LOS ANGELES--(BUSINESS WIRE)--Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it
completed on January 2, 2007 its previously disclosed acquisition of
Crest Steel Corporation, a metals service center company headquartered
in Carson, CA. The all cash transaction will be immediately accretive to
Reliance’s earnings. Terms were not disclosed.
Crest will operate as a wholly owned subsidiary of Reliance. Current
management will remain in place except for Phil Steinberg, the founder
and former Chairman of Crest, who will continue as a director and remain
as a consultant to the company through a transition period.
Crest was founded in 1963 and has facilities in Riverside, CA and
Phoenix, AZ and specializes in the processing and distribution of carbon
steel products including flat-rolled, plate, bars and structurals. Crest’s
net sales for the 2005 fiscal year were approximately $129 million.
Randall Putnam, President and Chief Operating Officer of Crest, said, “Our
whole team is excited about being a part of Reliance and we are looking
forward to the opportunities and the bright future ahead of us.”
Reliance’s Chief Executive Officer, David H.
Hannah, said, “We believe that Crest’s
reputation in the industry and its strong management team provide a
solid foundation to continue to grow the company successfully going
forward.”
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California,
is one of the largest metals service center companies in the United
States. Through a network of more than 160 locations in 37 states and
Belgium, Canada, China and South Korea, the Company provides value-added
metals processing services and distributes a full line of over 90,000
metal products. These products include galvanized, hot-rolled and
cold-finished steel; stainless steel; aluminum; brass; copper; titanium
and alloy steel sold to more than 95,000 customers in various 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 2006 Fortune 100 Fastest Growing Companies
List and the 2007 Forbes Platinum 400List of America’s
Best Big Companies.
This release may contain forward-looking statements relating to future
financial results. Actual results may differ materially as a result of
factors over which Reliance Steel & Aluminum Co. has no control. These
risk factors and additional information are included in the Company’s
reports on file with the Securities and Exchange Commission.
