Steel acquires Chicago Tube and Iron
Olympic Steel, Inc. completed the acquisition
of all of the outstanding shares of Chicago Tube and Iron Company
The acquisition purchase price was $150 million
in cash, plus the assumption of approximately $6 million of indebtedness.
The purchase price is subject to a cash and working capital adjustment.
Concurrent with the acquisition, Olympic
Steel entered into a new 5-year, $335 million amended and restated
loan agreement dated July 1, 2011, with Bank of America as agent.