Distributors/Service Centers

Steel Technologies to Acquire Stripco
Written by Ryan Packard
April 24, 2014
Steel Technologies, which is a service center and a 50/50 joint venture between Nucor and Mitsui & Co. (USA), announced earlier this week the acquisition of Stripco LLC. Below is the press release provided to Steel Market Update by Steel Technologies:
LOUISVILLE, KY (April 22, 2014) – Steel Technologies LLC (“Steel Technologies”) today announced its agreement to purchase Stripco LLC, Stripco Sales Company, LLC, and Stripco Express Inc. (collectively, “Stripco”). Stripco is a premier value-added steel processor with operations in Mishawaka, Indiana. The transaction has received governmental approval and is expected to close in early May.
Formed in 1984, Stripco has continued to expand its value-added processes, which include pickling, slitting, cold rolling, annealing, oscillating, and edging. Stripco was first in the U.S. to install the Eco Pickling System (“EPS”), an environmentally friendly and superior quality pickle line that produces a clean, consistent surface. Stripco processes and ships over 100,000 tons with revenue exceeding $100 million annually.
“Stripco has an excellent customer-oriented reputation and proud history of innovation,” said Mike Carroll, President and CEO of Steel Technologies. “They have continued to make strategic investments geared toward providing outstanding products and services to their customers. Jack Hiler and his leadership group have built a great company, and Steel Technologies is excited to align with the Stripco team.” Jack Hiler, CEO and owner of Stripco, commented, “Stripco’s goal has always been to increase value to customers by building lasting relationships and maintaining proper stewardship. We believe our acquisition by Steel Technologies will bring even more value to all of our partners.”
Ryan Packard
Read more from Ryan PackardLatest in Distributors/Service Centers
 
		                                SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
 
		                                Ryerson, Olympic bet big on merger as steel slump enters third year
Executives framed the all-stock deal as a path to scale, efficiency, and long-term growth despite ongoing weakness in the metals market.
 
		                                Olympic reports lower Q3 profits after Ryerson merger announcement
Olympic Steel reported a decline in third-quarter earnings on Tuesday, as the company separately announced its merger with service center giant Ryerson.
 
		                                M&A blockbuster as Ryerson, Olympic Steel announce merger
National service center chains Ryerson Holding Corp. and Olympic Steel Corp. have announced a merger between the two companies.
 
		                                Ryerson reports net loss in Q3 as weak demand offsets tariff price support
President and CEO Eddie Lehner said Ryerson has faced market headwinds in the third quarter.
