Steel Mills
Olympic Steel Acquires McCullough Industries
Written by Sandy Williams
January 2, 2019
Olympic Steel announced the acquisition of McCullough Industries, a manufacturer of self-dumping hoppers for industrial applications. The all-cash purchase closed on Jan. 2.
McCullough and Wright branded containers are recognized nationally for their durability and performance, the company claims. Constructed from carbon and stainless steel, the hoppers are produced in a variety of configurations. Easily transported, they are used for storing, handling, recycling and transporting materials used in construction, food service and landscaping applications. The self-dumping hoppers can also be fitted with feeding devices and integrated into manufacturing processes and assembly lines for scrap and liquid waste collection.
“The McCullough acquisition marks our entry into manufacturing and marketing metal-intensive branded products, which is a key element to our long-term growth strategy,” said Olympic CEO Richard T. Marabito. “Vertical integration into manufacturing metal products allows us to utilize our existing assets and expertise to more consistently capture higher profit from the point of raw material purchase through the ultimate sale to the end customer.”
Olympic Steel veteran Joseph Casey has been named General Manager of the Kenton, Ohio, facilities. Products will continue to be produced by the existing workforce at McCullough Industries.
This is the second strategic acquisition by Olympic Steel in the past nine months.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant
ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.
Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.
SSAB reports higher production, shipments
But profits slipped vs. last year.
Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.