Olympic Steel

Olympic Steel, Inc.
Public company
Traded as NASDAQ: ZEUS
S&P 600 Component
Industry Steel Processing
Fabrication
Founded 1954 (1954)
Founder Sol and Morris Siegal
and Sam Siegal
Headquarters Cleveland, Ohio
Key people
 Michael Siegal (CEO, Chairman)
David Wolfort (President)
Rick Marabito (CFO)[1]
Products Flat-rolled steel
Fabricated Parts
Revenue Decrease $670 million (2016)[1]
Increase -$4 million (2016)[1]
Increase -$1 million (2016)[1]
Total assets Increase $556 million (2016)[1]
Total equity Decrease $253 million (2016)[1]
Number of employees
 1,660 (2016)[1]
Website www.olysteel.com

Olympic Steel, Inc. is a steel processor based in Cleveland, Ohio.

Current operations

The company engages in the processing and distribution of processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products primarily in the United States. The company owns 17 facilities throughout the eastern-half of the United States and 1 in Mexico.[1]

Its services include cutting-to-length, slitting, and shearing. It also offers value-added processes such as blanking, tempering, plate burning, precision machining, welding, and fabricating and painting to process steel to specified lengths, widths, and shapes. It also owns two subsidiaries, Chicago Tube and Iron and Integrity Stainless.[1]

History

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]

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 company as General Manager.

In 1987, Olympic 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 2013, the founder, Sol Siegal, died.[2]

In 2017, the company shut its plant in Chatham County, North Carolina, which resulted in 51 layoffs.[10]

References

  1. 1 2 3 4 5 6 7 8 9 Olympic Steel, Inc. 2016 Form 10-K Annual Report
  2. 1 2 "Olympic Steel Announces Passing of Founder and Chairman Emeritus Sol Siegal" (Press release). Globe Newswire. May 31, 2013.
  3. ↑ "Olympic Steel Announces Resignation of Chief Financial Officer" (Press release). PRNewswire. March 16, 2000.
  4. ↑ "Olympic Steel, Inc. Acquires Southeastern Metal Processing, Inc" (Press release). PRNewswire. June 2, 1997.
  5. ↑ Olympic Steel 1997 Form 10-K Annual Report
  6. ↑ "Olympic Steel Acquires Machine Shop Operation and Plans to Construct a New Facility in Pennsylvania" (Press release). PRNewswire. June 29, 1998.
  7. ↑ "Olympic Steel, Inc. Completes Acquisition of Tinsley Group - PS&W, Inc" (Press release). PRNewswire. June 5, 2006.
  8. ↑ Mezger, Roger (July 2, 2008). "Olympic plans steel processing center in Dover". Cleveland Plain Dealer.
  9. ↑ "Olympic Steel, Inc. Announces New Processing Facility in Sumter, South Carolina" (Press release). Business Wire. April 18, 2008.
  10. ↑ "Manufacturer shuts down Chatham County plant, 51 layoffs". American City Business Journals. May 11, 2017.
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