Cleveland-based Olympic Steel Inc. has acquired the assets of Indiana’s Berlin Metals LLC in an all-cash deal predicated on product and market growth.
“This acquisition adds new products and markets, both of which are central to our growth strategy,” Olympic Steel Chairman and CEO Michael Siegal said in a statement. “Berlin Metals also has a growing stainless steel business, compounding our organic growth in these products. With minimal customer overlap, this is a perfect complement to existing operations.”
Olympic, a national metals service center, will add Berlin Metals into its Specialty Metals Flat Products reporting segment, which is led by Andy Markowitz.
Berlin Metals, reportedly one of the largest service centers in North America, will continue to operate under its brand, and the management team, including President Roy Berlin, will remain at the company.
Though deal terms were not disclosed, Berlin Metals reportedly generates about $50 million in annual sales. The company processes and distributes prime tin mill products; stainless steel strip slit coil; galvanized, light gauge cold rolled sheet and strip; and other coated, coiled steels.
The purchase includes four coil slitters operating from a 120,000-square-foot facility in Hammond.