Olympic Steel Recognizes 50th Anniversary of Executive Chairman Michael Siegal

Rhea-AI Summary

Olympic Steel (Nasdaq: ZEUS) celebrates its 70th anniversary and the 50th anniversary of Executive Chairman Michael D. Siegal. Founded in 1954 by Sam and Sol Siegal with a $17,000 investment, the company has grown into a leading metals service center with over $1 billion in revenues. Michael Siegal joined the company in 1974 and became CEO in 1984, overseeing its public listing on Nasdaq in 1994. Under his leadership, Olympic Steel expanded through acquisitions and new product lines. Today, the company offers a diverse range of metals and fabrication services. Michael Siegal also holds various board positions and is recognized for his philanthropic efforts.

Positive

• Celebrates 70 years in business.
• Recognizes 50th anniversary of Michael Siegal's involvement.
• Over $1 billion in revenues.
• Expansion through acquisitions and new product lines.
• Diverse range of metals and fabrication services.
• Positive leadership and vision from Michael Siegal.
• Public listing on Nasdaq in 1994.
• Ongoing growth and development.

Negative

• No specific recent financial performance details provided.
• Lack of current financial metrics, such as net income or profit margins.
• No mention of recent challenges or market conditions affecting the business.
• Potential over-reliance on leadership of Michael Siegal.

Company celebrates 70 years in business and ongoing growth

CLEVELAND--(BUSINESS WIRE)-- Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today recognized two significant milestones in the Company’s history — the 50^th anniversary of Executive Chairman, Michael D. Siegal, and the Company’s 70^th year in business.

Olympic Steel began in 1954 as a steel distribution partnership between two brothers, Sam Sigel and Sol Siegal. The business, an initial joint investment of $17,000, was run from a rented warehouse in Cleveland, Ohio.

In 1974, Sol’s son, Michael Siegal, joined the business, assuming the role of Chief Executive Officer in 1984. Ten years later, Olympic Steel went public on Nasdaq, under the stock symbol ZEUS — a nod to the mythological Greek god who dwelled on Mount Olympus and a play on the Company’s name.

The company grew quickly after becoming public via acquisitions, greenfield operations and organic growth from new product lines and service offerings. In 2019, Michael Siegal became Executive Chairman of Olympic Steel’s Board of Directors. Over the years, he has turned the $17,000 investment made by his father and uncle into a more than $1 billion metals service center with facilities operating across North America.

“The organization is vastly different from when the Siegal family opened the business seventy years ago,” said Andrew S. Greiff, President & Chief Operating Officer. “We’ve grown far beyond the distribution of carbon steel to offer a wide range of metals products and value-added fabrication services. Michael’s father and uncle built a great foundation, and Michael’s vision and leadership helped propel us to the trusted family of metals and manufacturing brands Olympic Steel is today.”

“What a remarkable legacy,” said Richard T. Marabito, Chief Executive Officer, who is celebrating 30 years with the Company this year. “Michael’s leadership has shaped the organization and our culture, as he has influenced Olympic Steel’s Core Values and mentored many of us leading the enterprise today. He has also been a role model for corporate and global citizenship with his philanthropic work around the world. We’re pleased to recognize his many achievements as we celebrate both Michael’s significant career milestone and this special moment in the history of the Company he committed his life to building.”

Michael Siegal currently serves as the president of the Maccabi World Union and is on the board at Twin City Fan Companies, LTD. Since 2014, he has also served on the Board of Directors of the Development Corporation of Israel and Chairs the Jewish Agency for Israel. He previously served on the Board of Directors of the Cliffs Natural Resources Inc., the Metals Service Center Institute (MSCI), University Hospitals of Cleveland and the Rock and Roll Hall of Fame and Museum. He also previously served as the Board Chair of the Jewish Federation of North American and the Jewish Federation of Cleveland.

About Olympic Steel

Founded in 1954, Olympic Steel (NASDAQ: ZEUS) is a leading U.S. metals service center focused on the direct sale and value-added processing of carbon and coated sheet, plate, and coil products; stainless steel sheet, plate, bar and coil; aluminum sheet, plate and coil; pipe, tube, bar, valves and fittings; tin plate and metal-intensive end-use products, including water treatment systems; commercial, residential and industrial venting and air filtration systems; Wright^® brand self-dumping hoppers; and EZ-Dumper^® dump inserts. Headquartered in Cleveland, Ohio, Olympic Steel operates from 47 facilities.

For additional information, please visit the Company’s website at www.olysteel.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240611004665/en/

Michelle Pearson-Casey

Vice President, Corporate Communications & Marketing

(216) 292-3800

Source: Olympic Steel, Inc.

FAQ

What milestones is Olympic Steel celebrating?

Olympic Steel is celebrating its 70th year in business and the 50th anniversary of Executive Chairman Michael Siegal's involvement.

How has Olympic Steel grown over the years?

Olympic Steel has expanded through acquisitions, new product lines, and organic growth, and now generates over $1 billion in revenues.

When did Olympic Steel go public and what's its stock symbol?

Olympic Steel went public on Nasdaq in 1994 under the stock symbol ZEUS.

What services does Olympic Steel offer?

Olympic Steel offers a diverse range of metals products and value-added fabrication services.

Who is Michael Siegal and what is his role at Olympic Steel?

Michael Siegal is the Executive Chairman of Olympic Steel and has been with the company for 50 years, contributing significantly to its growth.

What is the revenue of Olympic Steel?

Olympic Steel generates over $1 billion in revenues.

Who founded Olympic Steel and when?

Olympic Steel was founded in 1954 by brothers Sam and Sol Siegal.

What are some of Michael Siegal's other roles?

Michael Siegal serves on various boards, including Twin City Fan Companies and the Development of Israel, and is involved in philanthropic work.