Olympic Steel acquires Chicago Tube and Iron

Olympic Steel, Inc. completed the acquisition of all of the outstanding shares of Chicago Tube and Iron Company (CTI).

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.