Olympic Steel
Encyclopedia
Olympic Steel, Inc. is a steel
processor with major production operations in the United States
. The company has seventeen facilities throughout the eastern-half of the United States. It became a public company following an IPO
in 1994. Olympic sells, processes, stores and trades flat-rolled steel
in the United States and other countries.
The company serves manufacturers and fabricators needing flat-rolled steel products. It operates as an intermediary between steel mills and steel consumers that require processed steel for their operations. These consumers include manufacturers of OEM
products, heavy equipment and automobile manufacturers. Olympic also offers Toll Processing at some of its facilities. Toll Processing is essentially an outsourcing function: the steel owner does not have the machinery to process the steel, so it hands that steel over to a processor with specific instructions on how to cut, burn or otherwise process the steel.
, Ohio
. By 1966, the facility had grown to 35000 square feet (3,251.6 m²). The company offered multiple flat-rolled steel
products, including coil and plate products.
In 1975, Michael Siegal, son of Sol Siegal, joined the company. The next year, the facility was again expanded to 56000 square feet (5,202.6 m²). By 1985, the company had founded a Southern sales office in Georgia
and another office in Pennsylvania
. Micheal Siegal bought out his father's share of the company in 1984 and David Wolfort joined the company as General Manager.
In 1987, Olympic acquired Viking Steel Company, based in Elk Grove Village
, Illinois
. The following year the Philadelphia Division is formed by moving the Eastern sales office to a full warehouse facility in Lester, Pennsylvania
. In 1989, the Southern Division moved to Greenville
, South Carolina
, consolidating several sales offices in the region and Olympic Steel Trading was formed to sell steel in Puerto Rico
and Mexico
.
In the early 1990s, Olympic would expand further by purchasing Eastern Steel in Milford
, Connecticut
, Juster Steel of Minneapolis
, Minnesota
and Lafayette Steel & Processing in Detroit
, Michigan
. Another facility is opened in Illinois
to support the facility in Elk Grove Village
. In 1994, the company offered 4,000,000 shares in an IPO
. Two years later in 1996 it offered 2,500,000 more shares.
By the late 1990s, Olympic had moved into many new areas. Southeastern Metal Processing was purchased in Winder
, Georgia
in 1997. The company broke-ground on its second temper mill
at a new facility in Bettendorf
, Iowa
. The following year, Olympic entered the machining business by purchasing the assets of JNT Machining and opening a new facility in Chambersburg
, Pennsylvania
.
The early 2000s brought many changes to Olympic, which expanded further into machining and fabrication with the purchase of the new equipment. In 2006, it purchased the Siler City
, North Carolina
-based Tinsley Group. In 2007, the company's revenues exceeded US$1 billion for the first time. In 2008, it announced new fabrication facilities to be built in Dover
, Ohio
and Sumter
, South Carolina
.
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
processor with major production operations in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The company has seventeen facilities throughout the eastern-half of the United States. It became a public company following an IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
in 1994. Olympic sells, processes, stores and trades flat-rolled steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
in the United States and other countries.
Business Profile
Olympic Steel, Inc. engages in the processing and distribution of processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products in the United States. Its services include cutting-to-length, slitting, and shearing. It also offers value-added processes such as blanking, tempering, plate burning, precision machining, welding, and fabricating and painting to process steel to specified lengths, widths, and shapes.The company serves manufacturers and fabricators needing flat-rolled steel products. It operates as an intermediary between steel mills and steel consumers that require processed steel for their operations. These consumers include manufacturers of OEM
OEM
OEM means the original manufacturer of a component for a product, which may be resold by another company.OEM may also refer to:-Computing:* OEM font, or OEM-US, the original character set of the IBM PC, circa 1981...
products, heavy equipment and automobile manufacturers. Olympic also offers Toll Processing at some of its facilities. Toll Processing is essentially an outsourcing function: the steel owner does not have the machinery to process the steel, so it hands that steel over to a processor with specific instructions on how to cut, burn or otherwise process the steel.
History
Olympic Steel was founded in 1954 by brothers Sol and Morris Siegal and Sam Sigel. Initially, it was a trading company and owned no facilities. In 1956, it opened an 11000 square feet (1,021.9 m²) facility in Bedford HeightsBedford Heights, Ohio
-External links:*...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
. By 1966, the facility had grown to 35000 square feet (3,251.6 m²). The company offered multiple flat-rolled steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
products, including coil and plate products.
In 1975, Michael Siegal, son of Sol Siegal, joined the company. The next year, the facility was again expanded to 56000 square feet (5,202.6 m²). By 1985, the company had founded a Southern sales office in Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
and another office in Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. Micheal Siegal bought out his father's share of the company in 1984 and David Wolfort joined the company as General Manager.
In 1987, Olympic acquired Viking Steel Company, based in Elk Grove Village
Elk Grove Village, Illinois
Elk Grove Village is a municipality located in northeastern Illinois adjacent to O'Hare International Airport and the City of Chicago. Elk Grove Village encompasses in land area with located in Cook County and located in DuPage County, Illinois. The population was 32,745 at the 2010 census...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. The following year the Philadelphia Division is formed by moving the Eastern sales office to a full warehouse facility in Lester, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. In 1989, the Southern Division moved to Greenville
Greenville, South Carolina
-Law and government:The city of Greenville adopted the Council-Manager form of municipal government in 1976.-History:The area was part of the Cherokee Nation's protected grounds after the Treaty of 1763, which ended the French and Indian War. No White man was allowed to enter, though some families...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
, consolidating several sales offices in the region and Olympic Steel Trading was formed to sell steel in Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
and Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
.
In the early 1990s, Olympic would expand further by purchasing Eastern Steel in Milford
Milford, Connecticut
Milford is a coastal city in southwestern New Haven County, Connecticut, United States, located between Bridgeport and New Haven. The population was 52,759 at the 2010 census...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
, Juster Steel of Minneapolis
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...
, Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...
and Lafayette Steel & Processing in Detroit
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
. Another facility is opened in Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
to support the facility in Elk Grove Village
Elk Grove Village, Illinois
Elk Grove Village is a municipality located in northeastern Illinois adjacent to O'Hare International Airport and the City of Chicago. Elk Grove Village encompasses in land area with located in Cook County and located in DuPage County, Illinois. The population was 32,745 at the 2010 census...
. In 1994, the company offered 4,000,000 shares in an IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
. Two years later in 1996 it offered 2,500,000 more shares.
By the late 1990s, Olympic had moved into many new areas. Southeastern Metal Processing was purchased in Winder
Winder, Georgia
Winder is a city in Barrow County, Georgia, United States. The population was 10,201 at the 2000 census. Census Estimates of 2005 indicate a population of 12,451...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
in 1997. The company broke-ground on its second temper mill
Temper mill
A temper mill is a steel sheet or steel plate processing line composed of a horizontal pass cold rolling mill stand, entry and exit conveyor tables and upstream and downstream equipment depending on the design and nature of the processing system....
at a new facility in Bettendorf
Bettendorf, Iowa
Bettendorf is a city in Scott County, Iowa, United States. Bettendorf is the fifteenth largest city in the U.S. state of Iowa and the fourth largest city in the "Quad Cities". As of the 2010 United States Census the population grew to 33,217. Bettendorf is one of the Quad Cities, along with...
, Iowa
Iowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...
. The following year, Olympic entered the machining business by purchasing the assets of JNT Machining and opening a new facility in Chambersburg
Chambersburg, Pennsylvania
Chambersburg is a borough in the South Central region of Pennsylvania, United States. It is miles north of Maryland and the Mason-Dixon line and southwest of Harrisburg in the Cumberland Valley, which is part of the Great Appalachian Valley. Chambersburg is the county seat of Franklin County...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
.
The early 2000s brought many changes to Olympic, which expanded further into machining and fabrication with the purchase of the new equipment. In 2006, it purchased the Siler City
Siler City, North Carolina
Siler City is a town in Chatham County, North Carolina, United States. The population is right at 8,747 within corporate limits and 14,005 within corporate limits and ETJ...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
-based Tinsley Group. In 2007, the company's revenues exceeded US$1 billion for the first time. In 2008, it announced new fabrication facilities to be built in Dover
Dover, Ohio
Dover is a city in Tuscarawas County, Ohio, United States. The population was 12,210 at the 2000 census.-History and features:Dover was originally part of a grant to Col. James Morrison of Kentucky, who had received it from the federal government for Revolutionary War services...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
and Sumter
Sumter, South Carolina
-Demographics:, there were 59,180 people, 34,717 households, and 4,049 families living in the city. The population density was 4,469.5 people per square mile . There were 416,032 housing units at an average density of 603.0 per square mile...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
.
Eastern Region
- Corporate Offices & Cleveland Division, Bedford Heights, Ohio
- Connecticut Division, Milford, Connecticut
- Pennsylvania Division, Philadelphia, Pennsylvania
- Pennsylvania Division, Chambersburg, Pennsylvania
- Southern Division, Winder, Georgia
- North Carolina Division, Siler City, North Carolina
Central Region
- Chicago Division, Schaumburg, Illinois
- Iowa Division, Bettendorf, Iowa
- Minneapolis Division, Minneapolis, Minnesota (2 locations)