Olympic Steel Declares Strategic Acquisition of Kenton Assets

SEATTLE (Scrap Monster): The Cleveland, Ohio-based steel processor Olympic Steel, Inc. announced strategic acquisition of assets of Kenton, Ohio-based McCullough Industries, Inc. The company did not disclose the terms of the all-cash purchase deal. The deal was closed on Jan 2, 2019, said company press release.

The acquisition marks Olympic Steel’s entry into manufacturing and marketing metal-intensive branded products, noted Richard T. Marabito, Olympic Steel Chief Executive Officer. The vertical integration into manufacturing metal products will support the company’s long-term growth strategy through better utilization of its existing assets, he said.

The products will continue to be manufactured in Kenton, he added. Incidentally, the Kenton facility manufactures and sells branded self-dumping hoppers used in a variety of industrial applications. 

In connection with the acquisition, Joseph Casey, Purchasing Manager, Olympic Steel will serve as General Manager, McCullough Industries.

This is Olympic Steel’s second acquisition in less than a year. Earlier in April 2018, it had acquired the assets of Berlin Metals LLC, based in Hammond, Indiana in an all-cash deal, details of which were not disclosed. The purchase had included four coil slitters operating from a 120,000 square foot facility in Hammond.