Olympic Steel Acquires Action Stainless & Alloys
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Olympic Steel has acquired the assets of Action Stainless & Alloys, Inc., the company’s fourth acquisition in the past three years. The all-cash purchase is immediately accretive. Terms were not disclosed.
Action Stainless & Alloys, based outside of Dallas, Texas, is a full-line distributor of stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing, and pipe and offers a range of processing, including plasma, laser and waterjet cutting, and CNC machining. In 2019, the company generated more than $40 million in sales.
The business will be incorporated into Olympic Steel’s specialty metals business segment, led by Andy Markowitz, President, Specialty Metals.
“The history of strong business performance from Action Stainless delivers on our growth strategy and furthers our efforts to reduce cyclicality and consistently earn stronger returns,” said Richard T. Marabito, chief executive officer.
“Continued growth of our specialty metals business is an important element of our strategy. In addition, the culture and focus on safety at Action Stainless are well-aligned with Olympic Steel, which will make for a seamless and successful integration,” added Marabito.
“Action Stainless & Alloys will expand the geographic footprint of our specialty metals business and provide additional product and processing offerings to support existing customers and continue extending our market reach,” said Andrew Greiff, president and chief operating officer.
“The business is a natural fit, and we expect to realize a number of commercial synergies as a result of the acquisition,” added Greiff.
Action Stainless & Alloys, which opened in 1982, operates approximately 145,000 square feet of warehouse space across five facilities in Dallas and Houston, Texas; Springdale, Arkansas; Rock Hill, South Carolina; and Kansas City, Missouri. Action Stainless & Alloys will continue to operate under its established brand as an Olympic Steel Company, led by the existing management team, including Lee Martinson, President of Action Stainless & Alloys.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 36 facilities in North America, inclusive of the five new locations added as part of the Action Stainless & Alloys acquisition.
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