Home » Optima Specialty Steel, Inc. completes financial restructuring and emerges from bankruptcy

Optima Specialty Steel, Inc. completes financial restructuring and emerges from bankruptcy


HAMMOND, Ind. (Nov. 16, 2017) – Optima Specialty Steel, Inc. today announced that it has satisfied the conditions to effect its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Oct. 16, 2017, and has emerged from bankruptcy. The plan was sponsored by DDJ Capital Management, LLC (”DDJ”), investment manager to the company’s largest creditor constituency.

In conjunction with its emergence from bankruptcy the Company has changed its name to Specialty Steel Works Incorporated (SSWI), leveraging the strength of SSWI as a leading North American manufacturer and processor of specialty steel products and aligning its corporate identity with its product lines and broad customer base. The company will continue to provide the broadest specialty product offering in the industry through its four wholly-owned subsidiaries, Michigan Seamless Tube & Pipe, Niagara LaSalle Corporation, Corey Steel Company, and Kentucky Electric Steel.

The company also announced the appointment of Joel Hawthorne as chief executive officer. Hawthorne brings over 30 years of industry experience to his role at the company, most recently having served as President and CEO of GrafTech International. During his 18 year career at GrafTech he held multiple executive positions, including serving as a member of the board. Prior to joining GrafTech, Hawthorne gained extensive steel industry experience in financial and strategic planning roles at LTV Corporation and Acme Metals Incorporated.

Jim Kime, managing director at DDJ and Chairman of SSWI said: “The company is emerging from bankruptcy under new ownership and with a new name that signals our dedication to creating the best products and best customer and supplier relationships in the industry. As the company enters a new chapter, we are confident that the appointment of Joel Hawthorne will be another source of strength for the revitalized business. Joel brings experience, leadership, and the ability to support continued success in the programs and products SSWI excels in, as well as the vision and experience to incorporate changes that will enable our existing businesses to achieve their full potential. Joel has a proven track record of executing vision and strategy and inspiring people to achieve excellence through teamwork; I am extremely confident in his ability to lead SSWI.”

“I am honored and excited to have the opportunity to lead SSWI in this next chapter. The SSWI team has emerged from bankruptcy with a new financial structure and is very well positioned to compete in the markets we serve,” Hawthorne said. “SSWI has a unique role in the industry as a result of its combined strengths as a leading manufacturer of specialty steel products and a leading niche player in the steel supply chain, together with its broad product offering across a variety of end markets and its diversified customer base. I look forward to working with the company’s board of directors, the management team, and the employees of SSWI as we focus on providing commercial excellence for our customers, sustained profitability for our stakeholders, and building new and stronger relationships in our vendor and customer communities.” Hawthorne also noted, “As the company emerges from bankruptcy with a new name and under new ownership, I want to assure customers that our commitment to superior quality and customer service is unwavering.”

I want to express my appreciation and thanks to our employees for their hard work, dedication and ongoing support as we worked through the bankruptcy process. Their continued focus and dedication is what makes us a great company,” said Michael Salamon, president and COO of SSWI. “I look forward to working closely with Joel on strategic initiatives that will benefit our customers, vendors, and employees as we move forward.”

For more information about Specialty Steel Works Incorporated’s emergence from bankruptcy, please visit: http://cases.gardencitygroup.com/oma/index.php