The US$58.4 million sale was made to Venture Steel Inc., according to a press release. The price is subject to a future working capital adjustment, which is expected to increase the final sale price.

“We remain focused on our long-term strategy to further diversify our business, deliver consistent profitability and enhance shareholder value. The proceeds from the sale of the Detroit operations will be used to reduce debt, generating greater flexibility to pursue additional acquisitions and investments in organic growth initiatives and automation,” said Richard T. Marabito, Olympic Steel’s chief executive officer.

Read the full press release here.