Service Centers
Commercial Steel Products Acquires Ace Steel Supply
Written by David Schollaert
May 31, 2022
Commercial Steel Products LLC (CSP) has acquired Ace Steel Supply Inc. (Ace) in a stock purchase agreement.
The deal between the two steel service centers represents an alignment of mutual strategic interests, CSP said.
Dallas-based CSP is a supplier of steel products, including tubular, flat-rolled, and structural steel. Its acquisition of Houston-based Ace will enhance its coverage of sheet and plate products, including, stainless, aluminum, galvanized, galvanneal, Galvalume, cold-rolled, and hot-rolled carbon steel.
“We see the purchase of Ace Steel Supply as an integral step in our continued growth and success providing value-added services and products to our customers,” CSP president Thomas Sfikas said.
“This combination adds significant value to both companies, and we are excited to give the strong team at Ace the resources it needs to enhance its already impressive performance,” said Satish Gupta, founder and CEO of Gupta Capital Group (GCG) and chairman of the SB Group of Companies.
GCG has a diversified portfolio of businesses focused on steel and metals manufacturing and distribution, including SB International, SB Specialty Metals, and CSP.
“We’re delighted to become part of CSP,” said Ace chief operating officer Bruce Margolin. “We will continue working independently while leveraging resources from CSP and Gupta Capital Group. This move will strengthen our internal capabilities and provide immediate benefits to our customers.”
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Service Centers
Olympic opens new Houston facility for Action Stainless unit
Olympic Steel has opened a new facility in Houston to support its Action Stainless business.
Worthington Steel sees demand improvement after earnings slump
Lower volumes and steel prices dampened Worthington Steel’s profits, but market momentum is building, the metals processor said in its most recent quarterly earnings report.
Galvanized buyers see strong demand, but uncertainty lingers
Demand is up, but tariffs raise concerns
Olympic taps Zito for new VP of development role
Cleveland-based Olympic Steel Inc. has promoted Scott M. Zito to the newly created role of vice president of business development. Zito has been with the company for more than 40 years.
Worthington Steel and Samuel to close Cleveland coil processing JV
Worthington Steel confirmed it is closing the Worthington Samuel Coil Processing (WSCP) facility in Cleveland. WSCP is a joint venture between Worthington Steel and Oakville, Ontario-based Samuel, Son & Co.