Morgan Steel

What Morgan Steel does

Morgan Steel is a metal service center and contract manufacturer headquartered in Memphis, Tennessee, with a second service center in Greenville, Texas. Founded in February 2014 by brothers Scott and Chris Morgan, the company distributes carbon steel products including flat rolled, cold rolled, tube and pipe, merchant bar, structural sections, safety products, and specialty items, and processes them through in-house tube lasers (6 BLM units), fiber lasers (12 Mazak and Bystronic units ranging 6kw-20kw), press brakes, plasma cutters, shears, saws, CNC machines, and robotic welding cells. Morgan Steel distributes over 400-500+ tons of steel and more than 1 million pounds of material daily via an in-house fleet of 40+ trucks, serving OEMs, steel service centers, fabricators, and industrial customers in agriculture, material handling, truck and trailer, and construction across the United States.

The company monetizes through steel distribution sales and processing/fabrication services billed on a quote basis, with pricing structured around volume, specifications, and processing complexity. In 2023, Morgan Steel expanded into adjacent services through partnerships with Prime Powder Coating (a 45,000-50,000 sqft powder coating facility on President's Island in Memphis led by President Cory McCabe) and Memphis Scrap, forming the Morgan Steel Group of Companies to deliver finished, coated parts from a single in-house supply chain. Morgan Steel is family-owned with no disclosed institutional investors, led by co-founders Scott and Chris Morgan alongside Managing Partner Bob Payne, and operates across 500,000 sqft of facilities in two states.

Name

Morgan Steel

Legal name

Morgan Steel

Website

https://morgansteel.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Morgan Steel is a metal service center and contract manufacturer in Memphis, TN with a second facility in Greenville, TX. It distributes and processes carbon steel products, delivering 400-500+ tons daily via an in-house 40+ truck fleet to OEMs, fabricators, service centers, and industrial customers nationwide.

Ownership category

akta.pro rank

Product category

Steel Distribution and Metal Fabrication

NAICS

Steel Product Manufacturing from Purchased Steel (3312), Metal Coating, Engraving (except Jewelry and Silverware), and Allied Services to Manufacturers (332812)

SIC

Wholesale-Metals Service Centers & Offices (5051), Sheet Metal Work (3444)

akta.pro primary industry

Steel Service Centers & Processing (Slitting, Cut-to-Length, Blanking, Leveling) (IMAKABAL)

akta.pro secondary industry

Steel Products Trading & Service Centers (Flat, Long, Pipe & Tube, Rebar) (IMAKAJAB)

Keywords

• Steel distribution
• Metal fabrication services
• Carbon steel products
• Steel processing services
• Powder coating services

Headquarters

HQ city

Memphis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Steel Distribution: Distribution and sale of carbon steel products including flat rolled, cold rolled, tube and pipe, merchant bar, structural sections, safety products, and specialty items. Over 500 tons of steel and parts delivered daily.
2. Processing and Fabrication Services: Metal processing services including tube laser cutting, fiber laser cutting, plasma cutting, shearing, saw cutting, press brake forming, punching, CNC machining, and robotic welding services.
3. Delivery/Logistics Services: In-house fleet of more than 40 trucks providing delivery services across the country, including day cabs, sleepers, flat bed trailers, dry van trailers, and F-series vehicles for smaller local deliveries.
4. Powder Coating Services: Prime Powder Coating subsidiary provides powder coating and specialty coating services through a 45,000 square foot facility with state-of-the-art cleaning, powder coating, and curing technology.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Morgan Steel is a metal service center and contract manufacturer that distributes carbon steel products — including flat rolled steel, tube and pipe, merchant bar, structural sections, cold rolled steel, and safety products — and delivers in-house fabrication services such as laser cutting, press brake forming, plasma cutting, CNC machining, and robotic welding. The company also operates a powder coating finishing line through its Prime Powder Coating subsidiary and provides last-mile delivery via an in-house trucking fleet. Its two service center locations are Memphis, TN and Greenville, TX, and the company is family-owned, employing more than 300 people.

Product overview

Morgan Steel is a metal service center and contract manufacturer offering a unified portfolio of steel products and fabrication services. The core product line includes carbon steel stock: Flat Rolled, Tube & Pipe, Merchant Bar, Structural Sections, Cold Rolled, Safety Products (expanded metal/grating), and Specialty/Sourcing items. Fabrication services encompass tube lasers, fiber lasers, plasma cutting, shearing, saw cutting, press brakes, CNC machines, and robotic welding. The company also operates Prime Powder Coating as a separate sub-brand providing powder coating and specialty coating services, completing the one-stop-shop offering for steel processing from raw material through finished, coated parts. Distribution and delivery is handled via an in-house fleet of over 25 trucks for nationwide reach.

Differentiator

Problem solved

Functional benefit

Brands

• Prime Powder Coating: State-of-the-art powder coating and specialty coating services operated by President Cory McCabe, offering custom coating services with 50,000 sqft facility and 800 ft. Intellitrak conveyor line.

Products and services

• Flat Rolled Steel Distribution of flat rolled carbon steel products for industrial and fabrication customers who process plate and sheet into downstream parts.
• Tube & Pipe Distribution of carbon steel tube and pipe products for manufacturers, fabricators, and resellers who need round, square, or rectangular hollow sections.
• Merchant Bar Distribution of merchant bar carbon steel products (angles, flats, channels, rounds) for general fabrication, construction, and manufacturing use.
• Structural Sections Distribution of structural steel sections used in construction, infrastructure, and heavy equipment fabrication.
• Cold Rolled Steel Distribution of cold rolled carbon steel products for applications requiring tighter tolerances, improved surface finish, and higher strength than hot rolled.
• Safety Products (Expanded Metal & Grating) Distribution of expanded metal and grating safety products used in walkways, platforms, guarding, and other industrial access applications.
• Specialty & Sourcing Sourcing of specialty carbon steel items and hard-to-find products for industrial customers whose requirements fall outside standard stock offerings.
• Fabrication Services In-house contract fabrication services including tube laser cutting, fiber laser cutting, press brake forming, plasma cutting, CNC machining, and robotic welding for OEMs, manufacturers, steel service centers, and fabricators.
• Prime Powder Coating In-house powder coating finishing service operated as a subsidiary, providing coated-part finishing for fabricated steel components delivered to manufacturing, OEM, construction, agriculture, and truck and trailer customers.
• Steel Distribution & Delivery Direct delivery of steel products and fabricated components using an in-house trucking fleet from the Memphis, TN and Greenville, TX service center locations.

Quantifiable outcome

• Over 500 tons of steel and parts delivered daily
• +2 more outcomes

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Prime Powder CoatingcoreStrategic or Co-development Partner · 1 January 2023Morgan Steel partnered with Prime Powder Coating in 2023 to open a 50,000 sqft state-of-the-art powder coating facility nearby its Memphis headquarters. Under the leadership of President Cory McCabe, Prime Powder Coating offers custom coating services and equips Morgan Steel to offer coated parts produced with 100% in-house capabilities. This partnership rounds out Morgan Steel's one-stop-shop service offering.
• Memphis ScrapminorOthers · 1 January 2023Morgan Steel opened Memphis Scrap as a new scrap processing partnership in 2023 as part of the vision to offer true one-stop-shop services. This scrap processing partnership rounds out the new Morgan Steel Group of Companies.

Scale indicators9 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Ryerson: Publicly traded US metals service center and processor serving OEMs and fabricators with carbon steel, aluminum, and stainless products plus value-added processing (cutting, forming, machining). Closely comparable operating model and customer base to Morgan Steel.
• Olympic Steel: Mid-size US metals service center specializing in carbon flat-rolled steel, pipe and tube, and processed metals with multiple service centers and value-added fabrication. Similar mid-market positioning, product mix, and customer segments to Morgan Steel.
• Norfolk Iron & Metal: Privately held regional metals service center and processor headquartered in Nebraska, distributing carbon steel products with processing and fabrication services. Similar privately held, regionally focused service center business model serving industrial customers.
• O'Neal Steel: Privately held US metals service center owned by Ivaco, distributing carbon steel, aluminum, and stainless products with extensive processing capabilities (laser cutting, plasma, plate processing) across multiple regional facilities. Closely comparable private mid-market service center.

Broad incumbents

• Worthington Enterprises: US-based steel processor with pressure cylinder, steel processing, and sustainable energy solutions businesses. Operates steel processing operations serving OEMs with cut-to-length, slitting, and other value-added services similar to Morgan Steel's processing stream.
• Reliance Steel & Aluminum: Largest US metals service center operator with ~300+ locations and full processing, fabrication, and distribution capabilities across carbon steel, aluminum, and stainless. Directly comparable business model but at vastly greater scale and geographic reach than Morgan Steel.
• Earle M. Jorgensen (EMJ): North American metals service center and distributor (acquired by Reliance Steel) specializing in bar, tube, and structural products serving OEMs and metalworking customers. Overlapping product mix and customer base in carbon steel distribution.
• Kloeckner Metals: Global metals distributor and service center with significant North American operations, offering steel and aluminum products plus processing and fabrication services to industrial customers. Comparable end-to-end service center model, though at larger scale and broader product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Morgan Steel