EuroWire July 2020

Corporate News

ITP acquires Construction Tool & Threading Co

Furnaces close in wake of manufacturing contraction US Steel Corporation, based in Pittsburgh, USA, expects to lay o around 2,700 employees as a result of idling most of its blast furnaces, which were already witnessing slowing demand even before the coronavirus pandemic disrupted the economy. The gure represents around ten per cent of the payroll. “It’s all about minimising or preserving cash in a di cult environment,” said Phil Gibbs, an analyst at KeyBanc Capital Markets. Mr Gibbs added, “They’re a heavy xed-cost business, and volume right now is reasonably limited and they have to take actions.” By early May, US Steel had idled seven of its ten blast furnaces in the USA – three at the Gary Works site in Indiana, one at Granite City in Illinois, two at Great Lakes in Michigan and one at Mon Valley Works in Pennsylvania – and was inde nitely idling Lone Star Tubular Operations and the Hughes Springs coupling production facility in Texas. In January, the steelmaker had said it anticipated “the rst quarter of 2020 to be the trough for the year, due to the normal seasonality of our mining operations and lower rst quarter shipments in at-rolled [products].” Dan DeMare, a regional sales manager for Heidtman Steel, a service centre customer of US Steel, commented that the capacity shutdown signals that the company is “willing to give up market share to preserve their business.” US Steel Corporation www.ussteel.com

Photo credit: Industrial Threaded Products, Inc

▲ ITP imports and distributes fasteners and related components

Industrial Threaded Products, Inc (ITP) has announced the acquisition of Construction Tool & Threading Co, a custom manufacturing company that has been serving the construction and industrial market for more than 80 years. Construction Tool & Threading Co’s service o ering and team will become fully integrated with ITP. “Through this acquisition, I’m most honoured to unlock all of the talent in the Construction Tool & Threading Co organisation, as well as provide the team access to revitalise their services,” said Garrett Futrell, CEO of ITP. “As Industrial Threaded Products has been in business for 40 years, the joining of our two established organisations is highly mutually bene cial. It will allow customers to experience the expansive bene ts provided across both networks, under the value of Industrial Threaded Products, and we look forward to serving them all.” ITP is a fast-growing importer and distributor of fasteners and related components, including commercial fasteners, C-class components and value-added services. Construction Tool & Threading Co specialises in the custom manufacturing of anchor bolts, J- and U-bolts, tie rod assemblies, rods, studs and critical components. The core goal of the acquisition is to optimise e ciency for customers, providing materials through the combined scope of services. Kevin Ross, general manager of Construction Tool & Threading Co, commented, “I am excited to o cially announce this acquisition to our customers, as this partnership greatly expands the opportunity of what we can provide for them. We took our time in slowly uniting the two organisations to ensure a seamless integration, and we are now truly aligned as one team.” Industrial Threaded Products, Inc Construction Tool & Threading Co www.itpbolt.com www.constructiontool.com

Ellis’s cable clamps have been used in Bahrain to secure electrical cables laid as part of a $4bn project to enhance the kingdom’s water and electricity networks. Aimed at enabling Bahrain to accommodate its growing population and support its economic progress, the project involves the upgrade of the main backbone transmission network to 400 kV and the construction of three main transmission substations. Ellis’s 2A aluminium cable clamps and special compression springs were speci ed through Bahrain-based distributor Amad Baeed Electrical WLL by the Korean cable specialist LS Cable & System. Clamps to the kingdom

Tony Conroy, Ellis’s sales director, said, “The scale of our export operation really does di erentiate us from the majority of our competitors. At present we have distributors in 39 countries and actively export to more than 40.” Ellis’s 2A aluminium cable clamps are manufactured from LM6 aluminium and are available in sizes between 38 and 168mm. Primarily used in transmission and distribution projects in unpolluted environments, they can also be supplied with an epoxy coating for use in harsher environments, or with neoprene liners for additional cable protection. Ellis Patents Ltd LS Cable & System Ltd www.ellispatents.co.uk www.lscns.com

EF 3/37

www.read-eurofasteners.com

July 2020