Bull Moose Tube to Acquire Hanna Steel in Third U.S. Manufacturing Expansion

Bull Moose Tube Company has agreed to acquire Hanna Steel, a producer of structural and mechanical steel tubing with facilities in Alabama and Illinois.

Most industrial buy-and-build strategies come with a clock. This one does not.

More than fifty years ago, Lord Swraj Paul founded a steel tube business in Britain called Natural Gas Tubes. That company eventually became Caparo Group, a global industrial enterprise spanning steel, automotive components, and engineered products. Today, the family he founded is once again expanding through steel tube manufacturing—this time in the United States.

The latest example is Bull Moose’s agreement to acquire Hanna Steel, a producer of structural and mechanical steel tubing. The transaction, expected to close in the third quarter of 2026, extends what has become a steady expansion strategy by the Paul family and its Caparo Group, one that has received little attention despite a growing series of investments in American manufacturing assets.

Founded in 1954, Hanna Steel manufactures structural and mechanical steel tubing used in commercial construction, infrastructure, and industrial applications. The company operates tubing facilities in Alabama and Illinois, a coil-coating operation in Alabama, and its own trucking business. Industry sources estimate annual revenue of approximately $80 million and employment of several hundred workers. Its Tuscaloosa facility alone spans more than 600,000 square feet.

Hanna Steel’s Tuscaloosa, Louisiana facility. Credit: Hanna Steel

The acquisition of Hanna Steel marks the end of more than 40 years of Hanna family ownership, dating to 1984 when Pete Hanna purchased the company from his father, General Hanna, and expanded it into one of the nation’s largest independent producers of structural and mechanical steel tubing.

“The acquisition of Hanna Steel is a strong strategic fit for Bull Moose as we continue to expand our capabilities and enhance value for our customers,” said John Krupinski, chief executive officer of Bull Moose Tube. “Hanna adds complementary assets, experienced teams, a respected reputation and culture, along with a product portfolio that supports our long-term growth strategy.”

Bull Moose Tube Company was founded in 1962 and is headquartered near St. Louis in Chesterfield, Missouri. Today, the company operates seven manufacturing facilities across the United States and is one of North America’s larger producers of welded steel tubing, hollow structural sections, and mechanical tubing. Under the ownership of the Paul family, Bull Moose has grown into a business with annual production capacity exceeding one million tons.

Bull Moose Tube’s Elkhart, Indiana facility: Credit Bull Moose Tube

Bull Moose is owned by Caparo Bull Moose, the North American subsidiary of Caparo Group. Following Lord Paul’s death in August 2025, leadership of the family-controlled business passed to his son, Ambar Paul, who serves as chairman of Bull Moose Tube.

“We continue to assess and pursue strategic opportunities that strengthen Bull Moose Tube’s position as a best-in-class steel tube producer,” said Mr. Paul. “As our third major investment in recent years, Hanna Steel builds on a clear pattern of strategic expansion, adding depth to our manufacturing capabilities and reinforcing our commitment to long-term, sustainable growth.”

The Hanna acquisition follows Bull Moose’s September 2025 purchase of Ferrous85 from privately held Ferragon Corporation. The Sinton, Texas-based toll-processing business operates adjacent to Steel Dynamics’ steel campus and includes one of North America’s largest steel coil slitting operations, capable of processing coils weighing up to 105,000 pounds. The acquisition strengthened Bull Moose’s Texas manufacturing platform, which the company began building in 2021 with plans for a new hollow structural section and sprinkler pipe mill in Sinton.

Hanna Steel’s Tuscaloosa, Louisiana facility. Credit: Hanna Steel

The company also closed its Burlington, Ontario, manufacturing facility in 2025, consolidating production into its U.S. operations. Taken together, these investments point toward a strategy focused on increasing domestic manufacturing capacity and deepening exposure to the American industrial economy.

The timing is notable. Domestic steel demand continues to benefit from infrastructure spending, utility grid modernization, energy projects, manufacturing reshoring, and data center construction. Bull Moose participates in many of those end markets through its tubing and structural products businesses.

The broader steel tubing market remains fragmented despite decades of consolidation. Participants range from publicly traded producers to privately held regional manufacturers, creating ongoing opportunities for strategic buyers seeking additional capacity, geographic reach, and product breadth. Against that backdrop, Hanna Steel represents another building block in Bull Moose’s expansion strategy.

For the Paul family, Hanna Steel is the latest step in a strategy that has included new manufacturing capacity in Texas, the acquisition of Ferrous85, and a growing concentration of operations in the United States.

While most industrial buy-and-build programs are associated with private equity sponsors, Bull Moose is pursuing a similar path under family ownership and without the constraints of a traditional fund life.

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3 US Reshoring Stocks Backed By Domestic Manufacturing Demand

Supply chain resilience is back in the spotlight as U.S. policymakers push to reduce reliance on foreign suppliers and tighten rules around trade, technology, and sanctions. For investors, that shift could reshape where capital flows, which companies face extra scrutiny, and which ones stand to benefit from efforts to expand domestic capacity. To make sense of these changes, this article looks at three stocks from our U.S. Manufacturing and Industrial Reshoring screener that appear positively exposed to the latest policy signals. This may help you decide whether they deserve a closer look or a spot on your watchlist.

Overview: Atkore is a U.S.-based manufacturer of electrical conduit, cable management, pipes, framing systems, perimeter security and related infrastructure products that are used to route and protect power and data across construction, industrial, infrastructure, alternative energy and government projects.

Operations: Atkore generates about US$2.0b from its Electrical segment and US$0.8b from Safety & Infrastructure, with the business heavily concentrated in the United States, which contributes roughly US$2.5b of revenue.

Market Cap: US$2.8b

Atkore sits at the heart of U.S. reshoring and electrification, supplying domestically manufactured electrical raceway and infrastructure products at a time when policymakers are pushing for more onshore capacity and tougher rules on imports. Management has highlighted that tariffs and supply chain shifts could help recapture conduit market share from overseas competitors, and the company is already closely tied to data centers, chip fabs, hospitals and solar projects. At the same time, investors need to weigh ongoing losses, legal settlement costs around PVC conduit, and signs of competitive pressure against a valuation that screens as relatively low on some metrics and a board that is described as experienced. For investors tracking U.S. manufacturing and infrastructure, Atkore is a stock that warrants a deeper look.

Atkore’s reshoring story, low-screening valuation, and exposure to data centers and solar projects could be hiding a bigger twist in the risk reward trade off. Start with the 2 key rewards and 2 important warning signs

ATKR Discounted Cash Flow as at Jun 2026

Overview: Bowman Consulting Group is a U.S. engineering and technical services company that helps design, plan, and manage critical infrastructure, from roads, ports, power systems, pipelines, and data centers to water, wastewater, and environmental projects, increasingly using digital tools such as GIS, AI-enabled studies, and digital twins.

Operations: Bowman generates about US$503.6m by providing engineering and related professional services to customers, with all reported revenue coming from the United States.

Market Cap: US$528.4m

Bowman Consulting Group gives investors focused exposure to the U.S. “build out” story, with a US$503.6m, fully domestic revenue base tied to transportation, power, data centers, defense, water and wastewater, and mining projects that align with Washington’s push for supply chain resilience and onshoring. Recent contract wins in ports, critical minerals, and utilities add to its backlog. Some analysts highlight the potential for higher-margin, technology-enabled services to become a larger contributor as they scale. At the same time, Bowman has reported losses in some periods and carries financing risk, with interest costs not yet comfortably covered by earnings, so execution on growth and margin expansion remains important. For investors tracking U.S. manufacturing and infrastructure, the key consideration is how to weigh the combination of policy support, contract momentum, and balance sheet risk when assessing the company.

Bowman Consulting Group’s contract momentum and fully domestic revenue base may be obscuring a more pronounced inflection point in its story, and the real tension sits inside the 3 key rewards and 1 important major warning sign

BWMN Discounted Cash Flow as at Jun 2026

Overview: Matrix Service is an engineering and construction company that builds and maintains critical energy, power, storage and industrial infrastructure, including LNG and fuel storage tanks, utility substations, gas fired facilities and specialized assets for sectors such as hydrogen, mining and aerospace.

Operations: Matrix Service generates about US$420.0m from Storage and Terminal Solutions, US$282.9m from Utility and Power Infrastructure and US$144.9m from Process and Industrial Facilities, with most of its roughly US$847.5m in revenue coming from the United States.

Market Cap: US$392.5m

Matrix Service is closely aligned with U.S. supply chain resilience and energy security priorities, building LNG and NGL storage, peak shaving facilities and power infrastructure that support AI data centers, utilities and clean energy projects. The company has been moving from losses toward breakeven, with recent quarters showing improved sales and earnings. However, guidance has been trimmed as clients push projects out and permitting and weather delays shift revenue timing. A strong cash position and no debt provide some cushion, but funding risk from external liabilities, insider selling and execution issues on complex tanks remain factors to watch. For investors tracking U.S. industrial reshoring, the key question is whether this early stage turnaround in Matrix Service is being priced as cautiously as its project risks suggest.

Matrix Service’s early stage turnaround, cash on hand and zero debt are only half the story; the real tension sits inside the 3 key rewards and 1 important warning sign

NasdaqGS:MTRX Earnings & Revenue Growth as at Jun 2026

The three stocks covered here are only a starting point, and the full U.S. Manufacturing and Industrial Reshoring screener surfaced 18 more companies with equally compelling reshoring and domestic production narratives that could fit a range of investment styles. Use Simply Wall St to identify, filter, and analyze the specific catalysts and storylines that matter to you, so you can focus on the highest conviction opportunities across this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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Argon & Co Appoints Lotfi Maroizy to Expand North American Manufacturing Practice

Argon & Co has appointed manufacturing and operations executive Lotfi Maroizy as a partner in its North American Manufacturing Practice, a move aimed at expanding the consulting firm’s capabilities as manufacturers accelerate investments in digital transformation, supply chain modernization and operational efficiency.

Based in Houston and aligned with the firm’s Atlanta office, Maroizy will lead the growth, strategy and execution of Argon & Co’s expanded manufacturing services across the United States. His appointment comes as industrial companies face mounting pressure to modernize operations, address workforce challenges and improve competitiveness through technology-driven transformation initiatives.

The addition reflects increasing demand among manufacturers for consulting support that combines operational expertise with digital capabilities. Across sectors ranging from consumer goods and chemicals to automotive and food production, companies are seeking ways to improve resilience, automate processes and optimize increasingly complex supply chains.

“We are thrilled to welcome Lotfi to our leadership team as we aggressively scale our North American Manufacturing Practice,” said Simon Clarke, managing partner at Argon & Co.

Maroizy brings more than two decades of experience leading large-scale operational, supply chain and manufacturing transformation programs. Throughout his career, he has worked with organizations undergoing significant change initiatives aimed at improving productivity, reducing costs and enhancing operational performance.

Prior to joining Argon & Co, Maroizy held senior leadership positions at EFESO Consulting, Riveron and Accenture. In those roles, he led consulting teams responsible for implementing complex transformation programs across a range of industries. According to the company, initiatives he helped oversee generated more than $1 billion in cumulative cost savings and revenue improvements.

His industry experience spans several sectors that continue to face rapid technological and competitive shifts, including consumer products, food and beverage, chemicals, pulp and paper, and automotive manufacturing. Those industries are increasingly investing in smart factory technologies, advanced analytics, automation and digital supply chain tools as they respond to changing customer expectations and evolving market conditions.

At Argon & Co, Maroizy will focus on expanding the firm’s go-to-market strategy by integrating traditional operational improvement methodologies with digital manufacturing capabilities. The company views this combination as increasingly important as manufacturers seek practical solutions that deliver measurable business results rather than standalone technology deployments.

“Argon & Co’s hands-on, ‘roll-up-your-sleeves’ culture perfectly aligns with my philosophy on transformation,” Maroizy said. “True operational change isn’t born in a silo; it happens alongside the client on the shop floor.”

He added that the firm’s expanded supply chain, operations and digital capabilities will help manufacturers address legacy operational challenges while adopting automation and modern manufacturing technologies designed to improve profitability and market competitiveness.

The appointment comes at a pivotal time for the North American manufacturing sector. Many companies are balancing investments in automation and artificial intelligence with efforts to strengthen domestic production capabilities, improve supply chain visibility and address ongoing labor shortages. Those trends have created growing demand for advisory firms capable of guiding transformation efforts from strategy development through implementation.

Argon & Co specializes in supply chain strategy, operational transformation and managed services, working with organizations across North America, Europe and Asia-Pacific. The firm’s consulting model emphasizes direct engagement with clients throughout execution rather than focusing solely on strategic planning.

By adding a leader with extensive experience in manufacturing operations and digital transformation, Argon & Co is positioning itself to capture growing demand from industrial organizations seeking to modernize operations and build more resilient, technology-enabled supply chains. The move also reinforces the firm’s commitment to expanding its presence in North America as manufacturers continue investing in operational excellence and digital innovation.

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