South Carolina down to 1 member of the Fortune 500 as SCE&G owner Scana drops off
South Carolina has lost a spot in the Fortune 500 club.
Utility owner SCANA Corp. dropped off the ranking, which was released Monday.
The annual list is based on the annual revenues of publicly traded U.S, companies.
The Palmetto State is now represented on the Fortune 500 only by Canadian-owned Domtar, which has its U.S. corporate offices in Fort Mill. It had enough revenue in 2011 to grab the 436th spot.
SCANA said it first appeared on the list in 2001.
“The Fortune 500 ranks companies solely on revenues generated and is not necessarily a barometer of financial health,” the company said in a statement today.
SCANA also noted that its business is affected by fuel costs, and that its 2011 revenue was down partially because of historically low natural gas rates.
Fortune magazine began publishing the list in 1955.
For more details, seee Tuesday’s editions of The Post and Courier.
Reach John McDermott at 937-5572.