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 Service Centers

Klöckner narrows Q1 loss, targets growth in North America and Europe
Germany’s Klöckner & Co. reported a narrower loss in the first quarter as the company targets becoming the “leading” service center and metal processing firm in North America and Europe by 2030.

Russel mulls buying US service centers despite Q1 profit dip
Russel Metals’ earnings slipped in the first quarter, but the company is still eyeing service center acquisitions in the US.

Olympic Steel earnings slump in ‘challenging’ first quarter
Olympic Steel’s earnings slid in the first quarter as the steel industry faced a “challenging” economic conditions.

Olympic taps Scott for board, Rippey steps down
Olympic Steel elected Peter J. Scott to its board of directors at its annual meeting on May 2. At the same time, long-time director Michael G. Rippey has retired from the board after 10 years.

Ryerson narrows loss in first quarter
Ryerson's net loss shrinks in first quarter.