STEEL TECHNOLOGIES TO ACQUIRE CALSTRIP
LOUISVILLE, KY (December 14, 2021) – Steel Technologies LLC (“Steel Technologies”) today announced that it has entered into a definitive agreement to purchase the assets of Calstrip Industries, Inc.(“Calstrip”). The transaction is expected to close late December 2021.
Calstrip is a premier company in the flat-rolled metal processing business with operations in California, New Mexico, Texas, and Arkansas. Calstrip has developed a strong business model focused on contract business with complex supply chain and inventory management for JIT deliveries. Material offerings include flat-rolled low-carbon and high-carbon steel, stainless steel, galvanized, pre-painted, and aluminum. Industries served include appliance, electrical lighting, construction, HVAC, and automotive.
“Calstrip Industries has a strong reputation for excellent quality and customer service, and we are excited to add those assets and teammates to Steel Technologies,” said Thad Solomon, President and Chief Executive Officer of Steel Technologies LLC. “This acquisition supports our dynamic growth strategy by deepening our ability to serve key customers in the Southwest US and Northern Mexico markets. I am looking forward to welcoming our new teammates from Calstrip to the Steel Tech family.”
J.P. Nelis, Chief Executive Officer of Calstrip Industries, Inc., commented, “Our team at Calstrip Industries has always regarded Steel Technologies as a best-in-class organization, and we are excited about the opportunities this combination will provide for our valued customers and employees.”
Steel Technologies, headquartered in Louisville, Kentucky, is a leading metal processor in North America and leverages its broad geographic network of operations to deliver value added products and services to customers. The Calstrip acquisition will expand Steel Technologies’ North American platform to 31 facilities, including joint-venture operations, located throughout the United States, Canada and Mexico.
Steel Technologies is owned by NuMit LLC. which is a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com.