Alan Kestenbaum is an American-born business executive who currently holds the titles of Executive Chairman and Chief Executive Officer of Stelco, Inc. in Hamilton, Ontario. Founded in 1910, Stelco is one of Canada’s largest steel producers and employs more than 2,200 people. Kestenbaum had previously served as the company’s CEO between 2017 and 2019. Before running Stelco, he primarily operated in the mining and natural resources sector, having founded several companies, as well as acquiring and redeveloping several others. As of 2019, Alan Kestenbau is also a minority owner and limited partner of the NFL’s Atlanta Falcons.
Alan Kestenbaum is originally from Brooklyn, New York. His father, Irving, worked as a trader at the influential commodities firm Philipp Brothers, while his great uncle Ralph worked as a metals trader and served on the board of the London Metal Exchange. As a young man, Kestenbaum spent a few summers working at Philipp Brothers and learning the family trade before pursuing his post-secondary education at Yeshiva University in Manhattan, where he ultimately earned a Bachelor of Arts degree in Economics.
After graduating, Alan Kestenbaum received some startup capital from his father-in-law, Hal Beretz, who also worked at Philipp Brothers and had recently left his position as the company’s President and Chief Operating Officer. Kestenbaum used this money to start a company called Marco International Inc. in 1985. Marco International traded aluminum products globally, particularly from South America, Romania, and Russia, and later expanded into Asia, opening offices in Beijing, Hong Kong, and Tokyo. In his capacity as founder, he would oversee the company’s operations as his primary vocation for the better part of the next two decades.
In 2004, Kestenbaum acquired Globe Metallurgical Inc., a bankrupt silicon producer. He proceeded to restructure the company by ending its inefficient practices, raising its prices, and ensuring timely payments from its delinquent and chronically late-paying clients. Renamed Globe Specialty Metals, the newly reorganized and rejuvenated company expanded its operations into Canada, Argentina, and South Africa not long thereafter. The rapid transformation of Globe Specialty Metals served as an early indication for Alan Kestenbaum’s innate talent for corporate turnarounds.
Globe Specialty Metals went public in 2009, achieving a 128% return before merging with a Spanish company called Ferroatlantica in a $3.1 billion deal that took place in 2015. After the merger, the organization was re-dubbed Ferroglobe PLC, a portmanteau of the names of the two companies involved in the deal.
Following the merger, Kestenbaum remained at the company for a few months, but was no longer in charge. He turned his attention to hunting for investment ideas, all the while forming a new company, Bedrock Industries, in conjunction with his business partner Lindsay Goldberg. Bedrock is a private equity firm focused on natural resources, where Kestenbaum still serves as Chairman and CEO.
In 2017, he took on the role of Executive Chairman and CEO of Stelco, a Canadian steel company based in Hamilton, Ontario, after being introduced to the opportunity by Leo Gerard, then-president of the United Steelworkers. Kestenbaum is widely credited with reversing the fortunes of the ailing steel manufacturer, formerly one of the largest in North America. Adopting an attitude of open-mindedness and a willingness to negotiate in good faith with organized labour, Kestenbaum’s stewardship has been viewed as a rousing success by all parties concerned. He invested millions of dollars to upgrade Stelco’s manufacturing facilities, increased production, and weathered an era of punitive tariffs on Canadian steel from the United States without lasting harm.
In 2019, he stepped down from running Stelco and dabbled in the arena of professional sports, becoming a minority owner and limited partner of the National Football League’s Atlanta Falcons.
However, just one year later, Alan Kestenbaum re-assumed his post as Executive Chairman and Chief Executive Officer, and has presided over Stelco ever since. He is responsible for setting the vision, strategy, investment objectives, and providing direction to achieve the strategic objectives of the company.
Alan Kestenbaum’s net worth is estimated to be approximately $259 million.
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