Olympic Steel, Inc. Announces Acquisition of Facility in Mount Sterling, Kentucky
August 26, 2010 12:00 AM Eastern Time
CLEVELAND, Aug. 26, 2010 (GLOBE NEWSWIRE) — Olympic Steel, Inc. (Nasdaq:ZEUS), a national metals service center, today announced that it has purchased a 100,000 square foot facility in Mount Sterling, Kentucky. The facility will perform plate burning, machining, forming, and shot blasting and is expected to be operational during the first quarter of 2011.
“We are pleased to announce the addition of a new facility in Mount Sterling, Kentucky,” stated Michael D. Siegal, Chairman and Chief Executive Officer. “This additional facility will allow us to better serve the growing demand for our products and services from customers in the area and reinforces our strategy of being closer to where our customers assemble their products. We are extremely thankful to the Commonwealth of Kentucky for its efforts in supporting our investment and welcoming Olympic Steel to the state. We are also proud to bring manufacturing job growth into Kentucky,” concluded Mr. Siegal.
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated, aluminum and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 16 facilities. For further information, visit the Company’s web site at http://www.olysteel.com.
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Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “should,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” or “continue,” as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements.
Such risks and uncertainties include, but are not limited to: the timely and successful installation of processing equipment and start-up of the Mount Sterling facility, and the adequacy of customer demand to support the new processing facility. Further information on these and other risks and uncertainties is provided under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. This release speaks only as of its date and the Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. You are advised, however, to consult any further disclosures the Company makes on related subjects in its reports filed with or furnished to the SEC.
Olympic Steel, Inc.
Richard T. Marabito, Chief Financial Officer
Fax: (216) 292-3974