Service Centers
Flack Steel & GlobeNet Metals to Merge
Written by John Packard
October 31, 2013
GlobeNet Metals and Flack Steel will merge to become one company with projected steel sales of approximately 275,000 tons per year. The combined entities will continue to sell steel under the GlobeNet Metals and Flack Steel brands.
Ben Bucci, CEO of GlobeNet Metals which is headquartered in Phoenix, Arizona told Steel Market Update, “We started talking about a year ago. We discovered that we both have the same business model.”
Bucci learned the biggest difference between the two companies was the use of hedging strategies – buying and selling of HRC derivatives in the financial markets as a way of protecting margins, protecting prices and minimizing risk. Bucci told us GlobeNet had never before used financial instruments, “So we played with hedging strategies for about nine months – and we made money!”
Flack Steel has been a buyer of domestic steel selling into the U.S. and Canadian markets. GlobeNet purchases both foreign and domestic steel and sells not only in the United States but does thousands of tons of business into Mexico.
“Jeremy Flack and I are very excited to merge our companies,” Bucci told us.
The two companies expect the merger to close in November.
John Packard
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