Pickands Mather Group
| Formerly | Pickands Mather & Company |
|---|---|
| Company type | Subsidiary |
| Industry | Transportation of coal and bulk commodities via rail, truck, and freighter and barge; coal purchasing, sales, and marketing |
| Founded | 1883 in Cleveland, Ohio, United States |
| Founders | James Pickands, Samuel Mather, and Jay C. Morse |
| Headquarters | , United States |
Area served | Great Lakes region across the United States and Canada |
| Parent | Privately held company |
| Website | pickandsmather.com |
The Pickands Mather Group is a U.S.-based enterprise concentrating on the transportation of coal and other bulk commodities, alongside activities in coal purchasing, sales, and marketing. Established in 1883 under the name Pickands Mather & Company, it managed the second-largest shipping fleet on the Great Lakes in the early 1900s. The firm was acquired by the Diamond Shamrock Corporation in 1968, then transferred to Moore-McCormack Resources in 1973. Moore-McCormack divested its mining assets to Cleveland-Cliffs in 1986. Subsequently, Moore-McCormack spun off the Interlake Steamship Company to executives James R. Barker (former CEO) and Paul R. Tregurtha (former CFO) in 1987. In 1992, Pickands Mather was purchased by its management team and has remained privately owned since.
History
Founded in 1883 by businessman James Pickands, industrialist Samuel Mather, and shipping specialist Jay C. Morse, Pickands Mather & Company initially focused on iron mining ventures after Pickands shifted from hardware and fuel coal supply businesses in Michigan. Morse contributed substantial investment expertise related to Michigan iron mines, while Mather utilized his industrial lineage to broaden the company’s scope. Beginning with iron ore and pig iron extraction in the Marquette Iron Range, the firm rapidly diversified into coal mining, shipping operations, dock ownership, coke production, and steel rolling mills throughout the late 19th century.
In 1886, Samuel Mather recruited Harry Coulby to oversee the Marine Department; Coulby eventually became its leader. By 1894, Pickands Mather had established the Interlake Company (later known as Interlake Steamship Company), which by 1912 operated the second-largest fleet of Great Lakes freighters with 37 vessels, growing to 52 by 1916.
At the dawn of the 20th century, Pickands Mather expanded its operations by acquiring blast furnaces for pig iron manufacturing and growing its iron mining activities to become America’s second-largest iron mining company by the 1920s. The company formed subsidiaries such as Interlake Iron Corp. for smelting processes and extended coal mining into regions including Kentucky, Pennsylvania, and West Virginia. Mid-century innovations included pioneering taconite pellet processing through Erie Mining Co., significantly enhancing profitability.
Leadership passed from Coulby to Elton Hoyt II—who served as president and CEO from 1939 until 1955—and later to John Sherwin, who incorporated the company in 1960. In 1968, Diamond Shamrock Corporation acquired Pickands Mather. Five years later, Diamond Shamrock sold it to Moore-McCormack Company for $66 million (excluding chemical divisions). Moore-McCormack’s acquisition was led by CEO James R. Barker—formerly of Pickands Mather’s Marine Department—and CFO Paul R. Tregurtha.
During the 1970s, Interlake Steamship modernized its fleet with three new Great Lakes freighters measuring approximately 1,000 feet each: MV James R. Barker, MV Mesabi Miner, and MV William J. Delancey (currently named MV Paul R. Tregurtha). Elton Hoyt III served as president and CEO from 1973 through 1983.
The economic downturns of the late 1970s and 1980s—intensified by LTV Steel’s bankruptcy in 1986—severely affected Pickands Mather’s financial performance. As a result, Moore-McCormack sold its iron and coal mining operations to Cleveland-Cliffs Inc. that same year in exchange for oil and gas assets.
George Newcombe Chandler II was appointed president of Pickands Mather under Cleveland-Cliffs until his retirement in 2000. Meanwhile, Moore-McCormack retained ownership of Interlake Steamship Company until executives Barker and Tregurtha acquired it privately in 1987.
In a management-led buyout during 1992, Pickands Mather reestablished itself as an independent company focused on transporting coal and bulk commodities through railroads, trucks, barges, and lake freighters; it also provides direct coal marketing services from mine sites to clients while supporting coal producers with marketing expertise.