Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals
service center, today announced that effective April 2, 2018, it has
acquired the assets of Berlin Metals LLC, based in Hammond, Indiana.
Terms in the all-cash deal were not disclosed.
With approximately $50 million in annual sales, Berlin Metals was
founded in 1967 and is one of the largest North American service centers
processing and distributing prime tin mill products and stainless steel
strip in slit coil form. The Company is also a supplier of galvanized,
light gauge cold rolled sheet and strip; and other coated steels in coil
form, to customers in the building products, automotive, and specialized
industrial markets.
"This acquisition adds new products and markets, both of which are
central to our growth strategy," said Olympic Steel's Chairman and Chief
Executive Officer Michael Siegal. "Berlin Metals also has a growing
stainless steel business, compounding our organic growth in these
products. With minimal customer overlap, this is a perfect complement to
existing operations."
The purchase includes four coil slitters operating from a 120,000 square
foot facility in Hammond. Berlin Metals will continue to operate under
its well-known brand and the management team, including President Roy
Berlin, will remain at the Company. The business will be included in
Olympic Steel's Specialty Metals Flat Products reporting segment, which
is led by President, Specialty Metals Andy Markowitz, and is expected to
be accretive to 2018 earnings.
Forward-Looking Statements
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are typically identified by words or
phrases such as "may," "will," "anticipate," "should," "intend,"
"expect," "believe," "estimate," "project," "plan," "potential," and
"continue," as well as the negative of these terms or similar
expressions. Such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those implied by such statements. Readers are cautioned
not to place undue reliance on these forward-looking statements. Such
risks and uncertainties include, but are not limited to: our ability to
successfully integrate Berlin Metals into our business and risks
inherent with the Berlin Metals acquisition in the achievement of
expected results, including whether the acquisition will be accretive
and within the expected timeframe. We undertake no obligation to
publicly release any revisions to any forward-looking statements or to
otherwise update any forward-looking statements whether as a result of
new information or to reflect events, circumstances or any other
unanticipated developments arising after the date on which such
statements are made. A further list and description of risks,
uncertainties and other factors can be found in our Annual Report on
Form 10-K for the year ended December 31, 2017 and in our reports on
Forms 10-Q and 8-K.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center
focused on the direct sale and distribution of large volumes of
processed carbon, coated and stainless flat-rolled sheet, coil and plate
steel and aluminum products. The Company's CTI subsidiary is a leading
distributor of steel tubing, bar, pipe, valves and fittings, and
fabricates pressure parts for the electric utility industry.
Headquartered in Cleveland, Ohio, Olympic Steel operates from 31
facilities in North America.
For additional information, please visit the Company's website at www.olysteel.com
or http://ir.olysteel.com/Contact_Us?BzID=2195
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Olympic Steel Investor Relations
Matthew J. Dennis, CFA,
216-672-0522