Steel Mills
Worthington Acquires Majority Ownership of Samuel Steel Pickling
Written by Sandy Williams
January 7, 2020
Worthington Industries has acquired majority ownership of Samuel Steel Pickling Co., which it has held in a joint venture with Samuel, Son & Co. since 2010. Worthington will hold a 63 percent share of the venture and Samuel 37 percent.
Worthington’s recently acquired Heidtman Cleveland facility and Samuel Steel Pickling will be combined, forming Worthington Samuel Coil Processing, LLC. The joint venture’s earnings will be consolidated into Worthington’s Steel Processing business unit.
“Adding the Heidtman Cleveland facility will enhance the joint venture’s pickling capabilities in this area,” said Worthington Industries Chairman & CEO John McConnell. “Leveraging the strengths and capabilities of these facilities will allow us to better serve our customers in this market.”
The new venture will have 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two in Cleveland.
Headquartered in Columbus, Ohio, Worthington operates 57 manufacturing and processing facilities in 15 states and six countries and sells into over 90 countries. The company has approximately 9,000 employees.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
CMC Q4 profits rise on improved market conditions
CMC reported higher net earnings in its fiscal fourth quarter on "better market conditions" across its segments.
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.