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Typical Counter Set combination of Olympic equipment. The components may be mounted on a counter top. Components shown are 284 Wind Off Reel, 1410-8 Wire Measurer-Cutter, 201 Stand and 99 Collapsible Takeup Reel. Self-Serve air and water machines with one air hose reel or two retractable hose reels for air and waterare also available from Duro Manufacturing, Inc. These self-serve air and water machines provide air for tire inflation or water depending on the application at hand. View details ยป.
Public company | |
Traded as | NASDAQ: ZEUS S&P 600 Component |
---|---|
Industry | Steel Processing Fabrication |
Founded | 1954; 65 years ago |
Founder | Sol and Morris Siegal Sam Siegal |
Headquarters | Cleveland, Ohio, United States |
Key people | Michael Siegal (CEO, Chairman) David Wolfort (President) Rick Marabito (CFO) |
Products | Flat-rolled steel Fabricated Parts |
Revenue | $1.330 billion (2017) |
$18 million (2017) | |
Total assets | $604 million (2017) |
Total equity | $272 million (2017) |
Number of employees | 1,670 (2017)[1] |
Website | www.olysteel.com |
Footnotes / references [1] |
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products primarily in the United States. Olympic Steel operates from 32 facilities in North America. Metals processing & value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machining, and welding. The Company's Chicago Tube & Iron subsidiary is a leading distributor of steel tubing, pipe, bar, valves & fittings, and fabricates pressure parts.[1]
History[edit]
Olympic Steel was founded in 1954 by brothers Sol and Morris Siegal and Sam Sigel. Initially, it was a metals trading company and owned no facilities.[2]
![Olympic Reels Inc. Olympic Reels Inc.](/uploads/1/2/5/8/125822006/370894773.jpg)
In 1956, it opened an 11,000-square-foot (1,000 m2) facility in Bedford Heights, Ohio. By 1966, the facility had grown to 35,000 square feet (3,300 m2). The company offered multiple flat-rolled steel products, including coil and plate products.
In 1975, Michael Siegal, son of Sol Siegal, joined the company. The next year, the facility was again expanded to 56,000 square feet (5,200 m2). By 1985, the company had founded a Southern sales office in Georgia and another office in Pennsylvania. Michael Siegal bought out his father's share of the company in 1984 and David Wolfort joined the team as the company's first General Manager.
In 1987, Olympic Steel acquired Viking Steel Company, based in Elk Grove Village, Illinois.
In 1988, the Philadelphia Division was formed by moving the Eastern sales office to a full warehouse facility in Lester, Pennsylvania.
In 1989, the Southern Division moved to Greenville, South Carolina, consolidating several sales offices in the region and Olympic Steel Trading was formed to sell steel in Puerto Rico and Mexico.
In the early 1990s, Olympic expanded further by purchasing Eastern Steel in Milford, Connecticut, Juster Steel of Minneapolis, Minnesota, and Lafayette Steel & Processing in Detroit, Michigan.
In 1994, the company offered 4,000,000 shares in an IPO. In 1996, it offered 2,500,000 more shares.[3]
In 1997, the company acquired Southeastern Metal Processing for $11.5 million in cash and the assumption of $5.8 million in liabilities.[4]
In 1997, the company broke-ground on its second temper mill at a new facility in Bettendorf, Iowa.[5]
In 1998, Olympic entered the machining business by purchasing the assets of JNT Machining and opening a new facility in Chambersburg, Pennsylvania.[6]
In 2006, it purchased the Siler City, North Carolina-based Tinsley Group.[7]
In 2008, it announced new fabrication facilities to be built in Dover, Ohio and Sumter, South Carolina.[8][9]
In 2010, Olympic Steel purchased a 100,000 square foot facility in Mount Sterling, Kentucky[10], and will offer plate burning, machining, forming and shot blasting metals processing services.
In 2011, the Company completed the purchase of a new 177,000 square foot facility[11] located on United States Steel Corporation's Gary Works site in Gary, Indiana. The Gary, IN facility will house the company's new temper mill and cut-to-length line.
In 2011, the Company entered a merger agreement with Chicago Tube & Iron[12], CTI became a wholly owned subsidiary of Olympic Steel.
In 2012, Olympic Steel was named 2012 Service Center of the Year by American Metal Market (AMM)[13].
In 2013, the founder, Sol Siegal, died.[2] Sol was a legendary American who lead a full & remarkable life, who's dedication to Olympic Steel was equaled only by his commitment to community service & philanthropy.
In 2015, the company announced the addition of a new cut-to-length stretcher leveler line,[14] custom designed and built by Butech Bliss; featuring Hawkeye (TM) Flatness Detection System, at its Winder, Georgia facility.
In 2017, the company shut its plant in Chatham County, North Carolina, which resulted in 51 layoffs.[15]
In 2018, Olympic Steel acquired the assets of Berlin Metals[16], one of the largest North American service centers processing and distributing prime tin mill products and stainless steel strip in slit coil form; expanding Olympic Steel's product lines and end markets.
In 2019, Olympic Steel announced its CEO succession, with Michael Siegal transitioning to Executive Chairman of the Board, and Richard T. Marabito elected Chief Executive Officer effective January 1, 2019. [17]
In 2019, Olympic Steel acquired the assets of McCullough Industries, In[18]c, a branded self-dumping hopper manufacturer located in Kenton, OH.
In 2019, Olympic Steel opened a new distribution facility in Hanceville, Alabama;[19] supplying steel plate and sheet product to the greater Huntsville and Birmingham metropolitan areas and surrounding communities.
References[edit]
- ^ abc'Olympic Steel, Inc. 2017 Form 10-K Annual Report'. U.S. Securities and Exchange Commission.
- ^ ab'Olympic Steel Announces Passing of Founder and Chairman Emeritus Sol Siegal' (Press release). Globe Newswire. May 31, 2013.
- ^'Olympic Steel Announces Resignation of Chief Financial Officer' (Press release). PR Newswire. March 16, 2000.
- ^'Olympic Steel, Inc. Acquires Southeastern Metal Processing, Inc' (Press release). PR Newswire. June 2, 1997.
- ^'Olympic Steel 1997 Form 10-K Annual Report'.
- ^'Olympic Steel Acquires Machine Shop Operation and Plans to Construct a New Facility in Pennsylvania' (Press release). PR Newswire. June 29, 1998.
- ^'Olympic Steel, Inc. Completes Acquisition of Tinsley Group - PS&W, Inc' (Press release). PR Newswire. June 5, 2006.
- ^Mezger, Roger (July 2, 2008). 'Olympic plans steel processing center in Dover'. Cleveland Plain Dealer.
- ^'Olympic Steel, Inc. Announces New Processing Facility in Sumter, South Carolina' (Press release). Business Wire. April 18, 2008.
- ^'Olympic Steel, Inc. Announces Acquisition of Facility in Mount Sterling, Kentucky'. olysteel.irpass.com. Retrieved 2019-05-28.
- ^'Olympic Steel, Inc. Announces New Locations'. olysteel.irpass.com. Retrieved 2019-05-28.
- ^Inc, Olympic Steel (2011-05-18). 'Olympic Steel, Inc. Announces the Acquisition of Chicago Tube and Iron Company'. GlobeNewswire News Room. Retrieved 2019-05-28.
- ^'Olympic Steel, Inc. Named Service Center of the Year'. olysteel.irpass.com. Retrieved 2019-05-28.
- ^'New Stretcher Leveler Line Debuts at Olympic Steel's Winder Operation'. olysteel.irpass.com. Retrieved 2019-05-28.
- ^Ohnesorge, Lauren K. (May 11, 2017). 'Manufacturer shuts down Chatham County plant, 51 layoffs'. American City Business Journals.
- ^'Olympic Steel Acquires Berlin Metals'. www.businesswire.com. 2018-04-02. Retrieved 2019-05-28.
- ^'Olympic Steel Announces CEO Succession'. www.businesswire.com. 2018-10-02. Retrieved 2019-05-28.
- ^'Olympic Steel Announces McCullough Industries Acquisition'. olysteel.irpass.com. Retrieved 2019-05-28.
- ^'Olympic Steel Announces Opening of Alabama Distribution Facility and Promotion of Hannah N. Price to General Manager'. olysteel.irpass.com. Retrieved 2019-05-28.
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