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Huntco Inc. (Steel Company, Brought Down by Enron)

$29.00

SKU: 4286huntco
Product Details

Nicely engraved specimen stock certificate from Huntco Inc. dating back to the 1990's. This document, which contains the printed signatures of the company Chairman of the Board and Secretary, was printed by the American Bank Note Company, and measures approximately 12" (w) by 8" (h). 

 

The vignette features the bust of founder B. D. Hunter.

You will receive the exact certificate pictured.
    Historical Context

    Huntco Inc. was purchased B. D. Hunter in 1986 through a leveraged buyout. The company was based in Missouri, with offices in Chesterfield. Hunter brought the company public in 1993.

    The company processed flat rolled carbon steel and manufactured portable compressed air vessels and compressed air cylinders.

    The company had three subsidiaries - Huntco Nevada Inc., Huntco Steel Inc. and Midwest Products Inc.

    Huntco sold part of its steel coils production to Enron in June 2001 and contracted with Enron to provide operating and maintenance assistance and to purchase steel coil products from the company, according to Huntco's proxy statement. In addition, Huntco had a 10-year, $5 million loan from Enron. But Enron failed later that same year.

    When Enron went bankrupt in December and stopped supplying steel coils, Huntco was forced to scramble for alternatives.

    At that time, a number of other suppliers became concerned about how the Enron bankruptcy would affect Huntco. As a result, they would only provide steel on a cash basis.

    In February of 2002, Huntco Inc. filed for bankruptcy.