Berlin Metals Acquired by Ohio Company

(photo courtesy of our partners at The Times of Northwest Indiana)

Hammond-based Berlin Metals LLC is under new ownership. Olympic Steel Inc. (Nasdaq: ZEUS) in Ohio has acquired the more than 50-year-old company, though financial terms of the all-cash deal were not disclosed.

Berlin Metals President Roy Berlin tells our partners at The Times of Northwest Indiana he had been thinking about succession plans as he nears retirement age. He said consolidation was the logical path and he looked for a company that would be a "good fit to be the new owner of Berlin."

"And by fit I don’t just mean a company that bought and sold the same products, but a company that also had a similar family-oriented culture, and a culture of fairness and ethical behavior," Berlin told the publication. "I’ve been familiar with Olympic Steel for many years and have always liked and respected their chairman, Michael Siegal. They hire smart people, they’ve shown tremendous growth, they buy similar products, and they have an excellent reputation."

Berlin Metals employs 65 at its 120,000-square-foot Hammond facility where it processes and distributes prime tin mill products and stainless steel strip in slit coil form for customers in the building products, automotive and specialized industrial markets. Olympic Steel says Berlin Metals will continue to operate under its brand name with Roy Berlin remaining as part of the management team.

"This acquisition adds new products and markets, both of which are central to our growth strategy," said Olympic Steel’s Chairman and Chief Executive Officer Michael Siegal. "Berlin Metals also has a growing stainless steel business, compounding our organic growth in these products. With minimal customer overlap, this is a perfect complement to existing operations."

Berlin Metals will be folded into Olympic Steel’s Specialty Metals Flat Products business, led by President Andy Markowitz.