statement<\/a> on Tuesday.<\/p>\nThey noted it will bring \u201cOlympic Steel\u2019s complementary footprint, capabilities, and product offerings into Ryerson\u2019s intelligently interconnected network of value-added service centers.\u201d<\/p>\n
\u201cWe believe this merger presents our shareholders with increased earnings potential in the form of accretive margins, strong cash flows, and compelling synergies,\u201d Ryerson President and CEO Eddie Lehner said.<\/p>\n
Lehner will serve as CEO of the combined company. Olympic Steel CEO Richard Marabito will take on the role of president and COO.<\/p>\n
Further terms<\/p>\n
Olympic shareholders will get 1.7105 Ryerson shares of common stock for every Olympic share of common stock owned. They will own approximately 37% of the combined company.<\/p>\n
The deal is \u201csubject to the satisfaction or waiver of customary closing conditions and the receipt of regulatory and shareholder approvals.\u201d<\/p>\n
Additionally, Michael D. Siegal, executive chairman of Olympic\u2019s board, will be appointed chairman of the board of the combined company.<\/p>\n
\u201cOlympic Steel will also appoint three other mutually satisfactory directors to the combined 11-member board,\u201d according to the statement.<\/p>\n
CEOs cheer<\/p>\n
\u201cI look forward to working with Rick and the entire Olympic Steel organization with shared mission, passion, and purpose to unite our teams in reaching our vast potential together,\u201d Lehner said.<\/p>\n
Marabito also lauded the merger. \u201cWe are thrilled to merge with Ryerson and for all of the opportunities that becoming a $6.5-billion company will provide to our key stakeholders,\u201d he said.<\/p>\n
Ryerson is a Chicago-based metals distributor and processor witih a network of service centers across the US, Canada, and Mexico.<\/p>\n
Cleveland-headquartered Olympic is a metals service center and processor with facilities across the US and Mexico.<\/p>\n","protected":false},"excerpt":{"rendered":"Ryerson Holding Corp. and Olympic Steel Corp. have announced a merger between the two companies. The deal is…\n","protected":false},"author":2,"featured_media":257474,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4,450,451,3,139328,139329,452,453],"class_list":{"0":"post-257473","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-breaking-news","8":"tag-breaking-news","9":"tag-breakingnews","10":"tag-headlines","11":"tag-news","12":"tag-olympic-steel","13":"tag-ryerson","14":"tag-top-stories","15":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/257473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=257473"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/257473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/257474"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=257473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=257473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=257473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}