September 08, 2008

Mr McConnell dies at the age 84

Mr John H McConnell a steel magnate who was the founder of Worthington Industries died on last Friday. He was 84.

Ms Cathy Lyttle a spokeswoman with Worthington Industries said that Mr McConnell who had been diagnosed with cancer last year died at a Columbus hospital.

A USD 3 billion year steel processing company Worthington Industries that Mr McConnell started in 1955 with USD 600 he borrowed against his car.

Working in Columbus as a salesman for Weirton Steel in 1954, Mr. McConnell decided to start his own business as a broker between steel mills and their customers. With USD 1,200 in savings, he took out a loan against his 1952 Oldsmobile and worked from the basement of his home. He made USD 600 on his first deal.

A son of a steel worker, Mr McConnell, who was known as Mr Mac, championed the idea that workers should partake in their company’s success and set up an employee profit sharing plan in 1966.

His views were recognized by Mother Jones, a magazine for progressive causes, which in 1986 named Worthington Industries one of the best companies to work for in the United States. Fortune magazine also gave the company that distinction four times.