USP Steels, which was only founded six years ago, was one of five finalists in the category for 2023.
Express & Star managing director Matt Ross presented the trophy to the team led by Glyn Costigan on stage at Wolverhampton Racecourse on Thursday night.
It was the second year in a row USP was a winner after picking up the young business of the year title in 2022.
The glittering awards dinner, hosted by comedian Aaron James, was attended by more than 400 guests.
Burntwood-based Lesters Packaging was also a winner for the second year in a row.
The business, which makes millions of boxes and packing cases each year, took home the growth and innovation award for 2023 after double success in 2022 as manufacturing and small to medium-sized business winner.
This year's manufacturing champion was Smethwick's A&M EDM with the small to medium-sized award going to Legionella and Fire Safe Services of Lichfield.
Young business of the year for 2023 was Rapid Pack Fulfilment of Oldbury, which began operations less than two years ago.
Family business of the year went to In-Comm Training in Aldridge who impressed judges with investment in new facilities and state-of-the-art equipment.
Business person of the year was Rob Gittins, the managing director of Palletways UK. He was recognised for his positive influence on the large workforce.
The palletised freight express delivery network has its headquarters at Fradley Distribution Park, near Lichfield.
Apprentice of the year winner was Ravi Ram-Ge who is described as an outstanding member of the team at Concero UK in Wolverhampton which he joined in October 2020.
The award for best marketing campaign, sponsored by MNA Digital, went to Wolverhampton Business Improvement District for its Wild in Wolves campaign which ran through the summer of 2022.
The evening was also raising funds for The Grand Theatre in Wolverhampton, which was chosen as the charity for the evening for its positive impact on the region.