Finding “Inner Steel”:A Pennsylvania Company’s Remarkable Rebirth

Abstract

In 2002, Michelman-Cancelliere Iron Works of Bethle-hem, Pennsylvania was a respected provider of structural steel for large infrastructure projects in the Northeast. Four years later, MC Iron faced extinction with significant financial losses. With its willingness to persevere and the strength of an exceptional turnaround team—JC Jones & Associates—MC Iron found the “inner steel” to make the deep, lasting changes needed to turn a losing operation around and ensure long-term success. The path was painful but in little more than a year, recovery was complete and MC Iron is a different business.

This case won the 2008 Small Company Turnaround of the Year Award from the Turnaround Management Association.

TOPICS: Private equity, financial crises and financial market history, technical analysis, manager selection