Reliance Steel to Buy GH Metal Solutions

Reliance Steel & Aluminum Co. (NYSE: RS) announced today that, through its wholly-owned subsidiary Feralloy Corporation, it has reached an agreement to purchase all of the outstanding capital stock of GH Metal Solutions, Inc. (formerly known as Gas House, Inc.), a value added processor and fabricator of carbon steel products located in Fort Payne, Alabama. Founded in 1958, GH's processing equipment includes flat-bed lasers, tube lasers, torches, shears, automatic band saws, CNC press brakes, coil-fed and hand-fed stampers, and robotic and manual welders. For the year 2011, annual sales were approximately $44M. The transaction is expected to be finalized within 30 days, subject to customary closing conditions. Terms were not disclosed.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.