Reliance Steel To Buy Continental Alloys
LOS ANGELES (AP) — Reliance Steel & Aluminum Co. reached a deal to buy Continental Alloys & Services Inc. and some affiliated companies for an undisclosed sum, the company said Thursday.
Continental, based in Houston, is a materials management company focused on steel and alloy pipe, tube and bar products, along with the manufacturing of various tools designed for energy service companies. It has 12 locations in seven countries.
Continental and its affiliates posted combined sales of about $196 million for the six months ended June 30. The deal is expected to be final within 30 days, subject to customary closing conditions.
Shares of Reliance, a Los Angeles metals service center company, fell 1 cent to $48.66 in afternoon trading.