Olympic Steel acquires Metal Works

Olympic Steel Inc., a national metals service center, has acquired Metal Works. The all-cash purchase is expected to be immediately accretive. Terms were not disclosed.

Metal Works is a leading manufacturer of components for service station canopies, deck clips, long gutters, trim, and boat docks, as well as solar canopy and ground racking components - all made primarily from coated carbon steel and aluminum. The business, which includes roll forming and folding machines among its equipment, operates from two facilities in Oakwood, Georgia, totaling 48,720 square feet of processing space on 8.43 acres.

"Continued growth in manufactured metal products is a key component of our strategy, and we are excited to welcome Metal Works to our enterprise," said Richard T. Marabito, Chief Executive Officer. "The Metal Works team has built a respected brand with an excellent reputation for customer service and a culture that aligns well with ours. The business will have an immediate accretive impact on Olympic Steel's financial results. We are thrilled to have Metal Works joining the team."

"Metal Works' state-of-the-art processing equipment and manufacturing expertise will be an excellent addition to Olympic Steel's growing portfolio of products, processing capabilities, and respected brands," said Andrew S. Greiff, President and Chief Operating Officer. "Metal Works will continue to grow our manufacturing footprint and move us further into diverse markets. The business's higher-return products and services are expected to reduce earnings volatility and increase sales and profit returns."

The business, which opened in 2003, will continue to operate as Metal Works, led by President Ben Houston and his experienced management team. The business will report financial results as part of the Company's Carbon Flat Rolled business segment.