Steel Technologies to Integrate Mitsui Steel’s Flat-Rolled Operations
03/25/2008 - Steel Technologies will integrate the flat-rolled steel business of Mitsui Steel into the company's North American operating platform.
Steel Technologies Inc. announced plans to integrate the flat-rolled steel business of Mitsui Steel, Inc., a core Mitsui steel distribution business, into the company's North American operating platform.
The integration will take place following the merger of Mitsui Steel into its parent company, Mitsui & Co. (U.S.A.), Inc. The flat-rolled business that is being transferred to Steel Technologies represents annual revenue of approximately $425 million.
"Steel Technologies has continued to take a leadership role in the consolidation of the steel processing segment,” said Steel Technologies CEO Bradford Ray, commenting on the announcement. “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.”
Mitsui Steel serves a variety of market segments, including the appliance, construction and automotive sectors throughout the United States and Mexico. According to the company, the combination of Steel Technologies' extensive operating platform and MSI's marketing expertise will strengthen Steel Technologies’ customer servicing capabilities throughout the Nafta region. The combination will also create substantial opportunities to blend the strengths of both companies.
“We continue to position our company to provide unsurpassed service, quality and logistics to our North American customer base,” concluded Ray. “The addition of MSI enables us to strengthen our team and deliver even more value to the marketplace.”
Steel Technologies Inc., a wholly owned subsidiary of Mitsui & Co. (U.S.A.), Inc., processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for a wide range of applications. Steel Technologies has 25 facilities, including its joint-venture operations, located throughout the United States, Canada, and Mexico.
