The steel casting industry in the US involves companies that produce metal castings for various applications, from machinery to infrastructure. Manufacturers typically use technologies like sand casting and investment casting to create durable metal components. Key players range from traditional foundries to innovative tech-driven firms exploring cleaner production methods. In recent years, there has been a push towards sustainable practices, with advancements in emissions-free steel production. The industry is witnessing rapid evolution, with a growing emphasis on automation and efficiency, paving the way for sophisticated solutions that cater to both small and large-scale manufacturing demands.


This list features a blend of investors including venture capital, private equity, and corporate entities, each with varying sizes and specializations. Many, like Advantage Capital and the U.S. Department of Energy, are based in prominent cities such as New Orleans and Washington, D.C. Founded between 1939 and 2015, these investors have completed a notable range of deals in 2024, reflecting their collective expertise and commitment to financing companies in the steel casting sector. Their support is pivotal as the industry faces the challenges of modernization and sustainability in production processes.


Top 15 Steel Casting Investors in the US


1. U.S. Department of Energy (DOE)

  • Website: energy.gov
  • Type: Corporate
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1977
  • Headcount: 10001+
  • Number of deals in 2024: 597
  • LinkedIn: u-s--department-of-energy

The U.S. Department of Energy (DOE) is a public entity established in 1977, responsible for overseeing national energy policy, energy production, and nuclear power research. It serves various stakeholders, including government entities and the public, by providing guidance on energy efficiency, funding opportunities, and conducting research to address energy challenges. In 2024, the DOE has been actively involved in funding the steel industry through grants, including significant investments such as $575 million to Cleveland Cliffs and $500 million to SSAB, both announced on March 25, 2024. Additionally, the DOE provided grants to Nucor Corporation ($400,000), Kirsh Foundry ($30,860), and Unit Drop Forge Co., Inc. ($31,114), showcasing its commitment to supporting companies that contribute to advancements in steel production and casting processes. These transactions highlight the DOE's role in fostering innovation and efficiency within the steel sector, making it a relevant player in the steel casting industry.


2. Advantage Capital


Advantage Capital is a venture capital firm based in New Orleans, Louisiana, founded in 1992. The firm specializes in providing equity and debt financing to small businesses, with a particular emphasis on agribusiness, solar projects, and affordable housing. However, they also have a notable track record in the manufacturing sector, particularly in metal components. For instance, they have made several debt financing transactions with companies such as Roller Die + Forming, which specializes in metal forming and casting, and Advanced Metal Components, indicating their engagement with businesses that are integral to the steel casting industry. Their approach focuses on supporting entrepreneurs and businesses in underserved communities, offering flexible capital solutions to help them grow and thrive. This combination of a broad investment strategy and specific transactions in the metalworking sector positions Advantage Capital as a relevant player in the steel casting investment landscape.


3. Ryerson

  • Website: ryerson.com
  • Type: Corporate
  • Headquarters: Chicago, Illinois, United States (USA)
  • Founded year: 1842
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: ryerson

Joseph T. Ryerson & Son, Inc. is a metal processing and distribution company based in Chicago, Illinois, founded in 1842. The company serves various industries, including transportation and industrial automation, by offering a wide range of metal products and processing services. Ryerson has been actively expanding its portfolio through strategic acquisitions, particularly in the steel sector. Notable transactions include the acquisition of SFI-Gray Steel Inc., a steel plate processor, and Hudson Tool Steel Corporation, which enhances their tool steel business. These acquisitions demonstrate Ryerson's commitment to strengthening its position in the steel industry, making it a key player in the market.


4. Reliance, Inc.

  • Website: reliance.com
  • Type: Corporate
  • Headquarters: Scottsdale, Arizona, United States (USA)
  • Founded year: 1939
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: reliance-rs

Reliance, Inc. is a corporate investor based in Scottsdale, Arizona, specializing in metal solutions and processing services across various industries, including aerospace and automotive. Founded in 1939, the company has grown significantly, operating through a network of subsidiaries to ensure efficient distribution and customer service. Notably, Reliance has made several strategic acquisitions in the steel sector, including the acquisition of Mid-West Materials, a flat-rolled steel service center, in April 2024, which reported annual net sales of approximately $87 million. This acquisition highlights Reliance's focus on enhancing its steel processing capabilities. Additionally, Reliance has previously acquired Metals USA in 2013 for $772 million, as well as National Specialty Alloys and Sunbelt Steel Texas, further solidifying its presence in the steel industry. These transactions underscore Reliance's commitment to providing high-quality metal products and custom processing solutions, making it a relevant player in the steel casting market.


5. American Industrial Partners


American Industrial Partners is a private equity firm based in New York, specializing in operationally-oriented investments in industrial businesses. Founded in 2005, AIP focuses on enhancing the performance of its portfolio companies through strategic financial support and operational improvements. Their investment strategy includes acquiring companies that can optimize operations and drive growth. Notably, AIP has been involved in several significant transactions relevant to the steel and metal industries. For instance, their acquisition of Canam Group Inc. in 2017 highlights their interest in steel fabrication, as Canam is a prominent player in the construction and steel sector. Additionally, while AIP has made notable investments in aluminum companies, such as Aluminium Dunkerque and Aluminium Duffel, their operational expertise and focus on industrial firms position them as a potential investor in the steel casting industry as well.


6. The Carlyle Group

  • Website: carlyle.com
  • Type: Private Equity
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1987
  • Headcount: 1001-5000
  • Number of deals in 2024: 25
  • LinkedIn: the-carlyle-group

The Carlyle Group Inc. is a prominent investment management firm founded in 1987, specializing in private equity, real assets, and private credit. With a global presence and a focus on driving long-term value for its clients, Carlyle serves a range of institutional investors, including pension funds and sovereign wealth funds. Notably, Carlyle has made significant investments in companies relevant to the steel casting industry, such as the acquisition of Forgital Group in 2019 for $1 billion, which specializes in forged components. Other relevant transactions include the acquisition of Paradigm Precision and AFGlobal Corp, both of which operate in sectors that may utilize steel casting processes. These transactions highlight Carlyle's strategic interest in industries that intersect with steel casting, reinforcing its position as a relevant investor in this space.


7. The Riverside Company


The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions and strategic guidance to smaller middle-market businesses across a diverse range of industries. Founded in 1988, Riverside manages a global portfolio of over 140 companies. Notably, Riverside has made significant investments in the steel casting sector, including the acquisition of Keycast, a Nordic manufacturer, which highlights its commitment to this industry. Other acquisitions, such as Zetkama and Trend Technologies, further illustrate Riverside's broad investment strategy, which encompasses various sectors while maintaining a focus on transformative growth for its portfolio companies.


8. Breakthrough Energy


Breakthrough Energy is a not-for-profit organization founded in 2015, based in Kirkland, Washington, dedicated to accelerating the transition to a net-zero economy. They support innovative technologies and advocate for policies that promote clean energy solutions. Notably, Breakthrough Energy Ventures has made significant investments in companies like Boston Metal, which raised $122 million in Series C funding in September 2023 to advance emissions-free steel production technologies. They also participated in earlier funding rounds for Boston Metal, including a $20 million Series A round in 2019. Additionally, Breakthrough Energy has invested in Sortera Technologies, an AI-based metals recycling startup, which is relevant to the metals and recycling markets. These transactions highlight Breakthrough Energy's commitment to supporting advancements in the steel industry, particularly in sustainable and innovative production methods.


9. Wynnchurch Capital, L.P.

  • Website: wynnchurch.com
  • Type: Private Equity
  • Headquarters: Rosemont, Illinois, United States (USA)
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: wynnchurch-capital

Wynnchurch Capital, L.P. is a private equity firm based in Rosemont, Illinois, founded in 1999. The firm specializes in investments in middle-market companies across a diverse range of industries, including aerospace, manufacturing, and consumer goods. Wynnchurch Capital provides capital, management expertise, and strategic guidance to help businesses navigate challenges and achieve growth. Notably, they have been involved in transactions such as the investment in Champion Iron, a company engaged in iron ore production, and Ironform, which operates in the metal forming sector. These investments highlight their active role in the steel and metal industries, reinforcing their relevance as an investor in the steel casting space.


10. Lincoln Electric

  • Website: lincolnelectric.com
  • Type: Corporate
  • Headquarters: Cleveland, Ohio, United States (USA)
  • Founded year: 1895
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: lincoln-electric

Lincoln Electric Holdings, Inc. is a Cleveland, Ohio-based manufacturer of welding products and equipment, established in 1895. The company serves various industries, including automotive and construction, by providing a wide range of products such as welding machines, cutting equipment, and safety gear. Lincoln Electric is also known for its training programs aimed at enhancing customer skills. In recent years, the company has made several strategic acquisitions to bolster its position in the market. Notably, they acquired Inovatech Engineering in December 2018, a Canadian manufacturer specializing in advanced robotic plasma cutting systems, which enhances their automation strategy in structural steel fabrication. Additionally, their acquisition of Weartech International in 2012, a producer of cobalt-based hard facing and wear-resistant welding consumables, and Kestra in 2022, which specializes in specialty welding consumables, further demonstrates their commitment to expanding their product portfolio relevant to the steel casting industry. These transactions reflect Lincoln Electric's strategy to improve productivity and safety in manufacturing processes, particularly in sectors that intersect with steel casting.


11. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR has established itself as a global leader in asset management, providing tailored investment solutions to institutional and individual clients. Notably, KKR has made significant strides in the steel industry, highlighted by its acquisition of Grupo Gallardo Balboa S.L.U., a Spanish holding company for various steelmakers, which was approved by the European Commission in August 2019. This acquisition granted KKR indirect sole control over a key player in the steel sector. Additionally, KKR's acquisition of Hyperion Materials & Technologies from Sandvik in July 2018 further underscores its commitment to investing in materials technology, which is closely related to steel production and casting. These transactions reflect KKR's strategic interest in the steel casting industry, enhancing its portfolio with companies that have a direct impact on steel manufacturing and technology.


12. Patrick Industries, Inc.


Patrick Industries, Inc. is a corporate investor based in Elkhart, Indiana, specializing in manufacturing and distributing component products and building materials for various markets, including Recreational Vehicles, Marine, Manufactured Housing, and Industrial sectors. Founded in 1959, the company has a robust network of brands and operates across multiple states, providing high-quality materials to manufacturers. Notably, Patrick Industries has made strategic acquisitions to enhance its market presence and capabilities. Among these, the acquisition of Coyote Mfg. Co. in August 2021 stands out, as it is a manufacturer of steel and aluminum products, thereby expanding Patrick's portfolio in the OEM market and providing additional resources in the marine products sector. This acquisition reflects Patrick's commitment to diversifying its offerings and enhancing its manufacturing capabilities, particularly in relation to steel products.


13. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. IFC aims to foster economic growth and alleviate poverty by helping companies access capital and expertise. In recent years, IFC has been involved in several transactions relevant to the steel casting industry, including a $20 million investment in Ramkrishna Forgings, which specializes in manufacturing forged components, and a $30 million investment in Craftsman Automation, a company that produces various engineering components, including those used in steel casting. These investments highlight IFC's role in supporting the steel casting sector and its commitment to sustainable development in emerging markets.


14. Industrial Opportunity Partners, LLC


Industrial Opportunity Partners, LLC (IOP) is a private equity firm based in Evanston, Illinois, specializing in middle-market manufacturing and distribution businesses. Founded in 2005, IOP provides control-equity investments and operational expertise to enhance the performance of its portfolio companies. Notably, IOP has made strategic investments in the manufacturing sector, including the acquisition of Aarrowcast Inc., a Shawano iron foundry, which marks their first platform investment from their second fund. This acquisition highlights their commitment to the steel casting industry. Additionally, IOP has acquired other companies such as AAA Sales & Engineering and KIC LLC, further demonstrating their active role in the manufacturing space. Their investment strategy focuses on providing capital and strategic support for growth and operational improvements, making them a relevant player in the steel casting sector.


15. Apollo Global Management, Inc.

  • Website: apollo.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 46
  • LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm founded in 1990, based in New York, specializing in alternative assets and retirement solutions. The firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Apollo has made significant investments in the metals and steel industry, including the acquisition of Metals USA in 2005, which marked its entry into the sector. More recently, in 2023, Apollo acquired Arconic for $5.2 billion, a company known for its production of aluminum and other metal products, further solidifying its presence in the metals market. Additionally, Apollo's acquisition of Phoenix Services in 2017, a provider of outsourced slag handling and metal reclamation services for steel mills, highlights its strategic focus on the steel industry. These transactions reflect Apollo's commitment to investing in companies that support and enhance the steel casting sector.



Steel Casting Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
U.S. Department of Energy (DOE)Washington, D.C., District Of Columbia, United States (USA)10001+1977597
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925
RyersonChicago, Illinois, United States (USA)1001-500018421
Reliance, Inc.Scottsdale, Arizona, United States (USA)10001+19392
American Industrial PartnersNew York, New York, United States (USA)51-20020058
The Carlyle GroupWashington, D.C., District Of Columbia, United States (USA)1001-5000198725
The Riverside CompanyNew York, New York, United States (USA)201-500198812
Breakthrough EnergyKirkland, Washington, United States (USA)51-200201538
Wynnchurch Capital, L.P.Rosemont, Illinois, United States (USA)11-5019996
Lincoln ElectricCleveland, Ohio, United States (USA)10001+18953
KkrNew York, New York, United States (USA)1001-5000197674
Patrick Industries, Inc.Elkhart, Indiana, United States (USA)10001+19593
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
Industrial Opportunity Partners, LLCEvanston, Illinois, United States (USA)11-5020051
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046


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