January 23, 2006
Olympic Steel Inc., a national steel service center, and United States Steel Corp. jointly announced plans to close their Olympic Laser Processing (OLP) joint venture facility in Detroit. OLP processes laser welded steel blanks for the automotive industry. The joint venture, which is 50 percent owned by Olympic Steel and 50 percent by U.S. Steel, is expected to cease operations by the end of the first quarter of 2006.
"Today's automotive business environment is challenging. The decision to close OLP was based upon the failure of the laser welded blank marketplace to develop as originally believed by the domestic auto industry," stated Michael D. Siegal, Olympic Steel chairman and CEO.