Reliance Steel buys Sunbelt Steel Texas
(Reuters) - Reliance Steel & Aluminum Co (RS.N) said it bought privately held Sunbelt Steel Texas LLC, a distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry.
Terms of the transaction were not disclosed.
Sunbelt, founded in 1986, had net sales of $48 million in the 12 months ended December 31, 2011.
Reliance said the current management of Houston-based Sunbelt will remain in place, with Michael Kowalski as president.
Reliance Chief Executive David Hannah said the acquisition will enhance the company's exposure to the high-end energy market, serving customers across multiple oil and gas well drilling types.
Shares of Reliance were marginally up at $51.69 in early trading on the New York Stock Exchange.
(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Maju Samuel)