent security and compliance programs AVAILABLE for your Security environment?
  • Can your security tools enable less technical staff to perform security administration that would normally take hundreds of hours to implement?
  • Can they easily handle increased workloads and complex administration of your enterprise environment?
  • Vanguard’s powerful automation features drastically reduce your administration time and costs, so your security team can handle workloads that are more complex.
  • Vanguard provides rapid discovery and repair of issues before they become a disaster for you, your team and organization.
  • Identify, isolate and notify your security team of risks found so you can take the appropriate corrective actions.
  • Identify problems quickly and eliminate human error.
  • Reduce time and improve quality security administration and analysis, ultimately reducing the chance of a security breach within your enterprise.
  • Safely and accurately maintain security policies, keeping you and your fellow executives out of trouble.
  • Vanguard’s comprehensive automation features dramatically reduce time and cost allowing your security team to handle more complex security emergencies.

“Vanguard is committed to continual advancement of our cybersecurity products and solutions, especially when the risk to critical enterprise data is so high,” said Brian Caskey, chief marketing officer at Vanguard.  “We continue to enhance and improve our already high-performance solutions.  Vanguard’s powerful Administrator™ solution satisfies regulatory compliance requirements by providing significant reporting and data mining of access and authority on Large Enterprise Systems. Additionally, Administrator provides security staff with complete understanding of their security environment.”

Key Takeaways

  • Ease of creating reports without knowing a proprietary command syntax.
  • Ability to generate commands without knowing specific command syntax, via user-friendly menus.
  • Ability to generate thousands of commands for mass updates, savings reflected in productivity and reduction in time required to manually type the actual command syntax.
  • Vanguard Administrator’s functionality allows administrators to use the solution without any required training.
  • Ability to invoke other Vanguard products natively from the Vanguard Administrator Main Menu.

For a complete description of Vanguard Cybersecurity solutions, visit www.go2vanguard.comKeep Reading

Phoenix Investors Acquire Whirlpool Corporation Property in Fort Smith, Arkansas

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Company known for breathing new life into legacy industrial properties takes ownership

BENTON HARBOR, Mich., Feb. 22, 2017 /360WiseNews/ — Whirlpool Corporation announces the sale of its remaining manufacturing building and surrounding land in Fort Smith Arkansas to an affiliate of Milwaukee-based Phoenix Investors. It will be the first Arkansas project for the real estate group and will include a complete renovation of the former Whirlpool Complex suitable for use by warehousing, industrial or manufacturing companies.

Phoenix Investors’ portfolio totals approximately 17 million square feet across 22 states. Over the last three years Phoenix Investors has acquired six former Whirlpool plants as part of its core business of revitalizing former manufacturing facilities throughout the United States. Ultimately, this strategy leads to positively transforming communities and restarting the economic engine in the communities in which Phoenix operates.

“Phoenix Investors is a company that understands the opportunities that exist in the Fort Smith, Arkansas marketplace,” said Jeff Noel vice president Communications and Public Affairs of Whirlpool Corporation. “Officials with Phoenix Investors are looking forward to working directly with Tim Allen and his team of local economic development professionals along with members of the Arkansas Economic Development Corporation, and leaders of the City of Fort Smith.” Keep Reading

SGEN INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors of Commencement of a Class Action Involving Seattle Genetics Inc. and a Lead Plaintiff Deadline of March 13, 2017

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NEW YORK, Feb. 22, 2017 /360WiseNews/ — The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Western District of Washington on behalf of investors who purchased Seattle Genetics Inc. (NASDAQ: SGEN) securities between October 27, 2016 and December 23, 2016.

Click here to learn about the case: http://www.wongesq.com/pslra/seattle-genetics-inc. There is no cost or obligation to you.

According to the complaint, throughout the class period, Seattle Genetics made false and/or misleading statements and/or failed to disclose that: (a) its product in development, vadastuximab talirine, presents a significant risk of fatal hepatoxicity; (b) as such, Seattle Genetics had overstated the viability of vadastuximab talirine as a treatment for acute myeloid leukemia; and (c) as a result, the Company’s statements were materially false and misleading at all relevant times.

On December 27, 2016, Seattle Genetics issued a press release announcing that the U.S. Food and Drug Administration had placed a clinical hold or partial clinical hold on several early stage trials of vadastuximab talirine. Keep Reading

STUDY: 98 percent of shoppers have been deterred from completing a purchase because of incomplete content

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Episerver’s “Reimagining Commerce” report shows online shoppers have high expectations for e-commerce listings and more

IRVINE, Calif., Feb. 21, 2017 /360WiseNews/ — Ninety-eight percent of shoppers have been dissuaded from completing a purchase because of incomplete content, according to a study released this month by Episerver, a leading provider of a single platform to smartly manage digital content, commerce and marketing in the cloud.

The survey of more than 1,100 consumers underscores the necessity of delivering complete and accurate content in the e-commerce landscape, and the findings show that brands are lagging when it comes to their digital experiences. The “Reimagining Commerce” report found that 98 percent of consumers have been dissuaded from completing a purchase because of incomplete or incorrect content, with nearly a third (32 percent) of consumers being dissuaded every time. Further, over a third of shoppers (35 percent) feel brands do a poor or very poor job of customizing the online shopping experience, with just 7 percent believing that brands do this very well.

The report also found many consumers expect personalized content as part of their online shopping experience, with nearly two-thirds (59 percent) reporting interest in personalization. According to Ed Kennedy, senior director of commerce at Episerver, while some brands are meeting online shoppers’ expectations, many others are failing to personalize the experience in the way customers want.

“Just as a poorly designed storefront or cluttered displays can deter shoppers from a physical store, a website or mobile app with lackluster content can turn off consumers and in many cases, discourage them from making a purchase,” said Kennedy. “Our study shows consumers really care about content when shopping online, not only the quality and accuracy, but also how it’s delivered to them. Complete and accurate content is now table stakes, and brands looking to go above and beyond must consider personalization.”

The report also shows consumers appreciate customized experiences outside of their online shopping experience. Forty-three percent of customers reported being open to customized in-store experiences, and 44 percent are interested in brands customizing coupons to them based on their location.

For additional insights into the behavior and expectations of consumers shopping online, download the report here.

About Episerver
Episerver connects digital commerce and digital marketing to help organizations create unique digital experiences for their customers, with measurable business results. The Episerver Digital Experience Cloud™ combines Keep Reading

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