Oct. 28, 2015

Esmark, Loeffel Form Joint Venture

Esmark, Inc., Pittsburgh, and Chicago-based Loeffel Steel Group have formed a new joint venture to serve the companies’ customers across the Midwest. The venture will operate under the Loeffel Steel Group name.

Under the agreement, Loeffel Steel Group founder and CEO Maurice Loeffel will serve as co-chairman and CEO of the newly created venture, which will focus primarily on pre-painted and coated coil and sheet products for customers in the building and construction, roof deck and siding, storage and shelving, and residential home markets.

According to James P. Bouchard, chairman and CEO of Esmark, Inc., and co-chairman of the new joint venture, the partnership is expected to bring increased commercial and operating synergies as the companies seek to provide customers with a broader portfolio of products and services.

“We’re extremely pleased to be joining forces with Maurice and his Loeffel Steel Group team,” says Bouchard. “We have known and conducted business with Maurice and his family for many years, and we share the same business philosophies and commitments to our employees and the communities in which we operate. That way of doing business will continue under this exciting joint venture.”

Loeffel says that during the due diligence process he spoke with a number of potential joint venture candidates and concluded that Esmark was the ideal partner. “Esmark’s experience, reputation, world-class management team and market power in the steel services sector convinced me that we could accomplish great things together,” he says. “We’re excited about the future and look forward to continuing to service our combined networks of customers and collaboration with our suppliers.”

“We’ve clearly demonstrated over the years that we can identify strategic opportunities in the steel and energy sectors and forge lasting and profitable business relationships with our joint venture partners,” says Bouchard. “Both Maurice and I believe we can build on our respective strengths and position the joint venture to be equally successful moving forward.”

Esmark, Inc., is the parent company of Esmark Steel Group, North America’s 35th-largest service center company in the most recent Metal Center News Top 50. Esmark Steel Group is not a part of the joint venture and will continue to operate independently. “While there will be some mutually beneficial collaboration between the two entities on brokering, the JV will set its sights on providing both customer sets with an expanded mix of products and services,” say company executives.


November 2017: 'Steady but Sloppy' Fittingly Sums 2017
More...
 
Pause
November 2017: Scrap First Steel Impact from Storms
More...
Fall 2017: Cutting & Sawing Equipment
More...
Summer 2017
More...
 
Pause
Advanced Controls on Braner Slitters
More...
AHVS Precision Leveler Features Flip-Top Design
More...
Formtek’s Tishken Slitter Increases Production Volume
More...
Red Bud System Handles High-Strength Steels
More...
Bradbury Launches Flat Trak CL Monitoring System
More...
Artus Knives Custom Designed
More...
 
Pause
Privacy Statement  |  Terms Of Use
Copyright by Metal Center News



Monday, December 18, 2017