Mill Steel Co. Enters Stainless and Aluminum Space with Acquisition of Cleveland Metal Exchange
19 January 2023
Mill Steel Co., one of the nation's largest distributors of flat-rolled carbon steel, is pleased to announce its expansion into the flat-rolled stainless steel and aluminum metal markets with the acquisition of Cleveland Metal Exchange (CME) and Chicago Stainless Metal Exchange. This represents the largest acquisition to date for Mill Steel Co. Details of the transaction, which closed Tuesday, were not disclosed.
A full line of stainless steel and aluminum products is now available through the Mill Steel Stainless and Aluminum division led by industry experts, former CME CEO, Randy Horvat and President, Jeff Haas.
In addition, the entire CME team, with over 200 years of combined experience in the sourcing and processing of stainless and aluminum products, is joining Mill Steel's seasoned team of carbon flat-rolled specialists.
"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 plans to leverage its vast processing footprint and dedicated carrier network along with CME's extensive supply chain to bring competitively priced aluminum and stainless products to market.
"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," said Randy Horvat, CME CEO, and Jeff Haas, CME President.
The company will immediately assume steel processing and supply for CME's broad array of manufacturing, automotive, and construction industry customers in the Southeastern, Mid-South and Western United States.
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