Sivyer Steel purchased by a group of local investors

Friday, 21 September 2018 22:53:28 (GMT+3)   |   San Diego
       

Iowa-based Sivyer Steel Corporation has been purchased by a group of local investors according to a recent press release.

The company produces medium to large steel castings for the mining, military, passenger rail and oil/gas industries. It was founded in 1909 in Milwaukee, Minnesota and moved to Bettendorf, Iowa in 1962. Due to a slow order book, it filed for bankruptcy in March 2018. The Voluntary Chapter 11 Petition for Reorganization with the U.S. Bankruptcy Court for the Southern District of Iowa allowed Sivyer to continue operating and employing around 230 people.

Sivyer Steel is now owned by 14 individual small investors. Investor Joel Lorentzen, who operates Crestwood Capital Management Inc., said “intensifying market demand, reduction in competitors and a plant operating at 30-40 percent of its capacity right here in the Quad-Cities,” were the main reasons for the new ownership. Other investors include Michael Baxley, Sivyer’s new CEO and the Tinsman family. The plant has grown to over 240 employees since the acquisition and expansion and retooling plans are underway.


Similar articles

BCG: Steel industry may face scrap shortage with EAF transition

15 Mar | Steel News

Biden: US Steel “must remain domestically owned and operated”

15 Mar | Steel News

Nucor to procure DRI pellet from Brazil’s Samarco

13 Mar | Steel News

US domestic wire rod prices trend vulnerable

11 Mar | Longs and Billet

Cleveland-Cliffs and USW blame US Steel for ITC ruling

01 Mar | Steel News

US imposes sanctions on Russia’s steel mill Mechel, pipe giant TMK and coal miner SUEK

28 Feb | Steel News

Cleveland-Cliffs to idle Weirton tinplate plant following ITC ruling

16 Feb | Steel News

Ira Vernon: The steel industry’s biggest challenge is decarbonization

14 Feb | Interview

USW receives Biden’s support on opposition to sale of US Steel

06 Feb | Steel News

Cleveland-Cliffs posts lower net income for 2023, achieves record shipments

31 Jan | Steel News