Distributors/Service Centers
November 2, 2023
Written by Ethan Bernard
Klöckner & Co. said it has agreed to acquire South Carolina-based fabricator Industrial Manufacturing Services (IMS) through US subsidiary Kloeckner Metals Corp.(KMC).
Terms of the deal were not disclosed.
Varsteel Ltd. has acquired two additional steel and aluminum service centers in Canada. The Lethbridge, Alberta-based company has added to its portfolio Acier Simmonds of Sherbrooke, Quebec, and Acier Menard of Granby, Quebec. The acquisition builds on Varsteel’s three most recent acquisitions and further expands its market presence in Quebec.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
Worthington Steel said tight US steel supply, low imports, and extended lead times constrained shipments and quoting opportunities during its first fiscal quarter, even as the conditions supported pricing and spread sustainability.
Worthington Steel reported a surge in sales in its first quarterly results to include the Kloeckner acquisition, but the company posted a net loss as the acquisition reshaped its sales and operating mix.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.