Steel Mills
Olympic Steel Acquires McCullough Industries
Written by Sandy Williams
January 2, 2019
Olympic Steel announced the acquisition of McCullough Industries, a manufacturer of self-dumping hoppers for industrial applications. The all-cash purchase closed on Jan. 2.
McCullough and Wright branded containers are recognized nationally for their durability and performance, the company claims. Constructed from carbon and stainless steel, the hoppers are produced in a variety of configurations. Easily transported, they are used for storing, handling, recycling and transporting materials used in construction, food service and landscaping applications. The self-dumping hoppers can also be fitted with feeding devices and integrated into manufacturing processes and assembly lines for scrap and liquid waste collection.
“The McCullough acquisition marks our entry into manufacturing and marketing metal-intensive branded products, which is a key element to our long-term growth strategy,” said Olympic CEO Richard T. Marabito. “Vertical integration into manufacturing metal products allows us to utilize our existing assets and expertise to more consistently capture higher profit from the point of raw material purchase through the ultimate sale to the end customer.”
Olympic Steel veteran Joseph Casey has been named General Manager of the Kenton, Ohio, facilities. Products will continue to be produced by the existing workforce at McCullough Industries.
This is the second strategic acquisition by Olympic Steel in the past nine months.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Pacific Steel breaks ground on California rebar mill
Pacific Steel Group has broken ground on its Mojave Micro Mill in Southern California.
Nucor lifts weekly HR spot price to $915/ton
Nucor has increased its weekly HR coil spot price for seven consecutive weeks.
American mills urge Trump to maintain no exceptions on steel tariffs
"We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel," the companies wrote.
Cliffs CEO touts employee cash bonus for buying US-made vehicles
Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.
Auction of AHMSA assets is next step in bankruptcy proceedings
An inventory valuation of the assets of Altos Hornos de Mexico SA (AHMSA) has been completed. Local reports suggest an auction for the assets of the bankrupt steel company could come as soon as the end of this month.