Olympic Steel, a national metals service center, amended its five-year loan and credit agreement with Bank of America as administrative agent.

The amended facility replaced the company’s previous credit agreement, increasing the size from $365 million to $400 million and extending the maturity to December 8, 2022. The new credit agreement allows the lenders to increase commitments up to a total of $600 million, subject to certain conditions. At closing, Olympic Steel had approximately $199 million of outstanding borrowings and $137 million of availability under the new agreement.

Richard Marabito, Olympic Steel’s CFO, said, “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our flexibility and positions us well for both internal and external growth opportunities.”

Founded in 1954, Olympic Steel is a U.S. metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products.