Reliance Steel & Aluminum Co., Los Angeles, has acquired all of the outstanding capital stock of Tubular Steel Inc. (“TSI”), St. Louis. TSI stocks over 60,000 tons and ships over two million custom-cut lengths of pipe, tubing, and bar products annually from its seven service centers across the United States. TSI will operate as a wholly owned subsidiary of Reliance Steel & Aluminum Co., and current management will remain in place.
“Tubular Steel is a strong company with a respected position in the market and we are very excited for TSI to join the Reliance family of companies,” commented Gregg Mollins, President and Chief Executive Officer of Reliance. “The addition of Tubular Steel, with specialty, high margin products, fits our growth strategy of investing in higher returning businesses, while expanding our product breadth and end market diversification. Energy is an important end market for Tubular Steel. Although current activity levels are lower than normal in this area, we are confident in the long term strength of the energy market and Tubular Steel’s ability to benefit during the recovery.”
