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Roanoke Electric Steel Corporation history
Roanoke Electric Steel Corporation company history timeline
After its first full year in operation in 1957, Roanoke Electric Steel turned a profit of $94,000 on revenues of $2.66 million.
In 1962 his company became the first commercial continuous steel casting plant in the country.
A second continuous casting machine was then installed in 1970 to keep pace with the amount of steel the mill's three furnaces could now melt.
1975: John W. Hancock, Jr., Inc. is absorbed as subsidiary.
By 1979 sales jumped to $72.5 million and profits exceeded $6.3 million.
1985: Socar, Incorporated is acquired.
The business would be expanded in 1988 when a nearby facility was also purchased.
Finally, he was named chairman of the board in 1989, as Hancock retired completely.
Despite poor business conditions, Roanoke Electric Steel remained profitable, although earnings fell to just $200,000 in 1991 on revenues of $127 million.
Revenues reached $295.2 million in 1998, as the company posted $19.9 million in net profit.
1998: Steel of West Virginia is acquired.
As the economy verged on recession in 2001 and construction fell off, even those subsidiaries began to feel the pinch.
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Roanoke Electric Steel Corporation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Nucor | 1940 | $30.7B | 26,001 | 427 |
| Feralloy | 1954 | $170.0M | 750 | 1 |
| Viking Materials | 1972 | $51.6M | 63 | - |
| Pacific Metal | 1876 | $44.1B | 30 | - |
| Southland Tube | 1987 | $88.8M | 350 | - |
| Sandusky Cabinets | - | $1.6M | 15 | - |
| Axis Pipe and Tube | - | $3.6M | 50 | - |
| General Metals | 1977 | $1.1M | 50 | 3 |
| TENNSCO | 1961 | $140.0M | 600 | - |
| Texas Pipe Works | 1985 | $28.5M | 75 | 2 |
Roanoke Electric Steel Corporation history FAQs
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Roanoke Electric Steel Corporation may also be known as or be related to Roanoke Electric Steel and Roanoke Electric Steel Corporation.