LOS ANGELES--(BUSINESS WIRE)--
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that effective
October 1, 2012, it has acquired all the outstanding limited liability
company interests of Sunbelt Steel Texas, LLC (“Sunbelt”), a value-added
distributor of special alloy steel bar and heavy-wall tubing products to
the oil and gas industry. Sunbelt was founded in 1986 and is now
headquartered in Houston, Texas with an additional location in
Lafayette, Louisiana. Net sales of Sunbelt for the twelve months ended
December 31, 2011 were approximately $48 million. Sunbelt will operate
as a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Current
management will remain in place with Michael Kowalski continuing as
President of Sunbelt. The majority shareholder of Sunbelt, an affiliate
of Freestone Partners, LLC of Houston, Texas, and the other selling
shareholders were represented by Quarton Partners. Terms were not
disclosed.
“We are excited to add Sunbelt Steel Texas, LLC to the Reliance Family
of Companies. Sunbelt increases our growing exposure to the energy
market in high end, niche products serving customers across multiple oil
and gas well drilling types, including vertical, horizontal,
directional, and deepwater drilling applications. Sunbelt’s in-house
processing services include deep hole drilling, straightening, and saw
cutting with the ability to manufacture heavy-wall tubing from solid
bar. We look forward to continuing Sunbelt’s growing presence in their
specialty markets,” said David H. Hannah, Chairman and CEO of Reliance.
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California,
is the largest metals service center company in North America. Through a
network of more than 220 locations in 38 states and Australia, Belgium,
Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and
the United Kingdom, the Company provides value-added metals processing
services and distributes a full line of over 100,000 metal products to
more than 125,000 customers in a broad range of industries.
Reliance Steel & Aluminum Co.’s press releases and additional
information are available on the Company’s web site at www.rsac.com.
The Company was named to the 2012 “Fortune500” List and
the 2012 Fortune List of “The World’s Most Admired
Companies.”
This release may contain forward-looking statements. Actual results and
events may differ materially as a result of a variety of factors, many
of which are outside of Reliance Steel & Aluminum Co.’s control. Risk
factors and additional information are included in Reliance Steel &
Aluminum Co.’s reports on file with the Securities and Exchange
Commission, including Reliance Steel & Aluminum Co.’s Annual Report on
Form 10-K for the year ended December 31, 2011 and Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012.
Reliance Steel & Aluminum Co.
Brenda Miyamoto
Investor
Relations
(213) 576-2428
investor@rsac.com
or
Addo
Communications
(310) 829-5400
Source: Reliance Steel & Aluminum Co.