Steel service center Earle M. Jorgensen Company had a 6.8% increase in revenues to $428.8 million in the third quarter ended Dec. 30, 2005. Profit for the third quarter was $18.2 million, compared with profit of $4.5 million for the same period in 2004.
For the nine months ended Dec. 30, 2005, revenues increased 11.5% to $1.2 billion from $1.15 billion for the same period last year. Profit for the first nine months was $59.6 million, an increase of 56.6% over the same period in 2005.
EMJ is a distributor of metal bar and tubular products in North America. It recently agreed to be acquired by Reliance Steel & Aluminum Co., Los Angeles, CA, for $934 million including assumption of $291 million in net debt. The transaction is expected to be completed in the second quarter of 2006.
Steel Service Center Reliance Agrees to Buy Earle M. Jorgenson Company for $934M