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MB Business Capital Announces $7.5MM Credit Facility for Salem Steel

September 28, 2017, 07:12 AM
Filed Under: Metals and Mining

MB Business Capital, a division of MB Financial Bank, N.A., announced that it recently provided a new $7,500,000 senior credit facility to Paramus, New Jersey-based Salem Steel NA, LLC (Salem Steel).  Salem Steel is an importer and master distributor of precision steel tubes serving a wide range of end markets, including automotive, heavy machinery, energy and mining, to customers all over North America. Salem Steel is known for supplying hard-to-manufacture and irregular size steel tubing, including the following specialties: DOM / ERW tubing, seamless steel tubing, specialty shape tubing and fluid power products (tubing and bar, used for hydraulic cylinder applications). MB’s credit facility will be used to fund working capital needs.

“MB Business Capital understands the metal industry and the challenges a metal distributor faces in the market today. With over 20% of our portfolio in the metal industry, we understand and appreciate the challenges of increasing sales and cash flow. We welcome Salem and look forward to a long and successful relationship,” says Michael Sharkey, President of MB Business Capital.

“MB Business Capital understood our particular requirements well. With MB, we worked collaboratively, quickly and efficiently to structure and execute a credit facility that supports the current needs and future growth of Salem Steel. We look forward to a long, successful partnership,” said Sidd Saran, President and CEO of Salem Steel.

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