Service Centers
SteelSummit Acquires Magic Steel Sales
Written by Sandy Williams
June 24, 2019
SteelSummit Holdings, a national metals service center and trading company, has acquired Magic Steel Sales.
Magic Steel Sales is a supplier of cold rolled, hot rolled, and coated slit steel products to customers in the eastern United States. The company operates service centers in Grand Rapids, Mich., and Decatur, Ala., and posts sales of approximately $200 million annually. The acquisition expands SteelSummit’s markets and geographical diversity with minimal customer overlap while providing a platform for further strategic growth, said CEO Todd Rollins.
“We are very excited to welcome the Magic Steel employees to the SteelSummit family,” said Rollins.
Joe Maggini, founder and CEO of Magic Steel Sales, added, “Our strategic decision to hand over the reins of Magic Steel after 45 years will provide our company a great foundation for future success.”
SteelSummit Holdings, headquartered in Nashville, Tenn., operates metal service centers in Nashville and Cincinnati, Ohio, as well as three affiliated processing operations in Mexico and a flat rolled metals sales office in Toronto. In addition, the company has a global trading business based in Chicago. SteelSummit is a subsidiary of Tokyo-based Sumitomo Corp.
Indiana steel service center Magic Coil Products, which was a joint venture between Tom Cullen and Magic Steel, is now wholly owned by Cullen.
Sandy Williams
Read more from Sandy WilliamsLatest in Service Centers
Reliance taps Stotlar to be new board chair
Reliance Inc., the largest service center chain in North America, has picked Douglas Stotlar to be the next chairman of its board. The move will be effective Jan. 1, 2025. Mark Kaminski, the current chair, will then step down from that role but will remain on the board.
Flack Global Metals closes on Pacesetter deal
Flack Global Metals (FGM) has closed on its majority ownership stake in Pacesetter Steel Service.
Worthington Steel profits fall amid lower prices, volumes
Worthington Steel’s earnings tumbled in its fiscal first quarter of 2025. The company cited a drop in selling prices and tons sold for the sales dip for the three months ended Aug. 31.
Buyers say galv prices stable mill level but stuck in swamp on the street
Galvanized steel buyers on Tuesday discussed the eerie stability in sheet prices of late. Expectations are for the murky market to persist in the short term, while glimmers of hope continue for prices pushing higher.
Triple-S Steel buys West Coast distributor Borrmann Metals
Triple-S Steel Holdings has acquired West Coast steel products distributor Borrmann Metals Co.