Olympic Steel’s Michael Siegal will step down from his role as Chief Executive Officer at the end of the year and transition to Executive Chairman of the Board. Richard Marabito, currently Chief Financial Officer, will assume the role of CEO effect Jan. 1, 2019. Siegal has served as Olympic CEO since 1984. “It has been […]
Olympic Steel Inc. announced significantly improved financial results for the three- and six-month periods ended June 30. Net sales for the service center increased 27 percent in 2018’s second quarter, to $453 million, the highest quarterly sales in the company’s history. This compared with $356 million in net sales during the same quarter of 2017. […]
Olympic Steel, Inc., a leading national metals service center, has been awarded an IATF 16949 management system certificate for manufacturing flat rolled steel, stainless and aluminum, including slitting, cut to length and configured blanks. IATF 16949 was developed by the International Automotive Task Force (IATF) and the Japan Automobile Manufacturers Association (JAMA), in conjunction with […]
We continue to book more registrations for the 2018 SMU Steel Summit Conference, which will be held on Aug. 27-29 at the Georgia International Convention Center right next to the Atlanta International Airport (ATL). Some of the companies that registered late last week: Hyundai Steel USA, Tata Steel, McNichols Company, ALCOS Machinery Inc., USS Posco, […]
Olympic Steel reported that net sales jumped 12 percent year-over-year to $335 million in first quarter after all three of its operating segments reported double-digit growth. “Accelerating shipments and rising prices throughout the first quarter resulted in our highest operating income in any quarter since 2011,” said Chairman and CEO Michael Siegal. Operating income increased […]
Olympic Steel and its employees have been honored by the Hope Stout Society for contributing more than $1 million to Make-A-Wish Ohio, Kentucky & Indiana. “Our employees consistently exemplify Olympic Steel’s core value of Corporate Citizenship through a strong commitment to the communities in which we operate,” said Chairman and CEO Michael D. Siegal. “Since […]
Olympic Steel, Inc., has acquired Berlin Metals LLC, the Hammond, Ind., service center. Terms of the all-cash deal were not disclosed. With approximately $50 million in annual sales, Berlin Metals processes and distributes prime tin mill products and stainless-steel strip in slit coil form. The company is also a supplier of galvanized, light-gauge cold rolled sheet and strip, as well as other […]
Olympic Steel, Inc., has acquired Berlin Metals LLC, the Hammond, Ind., service center. Terms of the all-cash deal were not disclosed. With approximately $50 million in annual sales, Berlin Metals processes and distributes prime tin mill products and stainless-steel strip in slit coil form. The company is also a supplier of galvanized, light-gauge cold rolled sheet and strip, as well as other […]
Registration is now available on our website for the next Steel 101 workshop in Memphis, Tenn. On June 5 & 6, 2018, Steel Market Update will host our Steel 101: Introduction to Steel Making & Market Fundamentals workshop. The workshop will be held at the Westin on Beale Street in downtown Memphis. From there we […]
Olympic Steel, a national metals service center, announced the promotion of Thomas Sacco to Regional Vice President. Sacco joined Olympic Steel in operations in 1994. After transitioning to the commercial group, he took on roles of increasing responsibility before being promoted to Regional Sales Manager in 2013. In 2016, he was promoted to his most […]
Metals service center Olympic Steel announced its most profitable year since 2011. Operating income was $24 million and net income $19 million. Net sales increased 26 percent in 2017 to $1.3 billion on higher average selling prices and shipping volume. “Demand for metals improved during 2017, driven by stronger GDP growth in the U.S. and […]
The SMU Steel Summit Conference is THE fastest growing steel conference in North America and THE one conference manufacturing, distribution, suppliers to the industry and steel mills want to attend. Details about the agenda, speakers, location and costs, as well as how to register, can be found on our website: www.SteelMarketUpdate.com/Events/Steel-Summit or you can contact […]
On Wednesday and Thursday of this past week a sold-out group of attendees and six Steel Market Update instructors, one event coordinator and a potential future instructor traveled to Mobile, Alabama to participate in the first Steel 101 workshop of 2018. The workshop was a success aided by the generosity of the SSAB plate mill […]
On Wednesday and Thursday of this past week, a sold-out group of attendees and six Steel Market Update instructors, one event coordinator and a potential future instructor traveled to Mobile, Ala., to participate in the first Steel 101 workshop of 2018. The workshop was a success, aided by the generosity of the SSAB plate mill […]
Olympic Steel’s commitment to ethical behavior is as much about how employees should treat each other as it is about how the company should conduct business with the outside world, says company Chairman and CEO Michael Siegal. Employees communicate periodically with customers and vendors, but they interact with each other every day, so what happens […]
Olympic Steel has signed a new $400 million credit agreement that gives the service center additional resources for future growth. “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our flexibility and positions us well for both internal […]
The latest Steel Market Update news briefs: • Olympic Steel has signed a new $400 million credit agreement that gives the service center additional resources for future growth. “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our […]
Olympic Steel posted significantly improved results for third-quarter 2017. Demand is strong across all three business segments at Olympic, but is expected to soften due to seasonality and the holidays. “Looking ahead, we are encouraged by both the positive demand trends our customers are projecting for 2018 and by the market’s outlook for improved metal […]
Olympic Steel announced three executive changes this week. James D. Post is promoted to the position of Regional Vice President and General Manager, Kevin L. Miller to the position of General Manager, Cleveland Division, and Zachary J. Siegal is promoted to the new position of Vice President of Strategic Development. The appointments take effect Oct. […]
Long-term success requires strategic succession planning, said David Wolfort, president of Olympic Steel, who addressed members of the Association of Steel Distributors at their September regional meeting in Pittsburgh. Olympic Steel was founded with $17,000 in 1954 by brothers Sol Siegal and Sam Sigel (yes, the spellings are correct) as a family enterprise focused on […]
Kloeckner Metals Corp. announced the appointment of a new chief executive officer and chief operating officer on Thursday. Beginning Jan. 1, John Ganem will serve as CEO and Bart Clifford as COO. Ganem will succeed Bill Partalis who will retire at the end of this year. Partalis is a 34-year veteran at Kloeckner and served […]
Olympic Steel announced the promotion of Terry Rohde to Director of Operations. Rhode began his career at Olympic Steel in 2008 and was promoted to General Manager of the Chicago division in 2008. In his new role he will responsible for all of Olympic Steel’s facilities and equipment. Olympic also announced the promotion of Scott […]
Olympic Steel celebrated a particularly strong second quarter. Net sales jumped 30 percent year-over-year to $356.2 million on higher shipping volume and selling prices. Net income grew 35 percent for the quarter to $4.8 million. Carbon flat product sales increased 37 percent to $237 million from Q2 2016 sales of $173 million. Shipments increased 13 […]
(AWMI – Mt. Royal, New Jersey, May 25, 2017) – The Association of Women in the Metal Industries (AWMI) is pleased to announce Sonya Malvick as 2016 Member of the Year! Ms. Malvick has been a member of AWMI for 22 years. In that time, she has held the position of Wisconsin Chapter Membership Chair, […]
Olympic Steel reported a very positive first quarter. Higher shipment volume and pricing resulted in a 30 percent increase in net sales to $334.9 million resulting in net income of $7.7 million. Sales and margins increased in all three segments of Olympic Steel due to increased demand and higher pricing. Carbon flat products turned in […]
I have received a number of comments on the LinkedIn posts that I have put out there over the weekend. I shared our “Black Swan” article on my personal LinkedIn account as well as our Steel Market Update LinkedIn group account. I also received a question about the “average margin for a service center” that […]
Olympic Steel executives weighed in on steel demand, pricing, and government changes during the company’s earnings call last week. Olympic Steel CEO Michael Siegal attributes the rebound in steel pricing to “supply side dynamics combined with political optimism towards the business community after the very negative environment around the presidential campaign.” Said Siegal, “Entering 2017, […]
The Association of Women in the Metal Industries has elected a new President and Vice-President for 2017-2018. The election was held during the Association’s 2016 Annual Conference held in Florida in November. The positions are for a term of two years. The following roles were announced in a press release from AWMI. Carol Chizmar has […]
Olympic Steel CEO Michael Siegal believes the election is affecting demand and said service center inventories are particularly low as a result. Olympic Steel executives on the earnings call noted that shipments were better in October than in September but fourth quarter is expected to be slow. Said Siegal, “As you know the fourth quarter […]
Olympic Steel, a leading national metals service center, announced the promotion of Andrew Greiff to Executive Vice President and Chief Operating Office, as of August 19, 2016. Greiff joined Olympic Steel in 2009 and was promoted to President, Specialty Metals in 2011. In that role he managed sales and distribution of stainless steel and aluminum […]