Reliance Steel to Buy 2 Distribution Units
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Reliance Steel & Aluminum Co., the fourth-biggest U.S. metals distributor, agreed to buy two distribution units from bankrupt Metals USA Inc. to expand in Western and Midwestern states.
Terms weren’t disclosed. Reliance will acquire Portland, Ore.-based USA Specialty Metals Northwest Inc., which distributes aluminum and steel and also has divisions in Washington, Montana and Idaho.
Reliance also will buy Milwaukee-based Metals USA Plates and Shapes Northcentral Inc., a distributor of steel plates and bars used in construction.
The firms had combined sales last year of $113.6 million, the company said.
Los Angeles-based Reliance rose 56 cents to $24.68 on the Big Board.
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