Ontos Private Equity Diligence Workspace

SteelCore Industries

Regional flat-rolled steel supplier with contracted automotive, construction, and energy exposure plus actionable margin expansion through procurement and maintenance modernization.

Deal Status

IC Prep / Live

Confidence 91.7%

Revenue

$850M

FY2025

EBITDA

$136M

16.0% margin

Enterprise Value

$1.1B

8.4x LTM

Plant Network

7 sites

2,450 employees

Deal Snapshot

Manufacturing KPIs

Click metrics to inspect calculation lineage

Interactive Analysis

EBITDA Margin

EBITDA / Revenue = $136.0M / $850.0M

Six Quarter Trend

Improving

Raw Material Cost

-2.4%

Yield Improvement

+90 bps

Maintenance Capex

$24.5M

Underlying Calculation

16.0%

+140 bps

Margin expansion is supported by alloy surcharge pass-through, freight renegotiation, and plant yield improvements.

Source Nodes

24 facts

Confidence

93.8%

Contradictions

1 open

Last Refresh

18:02:18

Documents

Deal Room Navigator

Select a diligence file to view extracted facts

Extracted Evidence

Financial Statements

100% traceable

FY2025 revenue: $850.0M, EBITDA: $136.0M, EBITDA margin: 16.0%

Inventory days improved from 63 to 56 after mill scheduling changes in Q4.

Maintenance capex normalized at $24.5M, with deferred furnace rebuild of $8.2M.

Risk Assessment

Expandable Risk Registry

Click sections to drill into supporting evidence

Furnace 2 refractory replacement delayed 2 quarters, increasing outage probability.

Maintenance backlog sits at 1.8x target hours in Indiana and Ohio plants.

Rule debug indicates a contradiction between plant logs and management capex narrative.

Ontology Stack

3-Layer Compilation

Core + PE deal intelligence + client rules

Core Ontology

Plants, suppliers, contracts, permits, equipment, financial statements

128 rules

Compiled

PE Deal Intelligence

LBO metrics, customer concentration, working capital, capacity, covenant logic

76 rules

Compiled

Client Rules

Investment committee thresholds, red-flag escalation, concentration tolerances

19 rules

2 warnings

Rule Debugger

2 warnings

rule maintenance_capex_floor(site)

IF deferred_maintenance_months > 4 AND outage_probability > 0.18

THEN require normalized_capex > management_guidance

conflict: Ohio Plant guidance = $4.1M; inferred normalized capex = $6.8M

Live Compilation

Entity Resolution and Confidence

Streaming engine state

Resolved Entities

1,482

Contradictions

Flagged Rules

Overall Confidence

91.7%

18:02:11INFOLoaded 4 primary diligence documents and 126 supporting schedules.

18:02:13INFOResolved 1,482 entities across suppliers, plants, equipment, permits, and counterparties.

18:02:16WARNClient rule `maintenance_capex_floor` conflicts with management guidance at Ohio Plant.

18:02:18INFOConfidence engine scored 92.4% on customer concentration and 88.1% on environmental reserve mapping.

Investment Committee Flags

Priority Findings

Select a finding to focus the narrative

Active Narrative

Customer concentration above committee threshold

Top customer contributes 18.7% of revenue; top five contribute 52.1%. Renewal language is favorable, but downside case needs covenant headroom analysis.

Processing Pipeline

7-Phase Workflow

Core technical foundation retained

01 Ingest

Financial statements, management deck, legal DD, environmental report, labor agreements

02 Normalize

Map plant operations, counterparties, permits, and debt covenants into canonical manufacturing entities

03 Resolve

Entity resolution across customers, suppliers, maintenance logs, and regulatory filings

04 Compile

Three-layer ontology compiled with PE-specific rule packages and client investment criteria

05 Reason

Derive metrics, contradiction flags, covenant risks, and operational exposure clusters

06 Validate

Confidence scoring, source lineage checks, and exception queues for analyst review

07 Deliver

Interactive IC-ready diligence workspace with drillable facts and risk narratives