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
SMU Price Ranges: Sheet and plate steady ahead of Independence Day
Sheet and plate prices were little changed in the shortened week ahead of Independence Day, according to SMU’s latest check of the market.
Nucor maintains plate prices, opens August order book
Nucor aims to keep plate prices flat again with the opening of its August order book.
Nucor CSP remains level at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil this week, following two consecutive increases.
Cliffs raises prices, seeks $950/ton for July spot HR
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.
HRC vs. prime scrap spread widens in June
The price spread between HRC and prime scrap widened in June.