A local distributor of flat-rolled steel products expanded into new markets with a recent acquisition.
Mill Steel Company, headquartered in Grand Rapids, said it acquired Cleveland Metal Exchange (CME) and Chicago Stainless Metal Exchange in its largest acquisition to date. Terms of the deal were not disclosed.
With the new addition, Mill Steel will launch a stainless and aluminum division with a full line of stainless steel and aluminum products. Former CME CEO Randy Horvat and President Jeff Haas will lead the division.
“We are thrilled to be entering the stainless and aluminum industry. This was an easy decision made by our customers and supports our plans for continued growth. I have the utmost respect for the CME team and confidence in our combined efforts to deliver a superior customer experience,” said Pam Heglund, CEO of Mill Steel.
Mill Steel said it plans to leverage its vast processing footprint and carrier network along with CME’s extensive supply chain to bring competitively priced aluminum and stainless products to market.
The company immediately started steel processing and supply for CME’s customers in the Southeastern, Mid-South and Western U.S. regions.
According to Mill Steel, the entire CME team will stay on board during the transition.
“With Mill Steel’s financial strength, supplier relationships and reputation, we view this merger as transformational, positioning Mill Steel to become one of the nation’s largest full-line service centers,” Horvat and Haas said.