NEW YORK Olympic Steel Inc. plans to expand the St. Paul, Minn., facility of its Chicago Tube & Iron Co. (CTI) subsidiary this year.
"To allow for continued growth, we will be enlarging and enhancing that location," chairman and chief executive officer Michael Siegal said during the companys fourth-quarter earnings conference call.
He noted that the expansion to 130,000 square feet from 90,000 square feet will provide additional crank capacity and better throughput capabilities.
The expansion comes as the companys tubular and pipe products segment contributed to better margins for the Bedford Heights, Ohio-based metal service center quarter over quarter, chief financial officer Rick Marabito said.
Olympic completed its acquisition of CTI in summer 2011 (amm.com, July 5, 2011).