Service Centers

Flack Global Metals takes majority stake in Pacesetter Steel

June 18, 2024

Flack Global Metals (FGM) is set to take majority ownership of Pacesetter Steel Service.

Terms of the deal will not be disclosed, but its closing is anticipated for next month, the companies said in a statement on Tuesday.

Both companies are well known in the world of flat-rolled steel. Pacesetter operates service center locations in Atlanta, Chicago, and Houston. FGM is a hybrid industrial company that buys, sells, manufactures, trades, and invests in flat-rolled steel.

FGM said previous investments by its direct equity investment arm, Flack Manufacturing Investments (FMI), focused on OEMs that utilize flat-rolled steel as their main feedstock. This makes Pacesetter the first service center under the FMI umbrella.

Atlanta-based Pacesetter said it chose FGM for its expertise in risk management and hedging, business philosophy, culture, and success in M&A.

Steve Leebow, Pacesetter’s founder and current CEO, commented that “FGM’s expertise on the financial side and [Pacesetter’s] prowess on the physical side” will be complementary.

FGM President Ben Bucci said the company was happy to be approached by Pacesetter for its succession planning.

“Adding a service center as respected as Pacesetter to our mix is an obvious fit, considering that metals distribution is one of FGM’s core competencies. This partnership will result in both organizations’ customers getting the best of both worlds,” Bucci added.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.