Service Centers
SteelSummit Acquires Magic Steel Sales
Written by Sandy Williams
June 24, 2019
SteelSummit Holdings, a national metals service center and trading company, has acquired Magic Steel Sales.
Magic Steel Sales is a supplier of cold rolled, hot rolled, and coated slit steel products to customers in the eastern United States. The company operates service centers in Grand Rapids, Mich., and Decatur, Ala., and posts sales of approximately $200 million annually. The acquisition expands SteelSummit’s markets and geographical diversity with minimal customer overlap while providing a platform for further strategic growth, said CEO Todd Rollins.
“We are very excited to welcome the Magic Steel employees to the SteelSummit family,” said Rollins.
Joe Maggini, founder and CEO of Magic Steel Sales, added, “Our strategic decision to hand over the reins of Magic Steel after 45 years will provide our company a great foundation for future success.”
SteelSummit Holdings, headquartered in Nashville, Tenn., operates metal service centers in Nashville and Cincinnati, Ohio, as well as three affiliated processing operations in Mexico and a flat rolled metals sales office in Toronto. In addition, the company has a global trading business based in Chicago. SteelSummit is a subsidiary of Tokyo-based Sumitomo Corp.
Indiana steel service center Magic Coil Products, which was a joint venture between Tom Cullen and Magic Steel, is now wholly owned by Cullen.
Sandy Williams
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