Chicago Tube And Iron Completes Merger With Olympic Steel
CHICAGO (STMW) - Romeoville-based Chicago Tube and Iron Company announced Friday it has completed a previously announced merger with Olympic Steel, Inc., with Olympic acquiring all of the outstanding shares of CTI.
Donald R. McNeeley, Ph.D., who will continue as President and CEO of CTI -- which is now a wholly owned subsidiary of OSI -- said, "We are very excited about launching our partnership with Olympic. Given our complementary product lines, we are confident that both companies will have new capabilities and opportunities to better serve our respective customers and markets."
Long-time CTI Chairman Robert B. Haigh will be retiring, according to a release form the company. In addition, McNeeley will join the Board of Directors of Olympic Steel, and personally acquire an equity stake in the parent company.
The merger plan was announced in May.
Founded in 1914, Chicago Tube and Iron Company is headquartered in Romeoville and operates over one million square feet of warehouse and processing space across the Midwest and in North Carolina. The company is a leading distributor of steel tubing, bar, pipe, valves and fittings; and fabricates pressure parts for the electric utility industry.
Founded in 1954, Cleveland-based Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated, aluminum and stainless steel flat-rolled sheet, coil and plate products, the release said.
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