Steel Products
Steel Technologies to Buy Calstrip
Written by Tim Triplett
December 14, 2021
Steel Technologies, Louisville, Ky., has agreed to purchase the assets of Calstrip Industries, Inc., expanding Steel Technologies’ North American steel processing platform to 31 facilities, including joint-venture operations, located throughout the United States, Canada and Mexico. The transaction is expected to close late this month.
Calstrip – a flat-rolled processor with operations in California, New Mexico, Texas and Arkansas – has developed a strong business model focused on contract business with complex supply-chain and inventory management for just-in-time deliveries. It offers flat-rolled low-carbon and high-carbon steel, stainless steel, galvanized, pre-painted and aluminum for such end markets as appliance, electrical lighting, construction, HVAC and automotive.
“Calstrip Industries has a strong reputation for excellent quality and customer service, and we are excited to add those assets and teammates to Steel Technologies,” President and CEO Thad Solomon said. “This acquisition supports our dynamic growth strategy by deepening our ability to serve key customers in the Southwest and northern Mexico markets. I am looking forward to welcoming our new teammates from Calstrip to the Steel Tech family.”
“Our team at Calstrip Industries has always regarded Steel Technologies as a best-in-class organization, and we are excited about the opportunities this combination will provide for our valued customers and employees,” added Calstrip CEO J.P. Nelis.
Steel Technologies is owned by NuMit LLC, which is a 50-50 joint venture between steelmaker Nucor Corp. and Japan’s Mitsui & Co. (U.S.A.), Inc. Steel Technologies was ranked No. 9 in this year’s Metal Center News Service Center Top 50 with projected 2021 revenues of approximately $3 billion.
By Tim Triplett, Tim@SteelMarketUpdate.com
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices were flat this week after declining seven of the last nine weeks. Offshore prices have also eroded in recent weeks, though not nearly as significantly as in the US.
Galv buyers less optimistic about short-term market
“It was a little more of a seller's market as contractors seemed to be protecting themselves against a potential run up in prices," one buyer said.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
US, offshore CRC prices continue to fall
US cold-rolled (CR) coil prices were down again this week, slipping six weeks in a row and seeing the sharpest drop-off since last July.
Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices fell this week, now down seven of the last eight weeks.