Earle M Jorgensen Co

Earle M. Jorgensen Co., a metals distributor in Brea, reported second-quarter net income of $1.6 million, down nearly 70% from $5.3 million in the same period a year ago. The company did not provide per-share figures. Sales in the three months ended Sept. 27 were $225.2 million, up slightly from $223.7 million a year ago.

Los Angeles-based Reliance Steel & Aluminum Co. agreed to acquire Lynwood-based Earle M. Jorgensen Co. for $13 a share, or about $934 million, Reliance announced late Tuesday. The planned merger would bring together two Southland companies capitalizing on growing global demand for steel and other metal products. Reliance is one of the nation's largest metal processing companies, while Jorgensen is one of the largest distributors of metal products in North America.

Earle M. Jorgensen Co., the Lynwood steel and aluminum distributor whose 90-year-old chairman and namesake is better known for his role in Ronald Reagan's kitchen cabinet, has attracted the interest of an Australian investor. The investor, Australian National Industries, has acquired a stake of at least 5% in the company. William J.

The stock of Lynwood metal products distributor Earle M. Jorgensen Co. fell flat on its first day of trading Friday. The company's shares, priced at $10 apiece the night before, ended the day at $9 on the New York Stock Exchange. The stock was priced below the expected range of $11 to $13 a share, which had been lowered after Jorgensen couldn't get the deal done Wednesday within an original range of $14 to $16 a share.

Two of the Southland's largest privately held companies disclosed plans Friday to go public. Herbalife International Inc., the Los Angeles marketer of weight-loss and nutritional supplements, said in a regulatory filing that it hoped to raise as much as $345 million in an initial public stock offering. And Earle M. Jorgensen Co., a Lynwood metal products distributor, said it hoped to raise as much as $250 million through the sale of common stock.

Earle M. Jorgensen Co., a metals distributor in Brea, reported second-quarter net income of $1.6 million, down nearly 70% from $5.3 million in the same period a year ago. The company did not provide per-share figures. Sales in the three months ended Sept. 27 were $225.2 million, up slightly from $223.7 million a year ago.

McDonald's Corp. on Tuesday reported a 16% drop in profit, its third straight quarterly decline, as the burger giant's stock rose modestly on its latest assurance that beef safety fears are easing in Europe, its top international market. Squeezed by weak foreign currencies and other concerns, McDonald's said it may close as many as 250 under-performing restaurants this quarter, primarily in emerging international markets.

With the steel supply business struggling in the economic slowdown, Earle M. Jorgensen Co. has forged a profitable strategy from improved technology and a diverse customer base. Despite a heavy debt load from a buyout 11 years ago, the Brea company has improved year-to-year profits for six straight quarters and was the only major distributor to post higher earnings in the last half of 2000.

Brea metal distributor Earle M. Jorgensen Co. said net income for the fiscal third quarter totaled $3.6 million, up from $1.6 million a year ago. The income figure for the third quarter a year earlier included a net loss of $2.2 million from the sale of fixed assets, including the company's operations in Hawaii. Revenue for the quarter ended Jan. 2 rose 13% to $259.5 million.