Byer Steel will continue operating its rebar mill, sales and fabrication division as well as its scrap metal recycling operations, according to the release.
Nick Demana, Benjamin Steel president, said in a statement they have considered this acquisition strategy for years.
"The opportunities for growth with this acquisition are tremendous ..." according to Demana's statement.
Burke Byer, president and CEO of Byer Steel, said in a statement the sale will enable his company to focus on it's rebar and recycling operations.
Benjamin Steel, a third-generation family owned business of 75 years headquartered in Springfield, has 210 employees with facilities in Dayton, Lima and Mansfield.
Details of the sale price were not released.
For more information about the new company, visit its website at FrederickSteel.com.
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