Steel Products Prices North America
Olympic Buys Metal-Fab for $131M
January 3, 2023
Olympic Steel Inc. has acquired Wichita, Kan.-based Metal-Fab Inc. for $131 million.
The company said Metal-Fab, which manufactures venting and filtration products for residential, commercial, and industrial applications, will continue to operate under the same name, led by Mark Ohm, president.
“It provides us with a solid platform for accelerating growth in two target market segments – carbon-coated and stainless steel,” Andrew Greiff, Olympic president and chief operating officer, said in a statement.
The Cleveland-based metals service center also announced it has increased the size of its asset-based revolving credit facility from $475 million to $625 million.
The company said its total debt under the revolving credit facility is approximately $297 million, with availability of approximately $280 million, leaving significant capital to continue its diversification strategy.
By Ethan Bernard, Ethan@SteelMarketUpdate.com
Latest in Steel Products Prices North America
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
SMU Price Ranges: Some predict bottom is near as big discounts dry up
Sheet prices were mixed this week as some mills continued to offer significant discounts to larger buyers while others have shifted toward being more disciplined, market participants said.
SMU Price Ranges: Tags mixed as uncertainty weighs on market
SMU’s hot-rolled (HR) coil price held steady this week while prices for other sheet and plate products declined.
Nucor spot HR list price unchanged at $875/ton
Nucor kept its weekly list price for hot-rolled (HR) coil unchanged this week, following a price bump of $10 per short ton (st) last week.
SMU price ranges: Flat-rolled balloon continues to leak
Sheet and plate prices were flat or lower again this week on continued concerns about demand and higher production rates among US mills.