Mill Services Completes Tube City Acquisition

Tube City Holdings, a Glassport, PA-based provider of raw materials and services to the steel industry, has been acquired by Mill Services Corp., a holding company formed by Wellspring Capital Management.

Wellspring bought controlling interest in Tube City from Blue Point Capital Partners, which invested in Tube City in 2003.

The deal will combine Tube City, an international ferrous scrap processor, with International Mill Service Inc., of Horsham, PA. International Mill Service was acquired by Wellspring earlier this year.

Michael Coslov, chief executive officer of Tube City, will serve as the new company's CEO.

International Mill Service President and CEO Ray Kalouche will be president of a division comprising International Mill Service and Olympic Mill Services, a former unit of Tube City.

Joseph Curtin, formerly the president of Tube City, will be the president and chief operating officer of the Tube City division of the newly combined company.

Tube City has operations in the United States and Europe. It primarily processes and brokers steel scrap. It also provides transportation, equipment leasing and maintenance, and other steel-related services.