Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals
service center, today announced its Board of Directors has elected
Richard T. (Rick) Marabito, Chief Executive Officer and a director of
the Company effective January 1, 2019.
Michael D. Siegal, Olympic Steel's Chief Executive Officer since 1984,
will transition to Executive Chairman of the Board at the end of this
year, stepping down as CEO.
"It has been a privilege leading Olympic Steel through its
transformation from a single-location steel distributor to one of the
largest metals service centers in the United States," Siegal said.
Under Siegal's leadership, the Company's net sales grew from
approximately $35 million in 1984 to an annualized $1.6 billion in 2018.
During this time, the Company grew from a single location with
approximately 60 employees, to 31 locations today and more than 1,700
"I am proud of our many collective accomplishments, including the
significant creation of good wage and benefit employment in the American
industrial sector, with a commitment to safety. I am most proud of our
highly skilled and dedicated employees." Siegal added. "Our Company is
in a position of financial strength, with experienced leadership
executing a proven strategy, making this the appropriate time for an
orderly leadership succession."
"After a comprehensive succession planning process, the Board
unanimously selected Mr. Marabito to assume the position of CEO," Siegal
continued. "Rick joined the Company as our Treasurer and Corporate
Controller in 1994 and has served as CFO for the past 18 years, ensuring
this will be a seamless transition. He is undeniably the right person to
lead Olympic Steel to new heights."
"Under Michael's leadership, the Company has experienced remarkable
success," Marabito said. "He led our strategic diversification into
stainless steel, aluminum and pipe and tube products and oversaw
significant geographic and value-add processing expansion, all while
instilling an exceptional culture. Michael's leadership has resulted in
record financial results, outstanding quality and customer service, and
an enduring set of core values that will continue to guide our Company.
I look forward to building on this strong foundation, continuing to
pursue profitable growth and value creation alongside David Wolfort,
President; Andrew Greiff, COO; Don McNeeley, President of our CTI
subsidiary, and the rest of our dedicated management team."
Manson Promoted to CFO; Christen Elevated to Treasurer
The Company also announced Olympic Steel's Treasurer Richard A. Manson
will succeed Marabito as CFO; and Lisa K. Christen will serve as
Treasurer. Both changes will also be effective January 1, 2019.
Manson joined Olympic Steel in 1996 and has served as Vice President and
Treasurer since 2013. He is a certified public accountant and has
progressed through numerous roles of increasing responsibility within
the Company including VP, Human Resources and Administration; Corporate
Controller; and Director of Taxes and Risk Management.
Christen joined the Company in 1999 as a tax accountant. She is a
certified public accountant and rose through various positions of
increasing responsibility in accounting and treasury, including
Corporate Accounting Manager. Since 2010, Christen has served as
Corporate Controller, a position she will continue to hold in addition
to serving as Treasurer.
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, aluminum and tin 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
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Olympic Steel Investor Relations
Matthew J. Dennis, CFA,