LOS ANGELES, Aug. 1, 2014 /PRNewswire/ -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today that it has acquired all of the capital stock of Northern Illinois Steel Supply Co. ("NIS"), a value-added distributor and fabricator of a variety of steel and non-ferrous metal products, primarily structural steel components and parts, located in Channahon, Illinois.
Founded in 1961, NIS focuses on customers that require extensive fabrication services and/or critical delivery timelines with a large concentration in the energy and petrochemical sectors. Net sales for NIS were approximately $20.3 million for the twelve months ended December 31, 2013. NIS will operate as a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place. Additional terms were not disclosed.
"NIS has a unique business model, combining traditional metal distribution capabilities with extensive in-house fabrication services, often on an emergency basis. This acquisition complements our growth strategy of adding companies that offer higher value-add services," said David H. Hannah, Chairman and CEO of Reliance.
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 290 locations in 39 states and eleven countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance's business strategies and our expectations concerning future metals pricing and demand and the Company's results of operations, margins, profitability, liquidity, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and "continue," the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today's date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, those disclosed in reports Reliance has filed with the Securities and Exchange Commission (the "SEC"). As a result, these statements speak only as of the date that they are made, and Reliance disclaims any and all obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important risks and uncertainties about Reliance's business can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC.
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SOURCE Reliance Steel & Aluminum Co.