Reliance Steel & Aluminum Co. Announces Completion of Steel Bar Corp. Acquisition

Business Wire, Oct 2, 1998

LOS ANGELES--(BUSINESS WIRE)--Oct. 2, 1998--Reliance Steel & Aluminum Co. (NYSE:RS) Friday announced that it has completed its previously announced acquisition of Steel Bar Corporation ("Steel Bar"), a privately held metals service center company located in Greensboro, N.C. Terms were not disclosed.

Steel Bar will operate as a wholly owned subsidiary of Reliance through Reliance's subsidiary, Phoenix Corporation ("Phoenix Metals"). J. Robert Stout will remain as president of Steel Bar. Phoenix Metals, acquired by Reliance earlier this year, has headquarters in Atlanta, with additional service centers in Charlotte, N.C.; Tampa, Fla.; and Birmingham, Ala. This transaction represents Reliance's fifth acquisition in 1998.

Steel Bar was founded in 1980. Its revenues for the 12 month period ended Dec. 31, 1997, were approximately $13 million. Steel Bar's products include, primarily, carbon steel bars and tubing.

Reliance Steel & Aluminum Co., with headquarters in Los Angeles, is one of the largest metals service center companies in the United States. Through a network of 63 processing and distribution centers (including American Steel L.L.C.) in 20 states, the company provides value-added metals processing services and distributes a full line of more than 60,000 metal products.

These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper and alloy steel to more than 40,000 customers in various industries.