Reliance Steel & Aluminum Co said it bought privately held Sunbelt Steel Texas LLC, a distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry. Terms of the transaction were not disclosed.Sunbelt, founded in 1986, had net sales of $48 million in the 12 months ended Dec. 31, 2011.Reliance said the current management of Houston-based Sunbelt will remain in place, with Michael Kowalski as president.Reliance Chief Executive David Hannah said the acquisition will enhance the company's exposure to the high-end energy market, serving customers across multiple oil and gas well drilling types.
Reliance Steel & Aluminum Co. (Reliance) is a metals service center company in North America (the United States and Canada). Shares of RS fell by 0.04% or $-0.02/share to $51.57. In the past year, the shares have traded as low as $32.67 and as high as $58.80. On average, 477786 shares of RS exchange hands on a given day and today's volume is recorded at 4615.
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