McDonald Steel Subsidiary Acquires General Steel Corp.
MCDONALD, Ohio – Mac Steel GSC Inc., a subsidiary of McDonald Steel Corp., has acquired the assets of Cleveland-based General Steel Corp., a steel service center specializing in the processing of steel plate, the company announced.
General Steel Corporation will continue to operate as a stand-alone enterprise in Cleveland, the company said in announcing the acquisition.
McDonald Steel produces custom-engineered hot rolled shapes used in bridge decking and expansion joints and other applications.
“We pursued this acquisition because General Steel’s precision plate processing capabilities are a natural complement to our broad line of specialty hot rolled shapes,” said McDonald Steel President Jim Grasso. “Our partnership will enable us to more fully serve our current customers, particularly those related to rail transportation and infrastructure reinvestment, and will pave the way for increased penetration of the construction and agriculture markets.”
McDonald Steel was founded in 1981 by a group of local investors who saw opportunity in the recently shuttered McDonald Works of U. S. Steel.
Over the past 41 years, the management and employees of McDonald have expanded its product offerings to more than 500 symmetrical and asymmetrical hot rolled shapes. These shapes are used in the production of bridge decking and expansion joints, wheels for on- and off-road applications, automotive door hinges, spigot sections, and a number of applications in the rail and rail car industry.
McDonald Steel also produces finished rail joint bars, all of which are 100% manufactured in the United States.
“In addition to the important marketing considerations, the acquisition of General Steel represents a significant step in the long-planned diversification of our production capabilities. We are enthusiastic about the opportunities for our company and its employees created by bringing these two outstanding organizations together,” said Bill Bresnahan, chairman and CEO of McDonald Steel,
General Steel specializes in flame and plasma cutting of steel plate. The company performs complex processing in-house, on high-definition plasma and oxy-fuel burning machines, as well as other ancillary services including beveling, heat treating, forming, shot blasting, grinding, and milling.
Our teams are highly professional and widely respected, and I believe that will give us a real advantage in the steel processing industry going forward,” said Jim LaMantia, president and owner of General Steel.
Financing for the acquisition was provided by Huntington Bank’s Commercial Banking Group in Youngstown. Terms were not disclosed.
Pictured at top: General Steel Corporation will continue to operate as a stand-alone enterprise in Cleveland.
Copyright 2024 The Business Journal, Youngstown, Ohio.
