Advertisement

California | IN BRIEF / Southland

Reliance Steel to Buy Pitt-Des Moines Unit

May 22, 2001|Bloomberg News

Reliance Steel & Aluminum Co., a Los Angeles-based metals distributor, agreed to buy rival Pitt-Des Moines Inc.'s steel distribution business for an undisclosed price.

Pitt-Des Moines has seven distribution centers in California, Nevada, Utah, Washington and Iowa that had sales last year of $216 million.

Reliance Steel, which had sales of $1.73 billion last year, said the acquisition will increase its network to 87 distributors in 25 states.

Reliance Steel's shares rose 35 cents to close at $28.70 on the New York Stock Exchange. Pitt-Des Moines, based in The Woodlands, Texas, rose 34 cents to close at $33.19 on the American Stock Exchange.

Advertisement
Los Angeles Times Articles
|
|
|