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
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 Steels strong position in the market
brings strength to General Steel that would be hard to achieve
General Steel has about 50
employees, all of whom will be retained, operating "a fair
amount of processing equipment," such as shearing, sawing and
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
"We are always in the market for
acquisitions that make strategic sense," Stein said.