Byer Steel divests structural steel unit
Dec 09, 2013 | 05:21 PM
NEW YORK Rebar mill and fabricator Byer Steel Group has sold its structural steel division to service center Benjamin Steel Co., the buyer announced Dec. 9.
Byer Steel said the spin-off will allow the company to focus on its fabrication, recycling and mill segments. The Cincinnati-based company operates a mill that rerolls railroad axles to produce a unique rebar product, ASTM-A996, among other operations.
"Our sale of the structural steel division will enable us to focus our attention and resources on our rebar and recycling divisions as we look toward future growth," Byer Steel president and chief executive officer Burke Byer said in a statement.
Byers former structural division will operate as Frederick Steel, a wholly owned subsidiary of Springfield, Ohio-based Benjamin Steel. "We have considered the strategy of growth through acquisition for years, and we are very pleased that the opportunities for growth with this acquisition are tremendous when considering our combined strengths," Benjamin Steel president Nick Demana said in a statement.
Byer Steel couldnt be reached for comment.