Triple-S Steel benefits from economic growth and higher prices

Rising prices and a rebounding US economy have helped Triple-S Steel Holdings nearly double its revenue in 2021.

The Houston-based structural steel wholesaler, which reported just over $2 billion in revenue last year, cracked the top 10 on the Chronicle 100’s Best Private Companies list, landing at 8th rank.

“The industrial economy opened up after COVID, and steel mills that were closed were slow to reopen. Add to that the steel import restrictions imposed by the Trump administration, and you didn’t have the foreign steel imports that would typically provide a relief valve,” CEO Gary Stein said. steel soared.

As a result, sales skyrocketed for the company, whose founding family’s work in the steel industry dates back to the 1920s, when Gary Stein’s grandfather, Johnny Stein, started working in the iron and steel business. scrap.

Triple-S Steel Holdings was founded in 1960 by Gary Stein’s father, Bruce, who named the company after the first names of his mother, wife and daughter. At 84, he still shows up for work every day.

Since taking over as chairman in 1983, Gary Stein has grown the company from revenues of approximately $2 million per year through a combination of organic growth and acquisitions. The company made four acquisitions last year.

Triple-S employs approximately 2,200 people, nearly a quarter of them in the Houston area.

Going forward, Gary Stein is conservative with his projections for 2022. A rise in interest rates will likely put a damper on new construction and, therefore, demand for steel, he said.

He pointed to Amazon’s decision in March to cancel plans for a 2.6 million square foot fulfillment center in Pennsylvania as a signal that construction activity is “foamy” and likely to slow.

That said, Stein notes that interest rates remain low relative to historical levels, which should at least keep demand stable. Stein’s son, Sam, having joined the company about six years ago, Gary Stein is optimistic about the future of Triple-S Steel Holdings as a family business.

“We’ve been in the steel business so long that when we stand in the rain, we’ll rust,” said Gary Stein. “I hope we will be a family business for generations to come.”

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