Server: Netscape-Communications/1.1 Date: Thursday, 20-Nov-97 22:17:41 GMT Content-type: text/html
FOR ADDITIONAL INFORMATION CONTACT:
Michael D. Siegal
CLEVELAND, Ohio - (August 18, 1997) Olympic Steel, Inc. (Nasdaq: ZEUS) broke ground in Bettendorf, Iowa today for their new temper mill, sheet processing and plate burning facility. Russell Construction of Bettendorf is the general contractor for the project. With Olympic's initial investment of more than $22 million in the project, the company looks forward to becoming a part of the Bettendorf and Quad City communities. State and city governments, Quad City Development Group, MidAmerican Energy Company, and Bettendorf Development Corporation were all instrumental in bringing the project together. The 190,000 square foot facility in Bettendorf will house a Herr-Voss cut-to-length line, a four-high temper mill supplied by Integrated Industrial Systems (I2S), and multiple pieces of plate burning equipment. Construction is expected to be completed in June 1998. The company anticipates having the new facility fully operational in the second half of 1998. Our industry is moving toward providing more and more value-added services to customers. This expansion into the Iowa region will fulfill that demand from significant manufacturing companies in the region. Our Minneapolis and Cleveland facilities have successfully responded to similar demands with strong results." stated Michael D. Siegal, Chairman and CEO. "By bringing together technology and experience to this Iowa facility, we expect to fulfill the demands of significant manufacturing companies in this region," said Michael D. Siegal, Chairman and CEO. Our Minneapolis and Cleveland facilities have successfully responded to similar demands and have enhanced our value. This facility is also expected to contribute strong results." Olympic Steel is a leading national specialized steel service center that processes and distributes flat-rolled carbon and stainless steel products. It is headquartered at 5096 Richmond Road, Cleveland, Ohio 44146, with operations in Cleveland, Minneapolis, Chicago, Detroit, Philadelphia, Atlanta, Milford CT, and Greenville SC, as well as an international sales office in Pittsburgh. 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 market; work stoppages by automotive manufacturers; potential equipment malfunction; equipment installation and facility construction delays. Please refer to the Company's Securities and Exchange Commission filings for further information. |