Olympic Steel to Build New Processing Facility in Dover, Ohio
07/02/2008 - Olympic Steel enters into agreement to purchase a 62,000-square-foot processing facility in Dover, Ohio.
Olympic Steel, Inc. has entered into an agreement to purchase a 62,000-square-foot processing facility in Dover, Ohio.
“We are pleased to announce the addition of a new satellite facility in Dover, Ohio,” stated Michael D. Siegal, Olympic Steel’s Chairman and CEO. “A key component of our strategy is to be closer to our customer base.”
“This new facility will allow us to better serve original equipment manufacturers in Central Ohio and the adjoining states,” added Siegel. “We are extremely thankful to the State of Ohio, the Tuscarawas County Commissioners and Port Authority, and the City of Dover for their efforts in supporting this approximately $5-million investment project.”
Closing of the transaction is expected to occur later in the third quarter of 2008, subject to the satisfaction or waiver of customary closing conditions. The facility is expected to be operational during the fourth quarter of 2008.
Founded in 1954, Olympic Steel is a leading U.S. steel service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the company operates 15 facilities.
