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Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, has agreed to acquire Metals USA Holdings Corp. (NYSE: MUSA), Fort Lauderdale, FL, for $1.2 billion.
Metals USA provides products and services in the heavy carbon steel, flat-rolled steel, non-ferrous metals and building products markets. Upon completion of the acquisition, Reliance will have total assets of over $6.5 billion and annual sales of over $10 billion.
"This is our largest acquisition to date and will add a total of 48 service centers strategically located throughout the United States to our existing operations," said David H. Hannah, chairman and CEO, Reliance.