Friday, March 02, 2007

Dan Loeb Boosts "Passive" Stake in Ryerson (RYI) to 7.5%

In a 13G filing on Ryerson Inc. (NYSE: RYI), Dan Loeb's Third Point LLC disclosed a 7.5% stake (1.975 million shares) in the company. The firm showed a 500,000 share stake for the quarter ended December 31, 2006.

Earlier in the week, another hedge fund, Owl Creek, disclosed a 5.3% stake in RYI and said it would support Harbinger's (another activist investor) slate of seven independent directors for nomination to the board.

The 13G indicates a "passive" stake in RYI, but Loeb is best known as a activist investor.

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