Adf Group

What Adf Group does

ADF Group (Groupe ADF Inc., TSX: DRX) is a Canadian-founded, North American structural steel fabricator and erector established in 1956 and headquartered in Terrebonne, Quebec. The company designs, engineers, fabricates, coats, and installs complex heavy-steel structures for non-residential infrastructure projects across Canada and the United States, operating an integrated turnkey model that captures revenue from design assist, fabrication (at a stated annual capacity of 125,000 tons across automated production lines in Terrebonne and Great Falls, Montana), industrial coating, and on-site erection under one contractual umbrella. Customer segments span government and municipal infrastructure, commercial real estate developers, e-commerce logistics operators, sports and entertainment venues, airports and transit authorities, and industrial/resource companies; named marquee projects include the World Trade Center Transportation HUB, One World Trade Center, Ford Field Stadium, the Arthur Ashe Stadium retractable roof, AOL Time Warner Headquarters, the David L. Lawrence Convention Center, and the new Bellechasse Transportation Center in Montreal.

The business operates a project-based revenue model in which contracts are won through competitive bidding and recognized over the course of construction milestones; pricing is quote-based with no public tiers and contracts typically span multiple years. GTM is sales-led, executed by a dedicated Sales and Estimating team that engages general contractors, project owners, and government authorities directly. The company maintains certifications that materially condition its addressable market — ISO 9001-2015, AISC Fabricator and Erector, and Canadian Welding Bureau (CWB) — and runs sub-brands that segment the offering into structural steel fabrication, international/U.S. operations, industrial coating, and steel trading/distribution.

In fiscal 2026 the company generated CAD 258.7 million in revenue, down from CAD 339.6 million in fiscal 2025 due to U.S. tariffs and an unfavorable project mix; Q1 fiscal 2027 then delivered CAD 99.26 million (+78.8% year-over-year) against a record CAD 645.8 million backlog. ADF expanded its vertical footprint via the September 18, 2025 acquisition of Groupe LAR Inc. (with over CAD 35 million committed investment aimed at the Canadian hydroelectric sector and a target to double LAR's backlog by end-2027) and secured a CAD 12.5 million federal loan in Q1 2026 (half forgivable) for capacity expansion. Capital structure is a public TSX listing with a market capitalization in the CAD 275.82M–317.22M range as of April 2026.

Name

Adf Group

Legal name

Groupe ADF Inc.

Website

https://www.adfgroup.com

Company type

Public

Founded year

1956

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ADF Group (TSX: DRX) is a North American structural steel fabricator and erector, founded in 1956 and headquartered in Quebec, delivering turnkey design-engineer-fabricate-coat-install services for complex non-residential infrastructure projects across Canada and the United States, with 125,000 tons of annual automated production capacity across plants in Terrebonne and Great Falls.

Ownership category

akta.pro rank

Headquarters

HQ city

Terrebonne

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Steel Structure Fabrication and Installation: Primary revenue stream from the design, engineering, fabrication, and installation of complex structural steel for non-residential infrastructure projects. Revenue is project-based and recognized over the course of construction contracts.
2. Industrial Coating Services: Secondary revenue from industrial coating and sandblasting services provided at company facilities in Terrebonne and Great Falls, supporting steel fabrication projects.
3. Engineering and Design Services: Revenue from connection engineering, shop drawings, and pre-construction services provided to clients as part of the turnkey offering.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

ADF Group is a North American leader in the design, engineering, fabrication, and erection of complex structural steel and heavy steel components for non-residential infrastructure projects. The company operates an automated steel production line with 125,000 tons of annual fabrication capacity across plants in Terrebonne, Quebec and Great Falls, Montana. ADF delivers turnkey steel solutions to general contractors, project owners, and government entities through dedicated sales and estimating teams that bid competitively on infrastructure, commercial, industrial, transportation, and stadium projects.

Product overview

ADF Group is a North American leader in complex structural steel structures and heavy steel components, operating through four main divisions: ADF Structural, ADF International Inc., ADF Industrial Coating Inc., and ADF STEEL CORP Inc. The company offers an integrated turnkey service encompassing connection design and engineering, steel fabrication (with 125,000 tons per year automated production capacity), industrial coating/painting, and construction/installation services. Operations are conducted through manufacturing facilities in Terrebonne, Quebec and Great Falls, Montana, serving non-residential infrastructure sectors including commercial buildings, industrial complexes, transportation infrastructure, and airport facilities across Canada and the United States.

Differentiator

Problem solved

Functional benefit

Brands

• ADF Structural Steel Inc. Core structural steel fabrication division
• ADF International Inc.
• ADF Industrial Coating Inc.
• ADF STEEL CORP Inc.

Products and services

• Design and Engineering Services

Quantifiable outcome

• Annual steel production capacity of 125,000 tons through automated production
• +2 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Groupe LAR Inc.coreStrategic or Co-development Partner · 18 September 2025ADF Group completed the acquisition of Groupe LAR Inc. on September 18, 2025. The company plans to invest over $35 million to support growth and aims to double LAR's order backlog by the end of 2027 within the Canadian hydroelectric development sector. LAR contributed CAD 20 million in revenue and CAD 138.2 million to the backlog in fiscal 2026.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Canam Group: Canadian structural steel fabricator and erector with similar North American footprint and turnkey capabilities. Closest direct competitor to ADF in complex structural steel for non-residential infrastructure.
• Lexicon (formerly Hirschfeld Industries): U.S. structural steel fabricator and erector serving bridges, stadiums, and large commercial projects. Directly comparable business model with turnkey design-fabricate-erect capabilities.
• Banker Steel Company: U.S. structural steel fabricator known for complex and architecturally exposed structural steel (AESS) projects. Comparable mix of large commercial, institutional, and infrastructure work.
• Schuff Steel (Sun Steel): Structural steel fabricator and erector serving commercial, industrial, and infrastructure markets across the western U.S. Closely aligned delivery model and customer mix to ADF.
• Midwest Steel, Inc. U.S. structural steel contractor specializing in large commercial and industrial projects. Comparable in scope, customer base (developers, general contractors), and project-based revenue model.
• SteelFab (formerly SMI Steel Products): U.S. structural steel fabricator with regional plants serving commercial and industrial markets. Comparable multi-plant fabrication footprint and project-based delivery.

Broad incumbents

• Nucor Corporation: Largest U.S. steel producer with structural steel fabrication capacity through Nucor Buildings Group and Vulcraft/Verco divisions. Competes with ADF on the supply side and in some structural applications.
• Commercial Metals Company (CMC): Vertically integrated steel manufacturer with structural fabrication capabilities. Adjacent player with overlap in rebar and structural steel supply to the construction sector ADF serves.
• Gerdau Ameristeel: Major North American long products steel producer with structural steel products serving construction and infrastructure. Broader than ADF in product range but competes for the same construction end demand.

Emerging players

• Eiffel Industries (private): Privately held structural steel fabricator and erector serving North American infrastructure and commercial projects. Smaller scale than ADF but with comparable service offering and target customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ADFgroupinc
• LinkedInlinkedin.com/company/adf-group-inc
• Instagraminstagram.com/adfgroupinc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adf Group