Russel Metals disclosed a favorable end to the second quarter. The Mississauga, Ontario-based service center lauded steady demand for its results and noted a Moody’s upgrade from Ba2 to Ba1. Executives at the company discussed having a fantastic first half of 2022 and stated they are positioned very well in light of market circumstances. Russel […]
While steel service centers remain cautiously optimistic on their demand outlooks for the remainder of the year, most agree that the environment for mergers and acquisitions remains quite strong. This is according to executives from Reliance Steel & Aluminum, Ryerson, and Olympic Steel—some of the industry’s top players—speaking on their recent and respective second quarter […]
Pennsylvania steel distributor Mainline Metals has acquired Great South Metals, a service center located in Acworth, Ga. Mainline Metals seeks to sweeten its position as a leading nationwide provider of prime, secondary, and excess steel with the Peach State service center’s capabilities. Great South’s machinery includes a 60-inch Pro-Eco loop slitter, a 48-inch Turner loop […]
O’Neal Steel recently announced a $2.6 million investment that will expand its Birmingham headquarters with a new flat laser and press brake. After working closely with the Birmingham Business Alliance, O’Neal received abatements on non-educational sales and property taxes for the manufacturing machinery. A representative for the City of Birmingham stated that O’Neal has had […]
Reliance Steel & Aluminum Co. “delivered an exceptional second quarter with record-setting financial performance and outstanding operational execution,” CEO Jim Hoffman said in the service center’s second quarter results release. Reliance reported record second quarter net income of $572.8 million on sales of $4.68 billion. The company’s top results were driven by “ongoing healthy demand” […]
Though steel prices might down from the historic highs of 2021, Reliance Steel and Aluminum sees its diverse product portfolio and end markets as a buffer, executives said during an earnings call with analysts on Thursday, July 28. “Our product breadth is so diverse, which is part of the strategy and design,” company president Karla […]
Steel plate supplier Leeco Steel has completed an expansion at its facility in Hamilton, Ontario, Canada. The expansion added 30,000 square feet to the existing 45,000 square feet of warehouse space, which was originally opened by Leeco in January 2020. “Leeco’s Canadian customer base is rapidly expanding, and we outgrew our existing warehouse space,” Leeco […]
Gary, Ind.-based Alliance Steel, a flat-rolled coil service center and toll processor, appoints Andrew “Drew” Gross as president and chief operating officer. He will assume his new role effective July 1, the company said. Gross, who has been with Alliance for more than 15 years, held several senior positions within the company, including merchandising, sales, […]
Flack Global Metals (FGM) will open a new metals service center near the port of Houston in the fourth quarter of this year, the company announced Tuesday. “FGM Houston” will be located on the campus of North Shore Steel and is FGM’s first physical location. The 60,000-square-foot facility will service flat-rolled steel, aluminum, and stainless […]
Heidtman Steel Products Inc. said it has acquired the remaining two-thirds ownership interest in Fulton County Processing (FCP), effective June 1, 2022. Heidtman had held a one-third ownership stake in the Delta, Ohio-based toll processor in since January 2006. Toledo-based Heidtman, a service center, said it would operate FCP as a wholly-owned subsidiary in press release […]
Production is revving up at the new JDF/HDM spiral-weld pipe mill in Houston, with a ribbon-cutting ceremony scheduled for later in June. Originally slated to be built on or near the campus of Steel Dynamics Inc.’s new sheet mill in Sinton, Texas, joint venture partners JD Fields and Turkey’s HDM Steel Pipe opted for new […]
Commercial Steel Products LLC (CSP) has acquired Ace Steel Supply Inc. (Ace) in a stock purchase agreement. The deal between the two steel service centers represents an alignment of mutual strategic interests, CSP said. Dallas-based CSP is a supplier of steel products, including tubular, flat-rolled, and structural steel. Its acquisition of Houston-based Ace will enhance […]
JD Fields & Company Inc. is set to lease new industrial space at Port Houston. Using the property’s multimodal shipping capabilities will allow the steel pipe supplier to further streamline its distribution capabilities. JD Fields secured the lease of 133,125 square feet of space at the Greens Port Industrial Park from commercial real estate firms […]
Reliance Steel & Aluminum Co. announced a series of executive changes this week. The company’s current senior vice president of operations, Michael P. Shanley will be retiring from the company at the end of the year. As of July 1, Shanley will shift to the role of special advisor, reporting directly to Reliance’s CEO Jim […]
Russel Metals reported solid first-quarter earnings results and record revenue. All three of the Canadian service center’s business segments generated strong operating results, driving net earnings of $98.7 million CAD ($76.9 million USD), down 2.9% sequentially but up more than 22% year-on-year (YoY). Revenue during the first quarter reached $1.34 billion ($1.04 billion), a 51.3% […]
Friedman Industries has acquired PlatePlus Inc. facilities in East Chicago, Ind., and Granite City, Ill., including real estate, buildings, equipment, inventory, and other assets. The deal between the two service center groups closed on April 30, Friedman said. It includes not only steel inventory but also customer and supplier networks from Plateplus locations in Loudon, Tenn. […]
Alro Steel announced Friday that it has completed the acquisition of certain assets of Klein Steel, a metals service center with locations in Buffalo, Rochester, and Syracuse, New York. The transaction, terms of which were not disclosed, was announced on March 29, 2022. Founded in 1971, Klein Steel offers multiple metals for next-day delivery to customers in the Northeast, […]
Strong demand, growing shipment levels, and robust metals pricing allowed Reliance Steel & Aluminum Co. to achieve another record quarter with first quarter sales of $4.49 billion and gross profit of $1.39 billion. “Notwithstanding ongoing macroeconomic challenges, our performance was supported by positive underlying trends including continued strong demand with improving shipment levels in each […]
Nucor announced today that it has acquired Elite Storage Solutions, a steel racking manufacturer employing 180 full-time teammates at locations in Monroe, Ga., and Chandler, Ariz. This $75 million acquisition expands Nucor’s steel racking capabilities and builds on the company’s acquisition of Hannibal Industries last year “We are excited to grow our steel racking capabilities with this acquisition of Elite Storage Solutions. […]
Alro Steel announced Tuesday that it has entered into an agreement to acquire certain assets of Klein Steel, a metals service center with locations in Buffalo, Rochester, and Syracuse, New York. The transaction, terms of which were not disclosed, is expected to close by the end of April. Founded in 1971, Klein Steel offers multiple metals for next-day […]
Klöckner & Co. SE posted record annual results for the year ended Dec. 31, 2021, delivering the highest fiscal-year operating income since its initial public offering in 2006. The company credited its 45% increase in sales to a “positive market environment.” The Duisburg, Germany-based service center, which has significant operations in the U.S., anticipates further […]
Alro Steel has named Randy Glick its new Chief Executive Officer and Chairman of the Board in the wake of the passing of Al Glick, the company’s founder, CEO and chairman, on Feb. 8. “Following my father, the founder of Alro and an icon in the metals industry, is not an easy task,” said Randy […]
NIM Group has acquired Plateplus Inc.’s Windsor, Colo., plant, further expanding the product lines and processing capabilities of the family-owned network of service centers. “We are pleased to welcome the Windsor team to the NIM Group family,” NIM Group president and COO Arnie Robinson said. “This facility is a great fit to continue our growth and investment in the Western […]
Ryerson, the Chicago-based steel processor and distributor, reported record annual results for 2021 highlighted by capital investment in two new service centers and significant debt reduction that positions the company well for what management expects to be a strong 2022. Ryerson reported net income of $294.3 million on revenues of $5.68 billion in 2021. That’s […]
Eddie Lehner, president and CEO of Ryerson Holding Corp., has been named to the service center’s board of directors, expanding the board from seven to eight members. “Eddie has been a tremendous leader and his accomplishments as president and CEO have been transformative for Ryerson,” said Jacob Kotzubei, a member of Ryerson’s board. “He brings […]
Strong downstream demand for steel is expected through the first half of 2022, but unfilled orders and backlogs resulting from supply-chain troubles and labor shortages may wreak havoc in the second half, cautioned a panel of OEM and service center executives during the Tampa Steel Conferences last week. “We’re certainly seeing strong demand for the […]
Reliance Steel & Aluminum Co. “finished the year strong with record financial performance across nearly every metric,” CEO Jim Hoffman said during the service center’s earnings call on Thursday. Reliance reported record annual gross profits of $4.49 billion on record annual sales of $14.09 billion for full-year 2021. The fourth quarter was also the best […]
With three quarters of its fiscal year in the books, Friedman Industries Inc. says it is on track to achieve a record year – but not without a few bumps in the road. The Texas-based steel processor and manufacturer reported a net loss of $2.96 million on sales of $51.66 million in its third quarter […]
After the close of the market today, Canada’s Russel Metals reported net earnings of $432 million (U.S. $340 million) on annual revenues of $4.2 billion (U.S. $3.3 billion) for fiscal year 2021. That’s a big improvement from earnings of just $25 million (U.S. $20 million) on revenues of $2.7 billion (U.S. $2.1 billion) in 2020 […]
Mill Steel Co. now ranks among the most successful companies in the United States whose top executives are women. The Grand Rapids, Mich.based service center has been certified as an Exceptional Women’s Business Enterprise by the Women’s Business Enterprise National Council. “We are always looking for ways to enhance our customer service and meet the needs […]