Cleveland, Ohio-based service center Olympic Steel, Inc. announced Friday that it has completed its previously announced acquisition of Chicago Tube and Iron Company (CTI). The acquisition purchase price was $150 million in cash, plus the assumption of approximately $6 million in debt.
In a press release, Olympic Steel said that Donald McNeeley will continue to serve as President of CTI, which now operates as a subsidiary of Olympic Steel. Additionally, McNeeley has entered into a five-year employment agreement with Olympic and has joined Olympic Steel's board of directors.