CLEVELAND, June 15, 2011 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a national metals service center, today announced the installation of a $550,000 Northern Power 100kw wind turbine to supplement electricity to the Company's Corporate Office and attached temper mill facility in Bedford Heights, Ohio.
The gearless, direct-drive designed turbine is mounted atop a 120-foot monopole and features a 69-foot diameter rotor. The unit is expected to supplement approximately 15% of the electric power consumed by the Company's 5096 Richmond Road location with any excess production directed to the local energy grid, managed by First Energy.
A ribbon cutting ceremony is scheduled for employees, media, and local and state officials on the morning of June 23.
"We are pleased to be among those leading our industry to support clean, renewable energy initiatives," said Michael D. Siegal, Chairman and Chief Executive Officer. "We would like to thank the City of Bedford Heights and the State of Ohio for their assistance in providing the necessary grants and allowing this project to go forward. It is our intention to continue to pursue these types of opportunities to increase sustainability including and beyond our ISO 14001 certification."
Olympic Steel partnered with Wind Turbines of Ohio to subsidize the project through the Ohio Department of Development and the Advanced Energy Fund. Cascade Renewable Energy, a division of the Grand Rapids, Michigan based Cascade Engineering, Inc., executed the installation.
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated, aluminum and stainless steel flat-rolled sheet, coil and plate products. Headquartered in Cleveland, Ohio, the Company operates strategically located processing and distribution facilities in North America. For further information, visit the Company's web site at http://www.olysteel.com.
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Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "should," "intend," "expect," "believe," "estimate," "project," "plan," "potential," or "continue," as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Further information on these and other risks and uncertainties is provided under Item 1A "Risk Factors" of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. This release speaks only as of its date and the Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. You are advised, however, to consult any further disclosures the Company makes on related subjects in its reports filed with or furnished to the SEC.