Los Angeles-based Reliance Steel Aluminum Co. announced Tuesday that it has reached an agreement to purchase all of the outstanding capital stock of Tubular Steel Inc. of St. Louis, Missouri, a distributor and processor of carbon, alloy and stainless steel pipe, tubing and bar products.
The addition of TSI, which was founded in 1953, broadens Reliance’s product breadth and supports its customer diversification strategy, a statement said.
For the year ended Dec. 31, 2014, TSI’s net sales were approximately $200 million, according to the Reliance statement. The transaction is expected to close in early 2016.
The terms of the transaction were not disclosed.
—City News Service
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