CLEVELAND, Aug. 27 /PRNewswire-FirstCall/ -- Olympic Steel, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 2,450,000 shares of its common stock. The Company proposes to issue and sell 2,250,000 shares, and the selling shareholders named in the registration statement propose to sell 200,000 shares. The Company intends to use its net proceeds from the offering to repay a portion of the Company''s indebtedness under its bank credit facility. The Company will not receive any portion of the net proceeds from sales by the selling shareholders.
Citigroup Global Markets Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc., and Jefferies & Company, Inc. will manage the offering. The Company and the selling shareholders will grant an option to the underwriters to purchase an additional 367,500 shares to cover over-allotments, if any.
Olympic Steel is a U.S. steel service center focused on the sale and distribution of large volumes of processed carbon, coated and stainless flat- rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 12 facilities and participates in two joint ventures.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
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 risks and uncertainties (contained in the Company''s SEC Filings) that could cause actual results to differ materially from those projected.
Olympic Steel, Inc.
Citigroup Global Markets Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc., and Jefferies & Company, Inc. will manage the offering. The Company and the selling shareholders will grant an option to the underwriters to purchase an additional 367,500 shares to cover over-allotments, if any.
Olympic Steel is a U.S. steel service center focused on the sale and distribution of large volumes of processed carbon, coated and stainless flat- rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 12 facilities and participates in two joint ventures.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
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 risks and uncertainties (contained in the Company''s SEC Filings) that could cause actual results to differ materially from those projected.
Olympic Steel, Inc.
