Economy
Bits 'n Pieces: Olympic, Ratner, Centria
Written by Tim Triplett
December 13, 2017
The latest Steel Market Update news briefs:
• Olympic Steel has signed a new $400 million credit agreement that gives the service center additional resources for future growth. “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our flexibility and positions us well for both internal and external growth opportunities,” said Olympic CFO Richard Marabito. Cleveland-based Olympic Steel, the nation’s 13th rank service center organization with more than $1 billion in annual sales, has entered into an amended and restated five-year loan and credit agreement. The agreement, led by Bank of America, increases the size of the company’s credit facility from $365 million to $400 million, and extends the maturity to Dec. 8, 2022. Additionally, the new credit agreement allows for lenders to increase commitments up to a total of $600 million, subject to certain conditions. At closing, the company had approximately $199 million of outstanding borrowings and $137 million of availability under the new credit agreement.
• Ratner Steel has purchased a new 5/8th-inch 76-inch-wide stretcher leveler from Red Bud Industries for its Osceola, Ark., service center, to be delivered in fourth-quarter 2018. “We are very excited with this new opportunity,” said Mark Ratner, owner and CEO. “Our belief is that this region of the country has significant potential for a flat rolled company such as Ratner Steel. The equipment we purchased will be the preeminent cut-to-length line in the region. It will allow us to provide customers with a quality piece of steel at a competitive price.” Ratner Steel currently has three stretch levelers in its Indiana and Minnesota locations. The company processes 400,000 tons of carbon steel annually. It services a diverse customer base, including service centers, fabricators and OEMs.
• Mark Sendar has joined CENTRIA, a producer of architectural metal wall and roof systems, as the new Vice President of Sales. Sendar has 20 years of leadership in sales, distribution, pricing and customer care at Overhead Door Corp., most recently as Vice President, Customer Care, Pricing & Events and Oracle CX Solution Lead. “It’s rare to find an individual with credentials and experience as extensive as Mark’s resume,” said CENTRIA President Preston Bowen. “His proven track record and years of experience in sales management made him the right choice to lead CENTRIA’s sales force to continued growth and success. We’re very excited to have him on board.” Sendar will be based at the Moon Township, Pa., headquarters leading CENTRIA’s national sales organization, overseeing key accounts, and building and maintaining customer relationships in CENTRIA’s dedicated Dealer Network.
Tim Triplett
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