Venture Steel acquires Olympic Steel's operations in Detroit for $58.4M
2021-09-22 09:17:53 [Print]
Canadian-based Venture Steel Inc., a large metal processes and distributor in Ontario with operations in Detroit, has acquired the local assets of Olympic Steel Inc., a leading national metals service center based in Cleveland.
The sale price, which exceeded the book value of the net assets sold, was $58.4 million in cash, subject to a future working capital adjustment, which is expected to increase the final sale price.
The acquisition strengthens Venture Steel's abilities in providing just-in-time service of flat rolled products to a variety of end use customers, including automotive, construction, tubular, consumer products, and solar.
The sale price, which exceeded the book value of the net assets sold, was $58.4 million in cash, subject to a future working capital adjustment, which is expected to increase the final sale price.
The acquisition strengthens Venture Steel's abilities in providing just-in-time service of flat rolled products to a variety of end use customers, including automotive, construction, tubular, consumer products, and solar.
