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(Revised from original 1990 version)
Kaiser Steel Corporation, 1950
Examines Kaiser Steel's initial equity offering in 1950. The first case in a sequence that will trace the history of corporate restructurings that occurred 30 to 40 years later, in the 1980s. Subsequent cases examine foreign competition and labor unrest, hostile takeover attempts and LBOs, and bankruptcy and reorganization. Students are asked to recommend a recapitalization for Kaiser Steel in the context of steel industry competitive dynamics, Kaiser's ownership structure, and the U.S. capital markets in 1950.
Initial Public Offering;
Insolvency and Bankruptcy;
Labor and Management Relations;
Luehrman, Timothy A., and William Schiano. "Kaiser Steel Corporation, 1950." Harvard Business School Case 291-005, August 1990. (Revised from original July 1990 version.)