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
Read more from Sandy WilliamsLatest in Service Centers
Brown Strauss Steel names new chief executive
Denver-based service center Brown Strauss Steel has named Kris Farris as CEO, effective Jan. 1. Farris has also joined the company’s board of directors. He previously served as president and COO of Brown Strauss Steel. Farris is taking over from Ryan Secrist, who held the CEO role since 2013. Secrist is stepping down from position […]
Galvanized buyers see glimmers of optimism amidst the chaos
Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.
SPS Companies and State Steel combine service center businesses
Steel fabricators and distributors SPS Companies and State Steel will be merging their service center businesses under the SPS Companies family of firms.
Norfolk Iron & Metal to buy Pennsylvania service center
The deal will expand Norfolk’s stainless steel sheet and coil product lines, the company said.
Lapham-Hickey acquires Michigan’s Alkar Steel
Alkar Steel and Processing supplies hot- and cold-rolled steel, high carbon spring steel, high strength-low alloy steel, coated and stainless steel products throughout the Midwest.