CLEVELAND, May 31, 2013 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a leading national metals service center, today announced Founder and Chairman Emeritus Sol Siegal passed away on May 23, 2013. He was 88.
Mr. Siegal inspired an entrepreneurial culture at Olympic Steel—that endures to this day—emphasizing the Core Values and the well-being of the Company's employees, customers and communities.
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The youngest of 10 children from an immigrant family, Mr. Siegal served in the United States Army during World War II and entered the steel business in 1946. In 1954, he and his oldest brother, Sam Sigel, founded Olympic Steel and began selling steel from a rented warehouse in Cleveland, Ohio. Thirty years after the formation of Olympic Steel, Michael D. Siegal, chairman and chief executive officer, purchased the privately owned family company and began to transform the enterprise into a publicly traded, leading North American steel service center with 36 locations. Today, with revenues of $1.3 billion and 1,900 employees, Olympic Steel is the 12th largest service center in North America and continues to embrace the lessons and wisdom of its founder.
An active philanthropist, Mr. Siegal improved the lives of countless individuals through his generous support of humanitarian causes. A former Board member of the Jewish Federation of Cleveland, he was also active in the Jewish Federation of South Palm Beach, where he recently was honored for his consummate generosity. Mr. Siegal received the Tree of Life Award from the Jewish National Fund in 2010 and the Metal Service Center Institute's President Award for Lifetime Achievement in 2004. The Sol Siegal Scholarship Program has provided financial support to more than 80 Olympic Steel employees' family members since its inception in 2004.
"We announce the passing of our Company's founder with great sadness; however, we are proud to recognize a legendary American who led a full and remarkable life. My father's dedication to Olympic Steel was equaled only by his commitment to community service and philanthropy," commented Chairman and Chief Executive Officer Michael D. Siegal.
"The best way for us to honor him is to maintain and expand upon the high standards of business excellence and social responsibility that he embodied throughout his life."
About Olympic Steel
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 and stainless flat-rolled sheet, coil and plate steel and aluminum products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel currently operates from 36 facilities in North America. For further information, visit the Company's website at http://www.olysteel.com.
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