In an announcement, the company said Marabito will take on his new duties 1 January, when longtime  chief executive Michael D. Siegal steps down. He will take on responsibilities as executive chairman. 

Siegal has served as chief executive since 1984. Under his leadership, the service center increased net sales from US$35 million to an annualized US$1.6 billion in 2018, it said. 

"It has been a privilege leading Olympic Steel through its transformation from a single-location steel distributor to one of the largest metals service centers in the United States," Siegal said.

Marabito has served as the CFO for the past 18 years. 

“He is undeniably the right person to lead Olympic Steel to new heights," Siegal said. 

You can find more on the company’s succession plan here.