Olympic Steel has bypassed gold, silver, and bronze in favor of carbon, coated, and stainless steel. A steel service center, Olympic Steel provides flat-rolled sheet, coil, and plate steel products. Its processing services include cutting-to-length, slitting, and shearing, along with blanking, laser welding, and precision machining. Olympic Steel operates about 15 processing and distribution facilities, mainly in the eastern and midwestern US. Auto manufacturers and their suppliers account for about 10% of Olympic Steel's sales, as do sales to other steel service centers.
Olympic Steel hopes to grow by taking advantage of the trend toward outsourcing of manufacturing processes by OEMs. Toward that end, the company continues to invest in processing equipment in order to add more value to its products. In addition to adding to and updating its own operations, Olympic has expanded through targeted acquisitions.
Olympic significantly expanded its business in 2011 by acquiring Chicago Tube and Iron Company in a $150 million cash deal. The deal expands Olympic's business by almost one-third, with the combined companies having 30 locations. Chicago Tube and Iron will operate as a wholly owned subisidiary of Olympic.
In 2010 Olympic Steel acquired a 100,000-square-foot facility in Mount Sterling, Kentucky. The facility will perform plate burning, machining, forming, and shot blasting and is expected to be operational in early 2011. – less