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Article: Adapt or die: Savvy CEOs weather the downturn of the auto industry by adopting new technologies.(Steel Industry's earnings)(Industry overview)
- Article from:
- Black Enterprise
- Article date:
- July 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Earl G. Graves Publishing Co., Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AT SET ENTERPRISES INC. (NO. 24 ON THE BE INDUSTRIAL/SERVICE 100 list with $205 million in revenues) volume is up, but margins are down. Sid E. Taylor, chairman and CEO of the 19-year-old company that processes steel for auto manufacturers, says the company's profit margin is below the industry average of between 3% and 5%. In an industry that thrives on huge volumes, a drop in profits of even 1% could make the difference in the survival of the company.
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But Taylor, 59, knows he's one of the lucky ones. While the turbulence in the domestic auto industry is hitting auto suppliers hard, it has been particularly devastating for black ...