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Olympic Steel & Chicago Tube complete merger

August 2011 - Olympic Steel Inc., Cleveland, and Chicago Tube and Iron Co., Romeoville, Ill., completed their previously announced merger agreement, with Olympic acquiring all outstanding shares of CTI. Under the agreement, CTI will become a wholly owned subsidiary of Olympic Steel. The transaction purchase price is $150 million in cash plus assumption of $6 million of debt. Donald R. McNeeley, Ph.D., who will continue as president and CEO of CTI, said in a statement, “We are very excited about launching our partnership with Olympic. Given our complimentary product lines, we are confident that both companies will have new capabilities and opportunities to better serve our respective customers and markets.”

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