RS - Reliance Steel & Aluminum Co. Agrees to Acquire American Alloy Steel Inc. | Benzinga
SCOTTSDALE, Ariz., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) announced that it has entered into a definitive agreement to acquire all of the outstanding equity interests and related real estate assets of American Alloy Steel, Inc. ("American Alloy"), a leading distributor of specialty carbon and alloy steel plate and round bar, including pressure vessel quality (PVQ) material. Headquartered in Houston, Texas and founded in 1971, American Alloy operates five service centers in the U.S. and a plate fabrication business. In addition, American Alloy has a joint venture in Canada. American Alloy sells to customers located throughout the United States, Canada, and Mexico, as well as certain international markets, supporting military, infrastructure, power generation, utility, refining, petrochemical, mining, shipbuilding, and marine applications. The addition of American Alloy will increase Reliance's value-added processing capabilities in the areas of burning, cutting, rolling, and beveling. For the twelve months ended December 31, 2023, annual net sales for American Alloy were approximately $310 million.
"We are very excited to welcome American Alloy to the Reliance family," commented Karla Lewis, President and Chief Executive Officer of Reliance. "They have been a well-known leader in the specialty carbon steel plate ...