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 […]
David Samrick, Chairman and CEO of Mill Steel Co., has transferred ownership of the flat rolled steel distributor to company President Pam Heglund, granddaughter of founder Harry Samrick. Heglund, along with the current executive team and fellow owners Joe Poot, Rob Vella and Marc Rabitoy will carry forward the Samrick family legacy. The transition will be seamless for […]
Canada’s Russel Metals is acquiring metals service center Sanborn Tube Sales of Wisconsin, Inc. Sanborn Tube is located near three of Russel’s Wisconsin service centers and has a strong focus on value-added processing. The Pewaukee, Wis.-based company reported annual sales of $19 million. The transaction is expected to close by Dec. 31, 2020. “Sanborn is a well-established company that […]
Flat rolled processor Steel Technologies announces the succession of Thad Solomon to President and Chief Executive Officer following the retirement of Michael J. Carroll. Carroll is retiring after 41 years with the company, serving as President and CEO since 2010 and President and Chief Operations Officer since 1999. Solomon was appointed Chief Operations Officer in […]
Norfolk Iron & Metal, a full-line steel service center based in Norfolk, Neb., will acquire the Coeur d’Alenes Company (Cd’A), a service center and processor headquartered in Spokane, Wash. “We are pleased to welcome the Cd’A team members to the NIM family,” said Richard Robinson, chairman and CEO of NIM. “This investment represents a strategic […]
Contractors Steel Company, a Midwest-based service center operated under UPG Enterprises, has acquired family-owned Borrmann Metal Center, a light structural and specialty metal service center based in the Los Angeles area. Borrmann has two California locations with more than 200,000 square feet of warehouse space and a fleet of 15 trucks. Borrmann offers a wide […]
Stephen Eisenberg has been named chairman and CEO of Kenwal Steel, succeeding his father Kenneth to become the third generation to lead the company. Detroit-based Kenwal is one of the largest service center organizations in North America, listed at No. 17 on this year’s Metal Center News Top 50 Service Centers ranking with 2020 revenues estimated […]
Russel Metals’ third-quarter results showed steady gains from rising steel prices and improved demand as the market comes to grip with the coronavirus. Russel also rationalized some assets during the quarter and is taking steps to reduce its exposure to the volatile energy sector. “Although business conditions remain challenging, they are improving,” said Russel President […]
Canadian steel processor Nova Steel plans to open a new tube manufacturing plant in Bowling Green, Ky. The $70 million project was announced Thursday and includes an initial investment of more than $20 million for the acquisition of a 108,000-square-foot building in the Kentucky Transpark and the purchase and installation of equipment. The plant will […]
Revenues from construction and toll processing exceeded expectations in the third quarter, offsetting some of the weakness in aerospace and energy, reported Reliance Steel & Aluminum Co. in its quarterly conference call today. Touting a record gross profit margin of 32.4 percent, executives of the industry’s largest service center organization told analysts and investors they […]