Sept. 2, 2015
Union Partners Acquires Lee Steel Assets
Union Partners, an Oak Brook, Ill., investment holding company, has agreed to purchase the assets of Lee Steel Corp., which filed for bankruptcy protection earlier this year. Union Partners has acquired the assets of Lee Steel’s two service center facilities in Wyoming and Romulus, Mich., which will be consolidated into the Wyoming operation. The new owner says there will be no disruption of service to Lee Steel’s customers.
Additionally, the company intends to maintain distribution capabilities in the Detroit area as a complement to its Wyoming operation.
Lee Steel becomes one of several affiliated service centers in the Union Partners group, including Lexington Steel Corp., LexWest, Lex South, Mapes & Sprowl Steel, Chicago Steel Holdings, JIT Steel Services, Opus Metals and other alliances in the metals and logistics industries.
“We are pleased to be a part of the Union Partners group of companies and are appreciative of the ongoing support of our customers, employees, and vendors. This is the dawn of a new day for Lee Steel, and the entire Lee team is excited about the future,” says Zachary Taylor, CEO of Lee Steel.
“This was an opportunity to add significant talent to our family of companies. Not only does Lee Steel have an exceptional staff, but they arguably offer some of the finest equipment and service provided in Michigan. We look forward to Lee Steel’s bright future and will continue to focus on the needs and services of Lee Steel’s customers,” says Chris Hutter of Union Partners.
Lee Steel filed for bankruptcy protection in April. The Novi, Mich.-based service center offers slitting, multi-blanking and EPS acidless pickling among its services.