Business memo 02/10/03

Arrowhead president sells share in company

Phil Penzel, president of Arrowhead Steel Inc. in Scott City, has announced that his ownership interest in Arrowhead has been acquired by local businessmen Larry Payne and Steve Obermann.

Penzel said that the negotiations have been going on for more than six months and were recently finalized.

Penzel started Arrowhead six years ago and said that since he has assumed responsibility for Arrowhead Construction that he has not had the time necessary to devote to Arrowhead Steel.

Since Payne and Obermann have their office in Scott City, they will be able to provide the guidance and support to move Arrowhead to a regional presence in the steel supply business, according to Penzel.

Obermann will assume the role of president.

Arrowhead is a supplier of reinforcing steel for local contractors and manufacturers.

Labor market relatively unchanged in December

The unemployment rate remained at 4.8 percent in December, the same rate it was in November and a year earlier, but nonfarm payroll employment continued to decline.

That's according to the Missouri Department of Economic Development, which released a report last week.

Throughout the state, the lowest unemployment rates were found in Boone and Nodaway counties, each reporting 1.8 percent. Four counties reported double-digit unemployment rates: Pemiscot at 10.3 percent, Wayne at 12.2 percent, Reynolds at 12.5 percent, and McDonald at 12.8 percent. Overall, Missouri's unemployment rate remained nearly a percentage point below the national rate of 5.7 percent in December.

-- From staff reports