20110815-NEWS--1-NAT-CCI-CL_-- 8/12/2011 2:41 PM Page 1 VOL. 32, NO. 33 $2.00/AUGUST 15 - 21, 2011 Insiders see slide as opportunity to buy Officers, directors snatch up shares before and amid last week’s gyrations By MICHELLE PARK directors and officers of companies [email protected] including Cliffs Natural Resources Inc., Olympic Steel Inc. and Timken Co. At a time when many investors have have bought tens, and sometimes scurried to sell, a number of Northeast hundreds, of thousands of dollars of Ohio company insiders have hurried to their companies’ stock. buy. Among them were P. Kelly Tomp- In the days before, during and after kins, a Cliffs executive, who bought last Monday’s stock market plunge, See BUY Page 17 Cliffs Natural Resources (CLF) Olympic Steel Inc. (ZEUS) Timken Co. (TKR) Closing price, July 22: $99.86 Closing price, July 22: $28.80 Closing price, July 22: $48.76 Closing price, Aug. 9: $73.71 ■ Change: -26% Closing price, Aug. 9: $20.73 ■ Change: -28% Closing price, Aug. 9: $35.94 ■ Change: -26% Buyers: Buyers: Buyers: ■ Aug. 1, P. Kelly Tompkins, executive vice president: ■ Aug. 5, Richard T. Marabito, chief financial officer: ■ Aug. 8, Frank C. Sullivan, director: 3,000 shares 2,500 shares ($223,000) 2,000 shares ($49,580) ($99,660) ■ Aug. 2, Andres Gluski, director: 1,130 shares ■ Aug. 5, Michael D. Siegal, chairman of the ■ Aug. 8, John M. Ballbach, director: 1,000 shares ($99,911) board/CEO: 1,500 shares ($37,185) ($36,560) LAUREN RAFFERTY ILLUSTRATION Invacare’s ‘One’ aimed INSIDE Energy companies rush to Getting fit while at the office Ohio’s oil, promise billions at streamlined output More companies are incorporating wellness programs and fitness By CHUCK SODER centers into their facilities as a way Discovery in shale follows area’s natural gas boom [email protected] to keep employees healthy and happy and, in turn, cutting health By DAN SHINGLER Buckeye State over the next 20 A less-than-enthusiastic group of care costs. [email protected] years, predicts the man running the Invacare Corp. engineers delivered Read Dan Shingler’s story in largest energy company working on what seemed like bad news. our Health and Wellness section. Imagine tens of billions of dollars Ohio’s shale. They had come up with a design Page 13 of private capital being invested in “When’s the last time any industry that could improve the stability and Ohio. showed up and said, ‘I’m going to agility of Invacare’s newest power Blouch Stumpp Now stop imagining and keep invest $10 billion a year in a state for wheelchair. Then they found out that reading, because a large oil and gas a couple of decades?’ I think that’s an Australian company called Roller recalling the meeting from a few company says that’s exactly what’s about what’s going to happen in Chair already had a patent on it. years back. about to happen thanks to a recent Ohio,” Chesapeake Energy Corp. Invacare CEO Gerald Blouch encour- For decades, Invacare’s business discovery of huge oil reserves in the CEO Aubrey McClendon recently aged them to look on the bright side. units all over the world have operated shale rock beneath the eastern half told CNBC stock picker Jim Cramer. “I said, ‘That’s the bad news. You almost as if they were separate com- of the state. Oklahoma City-based Chesapeake know what the good news is? We panies. The result: They sold a bunch How huge? Enough that $200 and other companies have been own Roller Chair,’” said Mr. Blouch, See INVACARE Page 10 billion likely will be invested in the See OIL Page 7 33 6 Looking to save money on your health insurance? NEWSPAPER 74470 01032 Look inside for more details... 0 20110815-NEWS--2-NAT-CCI-CL_-- 8/12/2011 10:54 AM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM AUGUST 15 - 21, 2011 COMING NEXT WEEK IT COULD BE WORSE Cuyahoga and its six contiguous counties all had June unemployment rates Dose of reality below the state’s non-seasonally adjusted 9.2% average, according to data from the Ohio Department of Job and Family Services. Those seven counties Our Special Report section will were among just 28 of Ohio’s 88 counties that could make that claim. Northeast 700 W. St. Clair Ave., Suite 310, Ohio had four of the 10 counties with the lowest unemployment rates in Ohio. Cleveland, OH 44113-1230 look at health care construction Phone: (216) 522-1383 in Cuyahoga and surrounding Fax: (216) 694-4264 counties, what’s driving it and County June unemployment Statewide rank www.crainscleveland.com whether it’s sustainable. Delaware 6.6% 1 (tied) Publisher/editorial director: Brian D. Tucker ([email protected]) Geauga 6.6 1 (tied) Editor: Mark Dodosh ([email protected]) CORRECTIONS REGULAR FEATURES Medina 7.0 5 Managing editor: Scott Suttell ([email protected]) The Aug. 8 list of Largest For- Classified .....................18 Lake 7.4 6 Sections editor: eign-Owned Companies included Amy Ann Stoessel ([email protected]) Editorial .........................8 Lorain 8.2 10 Assistant editors: an incorrect first name and title for Joel Hammond ([email protected]) the top local executive of Philips Going Places ................12 Portage 8.7 19 Sports Healthcare. 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Equal Housing Lender. 20110815-NEWS--3-NAT-CCI-CL_-- 8/12/2011 3:18 PM Page 1 AUGUST 15 - 21, 2011 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3 Governor’s JobsOhio plan ‘appalls’ Akron of his administration’s over many of the financial Mayor fears economic development blueprint ignores city’s interests successful efforts at keeping incentives the state offers two rubber company oper- to expansion-minded busi- By JAY MILLER City in with Cleveland, Youngstown to hand over oversight of state eco- ations from leaving Akron, nesses and those that are [email protected] and Ashtabula, will hamper his nomic development efforts — and said the Kasich administra- looking for homes for new ability to attract business invest- the disbursement of millions of tion “didn’t even have the ventures. Eventually, it also It’s not that Don Plusquellic ment to his community. dollars in loans, grants and tax breaks courtesy to come into town will control as much as doesn’t like his city being a part of “We are appalled at what’s hap- to businesses that want to grow — and sit down with us and $100 million annually from the region called Northeast Ohio. pened,” Mayor Plusquellic said in a to a network of regional nonprofit the chamber (of com- Plusquellic state liquor profits that it It’s just that Akron’s mayor believes telephone interview last Thursday, organizations that will report to this merce) and the business will invest in helping com- strongly that Gov.