Olympic Steel Inc. has acquired Wichita, Kan.-based Metal-Fab Inc. for $131 million. The company said Metal-Fab, which manufactures venting and filtration products for residential, commercial, and industrial applications, will continue to operate under the same name, led by Mark Ohm, president. “It provides us with a solid platform for accelerating growth in two target market […]
Olympic Steel said Michael A. Tookey has joined the company in the newly created role of director of coated products. The Highland Hills, Ohio-based metals service center said Tookey’s responsibilities will focus the company’s efforts on accelerating growth related to coated carbon flat-rolled products and processes, including galvanized, galvannealed, aluminized, and automotive grades of steel. […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Service center chain Olympic Steel posted sharply lower earnings in the third quarter ended Sept. 30 driven by a significant decline in metals prices, according to the company’s Nov. 3 earnings report. The Cleveland, Ohio-based metals service center and processor reported net earnings of $12 million in Q3, down 68% sequentially and 74% year-on-year (YoY). The dip […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
While steel service centers remain cautiously optimistic on their demand outlooks for the remainder of the year, most agree that the environment for mergers and acquisitions remains quite strong. This is according to executives from Reliance Steel & Aluminum, Ryerson, and Olympic Steel—some of the industry’s top players—speaking on their recent and respective second quarter […]
Service center chain Olympic Steel posted record quarterly sales and the second-most-profitable quarter in the company’s history during the second quarter. Both net income and sales were 27% higher year-on-year at $37.6 million and $709 million, respectively. “The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Despite inflation, rising interest rates, and faltering equities markets, the outlook is not all doom and gloom when it comes to the metals markets, says Rick Marabito, CEO of service center group Olympic Steel. In fact, the outlook for demand and consolidation is actually quite good, he told attendees of this week’s Steel Market Update […]
Olympic Steel CEO Rick Marabito will be the featured speaker on our SMU Community Chat on Wednesday at 11 am ET. The live webinar is free. A recording of it is free only to SMU members. You can register here. We’ll talk about why the sky is not falling even though carbon prices and futures are softening. […]
Olympic Steel CEO Rick Marabito will be the featured speaker on our next SMU Community Chat on Wednesday, June 15, at 11 am ET. The live webinar is free. A recording of it is free only to SMU members. You can register here. We’ll talk about why the sky is not falling even though carbon prices and […]
Olympic Steel Inc. posted strong first quarter earnings despite falling carbon steel prices earlier in the year. And the Cleveland-based service center expects the good times to carry into the second quarter even if steel prices slip. “We’ve worked hard to diversify our business, reduce our exposure to cyclical risk, and drive operational efficiencies,” Olympic […]
Olympic Steel announced record results in the fourth quarter ended Dec. 31, 2021, a strong finish to the company’s most profitable year to date. “We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel,” said Richard Marabito, Olympic’s CEO. “All three of our […]
U.S. metals distributor and service center Olympic Steel Inc. promoted David Gea as president of its Carbon Flat Rolled Division. Gea joined Olympic Steel in 2002 and has progressed through roles of increasing commercial and leadership responsibility, the company said, including most recently serving as regional VP for Olympic’s carbon flat rolled business in the […]
Olympic Steel Inc.’s sale of its Detroit location to Venture Steel and its subsequent acquisition of Shaw Stainless & Alloys marked the latest step in a years’ long effort to pivot from roots in Midwestern carbon flat-rolled steel markets, the company’s top executive said. The Cleveland-based service center – while by no means exiting the region – […]
Olympic Steel Inc.’s sale of its Detroit location to Venture Steel and its subsequent acquisition of Shaw Stainless & Alloys marked the latest step in a years’ long effort to pivot from roots in Midwestern carbon flat-rolled steel markets, the company’s top executive said. The Cleveland-based service center – while by no means exiting the region – […]
In its fifth acquisition in the past four years, Olympic Steel Inc. has acquired the assets of Shaw Stainless & Alloy, Inc. Terms of the all-cash purchase were not disclosed. The deal includes Shaw’s stainless steel distribution and fabrication businesses as well as its architectural and barrier defense businesses. Shaw will be incorporated into Olympic […]
Olympic Steel Inc. has sold its Detroit operations to Canadian flat-rolled metal processor and distributor Venture Steel Inc. for $58.4 million in cash. The Cleveland-based service center said the final sale price would be higher once working capital adjustments were taken into account. The deal will allow Olympic to reduce debt, give it more flexibility […]
Steel prices need to correct to “a healthy level,” said steel buyers on the consumer panel at the SMU Steel Summit on Wednesday. But none volunteered an exact number. The hot rolled price has overcorrected from the trough of $440 per ton ($22 per cwt) last August as the economy struggled with the pandemic, agreed […]
In the face of tough circumstances, the SMU and CRU teams proved once again that we could conduct a safe, energetic, entertaining and informative Steel Summit conference. We did it despite suffering a power outage at the Georgia International Convention Center that lasted the entire afternoon on Monday. Our team was quick to react, and […]
Here’s the Steel Summit program for Wednesday, Aug. 25, at the Georgia International Convention Center in Atlanta: 7 a.m. – Doors open at GICC. All day beverage sponsored by Felux and pastries sponsored by Ratner Steel 8:20-8:30 a.m. – Opening Remarks by SMU President and CEO John Packard 8:30-9:30 a.m. – Steel […]
On Friday, Steel Market Update sent data providers the final analysis for July of service center inventories, shipments, steel on-order, and percentage of inventories tied up for contract sales. Premium members will receive the report on Monday. As expected, after reviewing our Flash Report which is provided to data providers five days into the new […]
One Week to Go… There is now but one week to go before the doors open at the Georgia International Convention Center (GICC) in Atlanta for the 2021 SMU Steel Summit Conference on August 23. This year the conference will be unique as it will be a “hybrid” event. By this I mean we will […]
Olympic Steel reported record sales and the most profitable quarter in company history. The achievement in the service center’s second quarter was bolstered by exceptional market conditions and historically high metal prices, the company said. Driven by higher pricing, Olympic set a sales record for the second consecutive quarter, posting net sales of $556 million […]
Olympic Steel announced record financial results for the quarter ended Sept. 30. “Our third-quarter performance was the strongest quarter in company history. And in fact, it was better than all but three full years in Olympic Steel’s history. Net sales totaled $668 million. Net income was $44.5 million and adjusted EBITDA was $70.5 million, all […]
There are three weeks left before the start of the 2021 SMU Steel Summit Conference at 9 a.m. on Aug. 23. The amount of effort and thought being put into this one event is monumental. The pandemic, and the resistance by some Americans to being vaccinated, has provided new challenges this year as we make our […]
There are three weeks left before the start of the 2021 SMU Steel Summit Conference at 9 a.m. on Aug. 22. Even so, our virtual platform opened this morning which allows registered attendees to interact with one another directly through the platform. We have 900+ registered executives from manufacturing, steel distribution, steel mills, trading companies, toll […]
The 2021 SMU Steel Summit Conference is seven weeks away and the SMU and CRU events teams are fully focused on making this year’s event one to remember. As always, the place to be on Aug. 23-25 will be the Georgia International Convention Center, which is located right next to the Atlanta International Airport (ATL). […]