Proceeds from the sale of the Detroit operations will be used “to reduce debt, generating greater flexibility to pursue additional acquisitions and investments in organic growth initiatives and automation,” said Richard T. Marabito, CEO of Olympic Steel, in a statement. “We remain focused on our long-term strategy to further diversify our business, deliver consistent profitability and enhance shareholder value,” Marabito said.
Olympic Steel sells Detroit operations for $58.4 million He said the Detroit operations “primarily focused on processing and distributing flat-rolled metal to domestic automotive manufacturers and their suppliers. We believe redeploying the capital from this business to higher value-added opportunities in all three of our business segments, including our growing automotive business in the southeastern United States, accelerates our drive to deliver consistently higher returns for our shareholders.”