Olympic Steel completes the puzzle with the opening of its Chambersburg facility
Cleveland, Ohio (September 21, 1999) - Olympic Steel, Inc. (Nasdaq: ZEUS) announces tonight it will host an open house at its new cutting edge plate processing operation in Chambersburg, Pennsylvania. The pieces of the plate-processing puzzle come together with this new facility - it will provide burning, drilling, milling, turning, boring, tapping and beveling.
"The completion of this project reaffirms Olympic's commitment to its customers by providing the products and services they are requesting," commented Michael D. Siegal, Chairman and Chief Executive Officer. "This facility will allow our customers to focus on their strengths of marketing, design, and assembly while we continue to focus on our strengths of procurement of steel, distribution, and now the manufacturing process."
The 87,000 square foot multi-functional facility is located on 11 acres, with sufficient property to double the size of the operations at a later date.
The Chambersburg facility will offer a full array of plate processing options. Along with the over two dozen pieces of machining equipment, one MG HT 2000 unit has been installed and a second one is ordered and should arrive in late October. These pieces of equipment feature three plasma heads and six gas heads that can cut heavy plate and can produce complex, configured parts with incredible efficiency.
Chambersburg's General Manager, Kirk Casey reports to Jerome Gea, Vice President of the Northeast Region, which also includes the Connecticut and Philadelphia regions.
Olympic Steel is a leading North American steel service center that has positioned itself for growth in a consolidating steel industry. It is experienced in the specialized processing and distribution of flat-rolled carbon and stainless steel products, as well as tubular steel products. Headquartered in Cleveland, Ohio, the company has over 1,000 employees in 15 locations serving nine geographic markets. For more information on Olympic Steel, check out the company's web site at www.olysteel.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive factors such as the availability and pricing of steel and fluctuations in demand, specifically in the automotive and agricultural markets; work stoppages by automotive or steel manufacturers; potential equipment malfunction; equipment installation and facility construction delays; and year 2000 issues. Please refer to the Company's Securities and Exchange Commission filings for further information.
Contact: Cathy S. Kish
Director - Investor Relations
Telephone: (216) 292-3800
Fax: (216) 682-4065
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