Mar 25 2008
Steel Technologies Inc. ("Steel Technologies" or the "Company"), today announced that it will integrate the flat-rolled steel business of Mitsui Steel, Inc. ("MSI"), a core Mitsui steel distribution business, into the Company's North American operating platform.
This transaction will take place following the merger of MSI into its parent company, Mitsui & Co. (U.S.A.), Inc. (“Mitsui”). The flat-rolled business that is being transferred to Steel Technologies represents annual revenue of approximately $425 million.
MSI serves a variety of market segments, including the appliance, construction and automotive sectors throughout the United States and Mexico. Joining Steel Technologies' extensive operating platform with MSI's marketing expertise will strengthen Steel Technologies’ customer servicing capabilities throughout the North American Free Trade region. MSI's talented team has done an excellent job expanding the business significantly through effective marketing and management of supply chain logistics. The combination of MSI into Steel Technologies creates substantial opportunities to blend the strengths of both companies.
Commenting on the announcement, Bradford Ray, Chief Executive Officer of Steel Technologies, said, "Steel Technologies has continued to take a leadership role in the consolidation of the steel processing segment. The combination of Mi-Tech earlier this year and now the integration of MSI into Steel Technologies will increase our annual shipments, including our joint ventures, to approximately four million tons and will help push our expected annual revenues to approximately $1.85 billion. We continue to position our Company to provide unsurpassed service, quality and logistics to our North American customer base. The addition of MSI enables us to strengthen our team and deliver even more value to the marketplace."
Posted March 25th,2008