In its fifth acquisition in the past four years, Olympic Steel Inc. has acquired the assets of Shaw Stainless & Alloy, Inc. Terms of the all-cash purchase were not disclosed. The deal includes Shaw’s stainless steel distribution and fabrication businesses as well as its architectural and barrier defense businesses. Shaw will be incorporated into Olympic […]
Samuel, Son & Co., Limited, is constructing a new automotive processing facility in Querétaro, Mexico. This new operation, along with an existing automotive facility in Monterrey, will position Samuel as a leading metals processor to global automotive brands and their supply chain partners operating in Mexico, the company said. Samuel expects to complete construction of […]
Alro Steel Corp. has acquired Metal Stock, a Philadelphia-based service center and distributor of steel and plastic products. This asset purchase will allow Alro to grow its customer base while providing improved service for cut-to-size metals and plastics, the company said. Established in 1994 as a full-service metal distributor, Metal Stocks serves Eastern Pennsylvania, New Jersey, […]
Nucor Corp. has acquired Hannibal Industries, Inc., a national provider of steel racking solutions headquartered in Los Angeles, Calif. “We are excited to officially welcome our Hannibal teammates as part of the Nucor team,” said Giff Daughtridge, president of Sheet and Tubular Products. “Adding steel racking solutions to our product portfolio expands our ability to […]
Leeco Steel, which claims to be the largest supplier of steel plate in North America, has launched a new ecommerce website, Leeco Pro. Leeco Pro is available for current Leeco customers and allows users to browse and purchase 12 core grades of steel plate across 32 thicknesses and in pattern sizes. The platform will offer a […]
Willbanks Metals is upgrading the plate processing capabilities at its Fort Worth, Texas, facility with a new heavy gauge cut-to-length line and stretcher leveler. The new line, from Red Bud Industries, “is an exciting addition giving our current and future customers the flattest plate product in the market,” said Ryan Letz, Willbanks’ co-owner and CCO. The […]
Lapham-Hickey Steel Corp. has acquired Rebel Steel, a service center specializing in slitting of cold-rolled and coated steels based in Nashville, Tenn. “The acquisition of Rebel Steel is an exciting addition to our existing footprint. Having brick and mortar with rail access in the Nashville area will allow us to competitively service the Tennessee and […]
Klöckner & Co. SE posted its best quarterly results since its stock launch more than 15 years ago. The company attributed its record-setting second-quarter results to the surge in steel prices, a 60% increase in sales and a strong performance from its digital operations. The Duisburg, Germany-based service center, which has significant operations in the […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Alro Steel Vice Chairman Barry Glick died Monday, June 21, in Boca Raton, Fla., at age 70. Barry’s uncle Al Glick and father Robert Glick founded Alro Steel in 1948 in Jackson, Mich. Barry began his career with Alro in 1977 and served as vice chairman for 27 years. “It is with a heavy heart […]
Triple-S Steel Holdings, Inc., Houston, has acquired Los Angeles-based Rolled Steel Products and E&E Steel. The two companies, founded in 1956 and under the ownership of the Alperson family since 1973, supply precision strip and flat-rolled products to a range of customers in Southern California. Terms of the deal were not disclosed. “We are very excited to continue […]
Norfolk Iron & Metal Co., a full-line steel service center headquartered in Norfolk, Neb., announced the creation of NIM Group which will be the parent identity for its brands: Norfolk Iron and Metal, Metalwest and Cd’A Metals In December 2018, Norfolk Iron acquired Metalwest, a processor and distributor of carbon and nonferrous flat-rolled metal products […]
Schnitzer Steel said it expects ferrous volumes to be better than expected in its fiscal third quarter which ends this month. The company previously reported guidance of 977,000 long tons for Q3. According to an SEC filing on June 1, a 25% increase over that amount is now anticipated. Finished steel sales volumes for the […]
Paragon Steel has acquired Cleveland-based Buckeye Metals Industries, Inc., a growing distributor of carbon steel with an extensive network of suppliers and processing partners. “Buckeye Metals has been a great industry partner of ours for many years,” said Bruce Whitman, general manager of Paragon Steel. “The combined team created by the acquisition is a win-win […]
David Samrick, former CEO and chairman of Mill Steel Co., died peacefully May 14 surrounded by his family. Samrick’s career in the family service center business began in 1965 at age 19. With his aptitude for leadership and keen business insight, he was promoted to president in 1976, then CEO and chairman in 1985. Alongside his […]
Russel Metals reported strong operating profits thanks to “favorable market conditions” across all business segments in the first quarter of 2021. The Canadian metals processor and distributor posted net earnings of $81 million in Q1, up from a loss of $9.0 million in Q4 2020 and up from $11 million year on year (all figures are in […]
Klöckner & Co. SE posted its best quarterly results in more than 12 years thanks to high steel prices, short supplies and a strong showing from its digital operations. The Duisburg, Germany-based service center, which has significant operations in the U.S., expects the good times to continue to roll in the second quarter. “The overall […]
Ohio Pickling & Processing has added 30,000 square feet to its 200,000-square-foot service center in Toledo, Ohio, to house a new Braner/Loopco slitting line. The new line, the company’s third slitter, will be completed by the end of first-quarter 2022. The high-speed, shape-correcting, turret head slitting line will be able to process 72-inch-wide, 35-ton master coils in […]
Feralloy Corporation., a subsidiary of Reliance Steel & Aluminum Co., is planning to build a massive service center on the site of Steel Dynamics Inc.’s new flat rolled mill under construction in Sinton, Texas, near Corpus Christi. The new warehousing and processing center will be known as Acero Prime-Feralloy Texas. Acero Prime is Feralloy’s subsidiary […]
Reliance Steel & Aluminum Co., the nation’s largest metals distributor and processor, reported record pretax income of $359 million in first-quarter 2021, fueled by the unexpectedly high steel prices and solid demand in most of the markets the company serves. “The combination of a record quarterly gross profit margin, average selling prices well above our […]
Downstream metals M&A is back, and it could be bigger than ever – or at least as big as it’s been since the last metals super cycle in 2006-08, according to one investment banker. Deal volume in the metals service center and processing sectors was good in early 2020 and “cratered” following the COVID-19 outbreak. But […]
Metals distributor Russel Metals and Marubeni-Itochu Tubulars America, Inc., plan to merge their Canadian OCTG/line pipe businesses. The new entity will be a 50/50 joint venture named TriMark Tubulars Ltd, a combination of Russel’s Triumph Tubular & Supply Ltd and MITA’s Hallmark Tubulars Ltd. The merger is a result of changing business conditions for the […]
TriMark Tubulars is a new brand in the market, but not a brand new competitor. Russel Metals and Marubeni-Itochu Tubulars America Inc. have combined their Canadian oil country tubular goods (OCTG) and line pipe businesses into a joint venture that will be better equipped to handle the challenging conditions in the energy market. Russel Metals […]
Mill Steel Co. has strengthened its geographic footprint in the South and West with the acquisition of Los Angeles-based Prassas Metal Products. Terms of the transaction were not disclosed. “When favorable opportunities such as this present, our aggressive acquisition strategy allows us to transact quickly to the benefit of our customers,” said Mill Steel President […]
Now that the presidential election is behind us, Congress has passed an historic stimulus package and there is light at the end of the pandemic tunnel as the vaccines proliferate, executives at Klöckner & Co. look forward to a stronger year for steel, especially for demand in the second half. “We expect the $1.9 trillion […]
The adverse effects on markets resulting from the COVID-19 pandemic led to a 19% decline in Klöckner & Co.’s sales in fiscal year 2020, to about 5.1 billion euros or $6.1 billion U.S., the company reported Wednesday. One of the largest steel distributors in Europe and North America, Klöckner reported a net loss of 114 […]
Russel Metals, a Canada-based metals processor and distributor, saw profitability fall in 2020 due to “extraordinary market volatility” caused by the global pandemic. The company posted net earnings of $25 million for 2020, down from $77 million in 2019. Earnings for the year included a $26 million non-cash impairment charge related to the U.S. energy […]
O’Neal Steel has appointed Andria Cleghorn to be its chief financial officer effective Feb. 1. Cleghorn has more than 12 years’ experience and previously held senior financial roles in the concrete and oil sectors. “Andria’s extensive background and proven results in corporate finance will accelerate our growth trajectory and help shape the landscape for our […]
Triple-S Steel Holdings, a Houston-based service center, has acquired Alamo Iron Works from Sonepar USA. Alamo is a historical fixture in the San Antonio region, founded in 1875 as a blacksmith shop following the Civil War. The company is thought to be the oldest continuously operating steel service center in Texas. The acquisition was completed […]
Schnitzer Steel completed the transition to a consolidated earnings report, posting a net income of $15 million for the first quarter of FY 2021 ending Nov. 30, 2020. Results were a significant increase from net income of $5 million in Q4 FY 2020 and a loss of $7 million a year ago. “We were very […]