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Saving the Steel Industry
Ron Bloom (MBA ’85) played a key role in helping to save the U.S. steel industry in the 1990s, writes the Pittsburgh Post-Gazette (March 4, 2007). Bloom spent five years at Lazard Freres before starting a firm that advised unions about buyouts and employee stock-purchase plans. He positioned the United Steelworkers (USW) union as an “unsecured creditor” — much like a financial institution or corporate supplier — and used his Wall Street knowledge and contacts to facilitate mergers aimed at strengthening the industry. In exchange for its financial support for an ailing steel manufacturer, the USW would insist that executive pay be limited and that union representatives serve on the board. “We’re not going to save a company and go back to the old way of doing things,” explained Bloom, who engineered numerous steel-industry buyouts for the USW and eventually joined the union as a full-time member.
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