Jones Day Reps Olympic Steel In $156M Chicago Tube Buy

Law360, New York (May 18, 2011, 5:26 PM EDT) -- Cleveland-based Olympic Steel Inc. said Wednesday it has agreed to buy Chicago Tube and Iron Co. for $156 million in a Rust Belt merger that would leave the combined companies with about $1.5 billion in sales and 1,600 employees.

The deal, expected to close July 1, calls for Olympic to acquire all outstanding common shares of Chicago Tube for $150 million in cash, for the assumption of $6 million in debt and for Chicago Tube to become a wholly-owned subsidiary of Olympic, the companies said. It...
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