[1] Not to be confused with Cyclops Steel Works in Sheffield, UK in the mid 1800s.
[1] Led by Chairman and CEO William H. Knoell, Cyclops pursued a counter-cyclical strategy which helped it to diversify from steel.
As a result, Cyclops purchased the Clairton, Pennsylvania based 16-chain Busy Beaver lumber stores in 1972,[2][1] and the Silo Electronic Stores in 1980 for $35 million ($147 million in today's terms).
[4] In August, 1986 Cyclops shareholders rejected selling off its core steel mill business in favor of a management suggested re-focusing only on Silo & Busy Beaver retail stores.
[5] In February 1987, Cyclops Steel was bought out by Alleghany Corporation for $494 million ($1.37 billion in today's terms), as its 119-store Silo electronics outlets and 11-store Busy Beaver retailers are spun off into British based Dixons Group Ltd.[6] In 1992, a group of former managers of Cyclops Steel formed a new company, Universal Stainless & Alloy, and bought out the former Cyclops Steel mills in Bridgeville and Titusville in 1994.