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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