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Growing steel service center group Esmark Incorporated, Chicago, IL, has acquired Cleveland, OH-based Independent Steel Company, a privately held processor and distributor of value-added steel products, for $21 million in cash. The acquisition is Esmark's 10th since it was founded in 2003.
Esmark Chairman and CEO James P. Bouchard said, "The acquisition of Independent Steel demonstrates Esmark's commitment to growth and investment in the Ohio Valley. This is another important strategic step towards completing our downstream-growth platform between the Pittsburgh-Chicago growth corridor."
Independent Steel has annual revenues of more than $60 million and serves the construction, tubing manufacturers, consumer products and transportation industries with a range of low carbon cold rolled and galvanized painted steel applications and products. Independent Steel's service region includes Ohio, Pennsylvania, Michigan, Indiana and New York State.
Bouchard noted that with the acquisition of Independent Steel, annual revenues for the Esmark Steel Services family of companies now exceed $625 million. "We remain debt-free and expect Independent Steel to enhance Esmark's cash flow as it approaches a proposed merger with Wheeling Pittsburgh Steel Corporation later this year."
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