Monarch Steel Co. announced today that it has entered into a purchase agreement with Feralloy
Corp. to acquire the Chicago-based company's operations and facilities in Cleveland. Both companies are processors and distributors of steel products.
"This purchase provides us the added capacity necessary to continue expanding our production capability and product offerings," said Robert L. Meyer, Monarch's CEO. "It conforms to our strategic plan to achieve greater economies of scale and scope and reinforces our continued commitment to the Cleveland area."
This transaction will be another step toward consolidating the flat roll processing capacity in the Cleveland area market and will strengthen Feralloy's overall performance within the industry, according to Frank M. Walker, president and CEO, Feralloy Corporation.
The transaction is expected to close within the next 30 days.