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Triple-S Steel acquires General Steel

Jun 04, 2013 | 05:14 PM |

Tags  Triple-S Steel, acquisition, General Steel Inc., Gary Stein, Henry Oliner, service centers, steel, aluminum Corinna Petry

CHICAGO — Triple-S Steel Holdings Inc., Houston, has acquired service center General Steel Inc. of Macon, Ga.

The acquisition adds "new geography for us," Triple-S Steel president and chief executive officer Gary Stein told AMM June 4. "We have no branch in Georgia and only one location in the Southeast, in Knoxville, Tenn."

The terms of the deal and the companies’ annual sales figures were not disclosed.

General Steel president Henry Oliner will stay on as senior vice president of Triple-S Steel while continuing to run General Steel.

"After careful consideration of our future, we saw that our growth would be accelerated as part of a much larger and stronger company," Oliner said in a statement. "Triple S Steel’s strong position in the market brings strength to General Steel that would be hard to achieve organically."

General Steel has about 50 employees, all of whom will be retained, operating "a fair amount of processing equipment," such as shearing, sawing and burning machines.

General Steel stocks hot- and cold-rolled carbon and stainless steel sheet and plate, structurals, shapes, beams, pipe and tube, expanded metal and aluminum products, and provides bar grating, welding, high-definition plasma cutting, shot blasting, rebar and structural fabrication services.

"Henry and I have been friends for more than 25 years, and as their family ownership was transitioning they wanted to put the company in the hands of somebody they liked," Stein said. "This is two old friends coming together to make a deal."

Triple-S Steel and subsidiaries Intsel Steel Distributors and R&S Steel ship more than 600,000 tons of steel per year from facilities in California, Colorado, Louisiana, Tennessee, Texas and Utah, as well as from Colombia.

"We are always in the market for acquisitions that make strategic sense," Stein said.

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