Bloomberg reported that Esmark Inc has re entered the metal distribution business with the purchase of Amtex Steel Inc for USD 10 million.
Esmark said that it will pursue more acquisitions of steel service centers with cash on hand and aims to have USD 250 million in annual steel revenue by the end of 2010. Amtex, which has more than 70 employees, will be renamed Chicago Steel & Iron.
Brothers Mr Craig and Mr James Bouchard started Esmark in 2003 with an investment of USD 2.4 million. They built Chicago based Esmark into the fourth largest US steelmaker through nine acquisitions that expanded sales from USD 4 million to USD 3 billion. Esmark retained its name and became closely held after the steel assets were sold to Severstal in August 2008.
(Sourced from www.bloomberg.net)
