Steel Products
Olympic Signs New $400 Million Credit Facility
Written by Tim Triplett
December 13, 2017
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.
{loadposition reserved_message}
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]