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Cleveland-based Olympic Steel has acquired Action Stainless & Alloys, a distributor in the Southwest. The deal marks the company’s fourth acquisition in the last three years.
Action Stainless, which had $40 million in revenue in 2019, is a full-line distributor of stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe. It also provides a range of processing services, including plasma, laser and waterjet cutting and CNC machining.
"The history of strong business performance from Action Stainless delivers on our growth strategy and furthers our efforts to reduce cyclicality and consistently earn stronger returns," said Richard T. Marabito, CEO of Olympic Steel. "Continued growth of our specialty metals business is an important element of our strategy. In addition, the culture and focus on safety at Action Stainless are well-aligned with Olympic Steel, which will make for a seamless and successful integration."
The business will be incorporated into Olympic Steel''s specialty metals business segment, led by Andy Markowitz, president - Specialty Metals.
"Action Stainless & Alloys will expand the geographic footprint of our specialty metals business and provide additional product and processing offerings to support existing customers and continue extending our market reach," said Andrew Greiff, Olympic’s president and COO. "The business is a natural fit, and we expect to realize a number of commercial synergies as a result of the acquisition."
Action Stainless & Alloys, which opened in 1982, operates approximately 145,000 square feet of warehouse space across five facilities in Dallas and Houston in Texas; Springdale, Ark.; Rock Hill, S.C.; and Kansas City, Mo. Action Stainless & Alloys will continue to operate under its established brand as an Olympic Steel, led by the existing management team, including Lee Martinson, president.
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