Key Developments: Reliance Steel and Aluminum Co (RS)
68.42USD
17 May 2013
$1.13 (+1.68%)
$67.29
$67.61
$68.61
$67.61
394,531
602,873
$72.90
$44.81
Latest Key Developments (Source: Significant Developments)
Reliance Steel and Aluminum Co Issues Q2 2013 EPS Guidance Below Analysts' Estimates; Announces Quarterly Cash Dividend
Reliance Steel and Aluminum Co announced that for second quarter of 2013, it expects earnings per diluted share (EPS) to be in the range of $1.10 to $1.20, which includes the incremental earnings from Metals USA beginning April 12, 2013 and excludes any one-time deal related costs. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.51 for second quarter of 2013. The Company also announced a quarterly cash dividend of $0.30 per share was declared on April 23, 2013 for shareholders of record as of May 31, 2013 and will be payable on June 21, 2013. Full Article
Reliance Steel and Aluminum Co Completes Acquisition Of Metals USA Holdings Corp.
Reliance Steel and Aluminum Co announced that it has completed the previously announced acquisition of Metals USA Holdings Corp. for $20.65 per share in cash, pursuant to which Metals USA has become a wholly-owned subsidiary of Reliance. This acquisition adds a total of 48 service centers strategically located throughout the United States to Reliance’s existing operations and complements its existing customer base, product mix and geographic footprint. The purchase price for Metals USA was $786 million paid in cash at closing for the holders of Metals USA stock, options and restricted stock, and the assumption of $454 million of net debt, representing a Metals USA enterprise value of approximately $1.24 billion. Reliance funded the transaction and refinanced Metals USA indebtedness with a combination of proceeds from its amended $1.5 billion credit facility and new $500 million term loan along with proceeds from its $500 million senior notes offering that was completed last week. Effective with the closing, Lourenco Goncalves retired as Chairman, President and Chief Executive Officer (CEO) of Metals USA. Robert C. McPherson III will be promoted to President and CEO of Metals USA. In addition, Roger Krohn will be promoted to Senior Vice President and Chief Operating Officer of Metals USA. Full Article
Reliance Steel and Aluminum Co Announces $500 Million 4.500% Senior Notes Offering
Reliance Steel and Aluminum Co announced that it has entered into an underwriting agreement for the sale of $500 million principal amount of 4.500% Senior Notes due 2023 at an issue price of 99.585%. The notes will be guaranteed by Reliance's subsidiaries that guarantee credit agreement and senior notes due 2016 and 2036. Reliance intends to use the net proceeds to finance a portion of pending acquisition of Metals USA Holdings Corp. If Reliance does not consummate acquisition of Metals USA on or prior to December 15, 2013, the merger agreement with Metals USA is terminated at any time prior thereto or Reliance determines in reasonable judgment that the acquisition will not occur, Reliance will be required to redeem all of the notes at a purchase price in cash equal to 101% of their aggregate principal amount, plus accrued and unpaid interest. The offering is expected to close on April 12, 2013. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. Full Article
Reliance Steel and Aluminum Co Announces Proposed $500 Million Senior Notes Offering
Reliance Steel and Aluminum Co announced that it proposes to offer, $500 million principal amount of senior notes due 2023. Actual terms of the notes, including interest rate, will depend on market conditions at the time of pricing. The notes will be guaranteed by Reliance's subsidiaries that guarantee credit agreement and senior notes due 2016 and 2036. Reliance intends to use the net proceeds to finance a portion of pending acquisition of Metals USA Holdings Corp. If Reliance does not consummate acquisition of Metals USA on or prior to December 15, 2013, the merger agreement with Metals USA is terminated at any time prior thereto or Reliance determines in reasonable judgment that the acquisition will not occur, Reliance will be required to redeem all of the notes at a purchase price in cash equal to 101% of their aggregate principal amount, plus accrued and unpaid interest. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering. Full Article
Reliance Steel and Aluminum Co Announces Revised Record Date For Common Share Quarterly Dividend
Reliance Steel and Aluminum Co announced that the record date for the Company`s dividend of $0.30 per common share for the first quarter of 2013 has been revised to March 4, 2013 from March 1, 2013. The dividend remains payable on March 22, 2013. Full Article
Reliance Steel and Aluminum Co Declares Regular Quarterly Cash Dividend
Reliance Steel and Aluminum Co announced that the Board of Directors declared a regular quarterly cash dividend of $0.30 per share of common stock, an increase of 20%. The dividend is payable on March 22, 2013 to shareholders of record March 1, 2013. Full Article
Reliance Steel and Aluminum Co Issues Q1 2013 EPS Guidance
Reliance Steel and Aluminum Co announced that for first quarter of 2013, it expects earnings per diluted share (EPS) to be in the range of $1.05 to $1.15. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.39 for first quarter of 2013. Full Article
Reliance Steel and Aluminum Co To Acquire Metals USA Holdings Corp
Reliance Steel and Aluminum Co and Metals USA Holdings Corp announced a definitive merger agreement whereby Reliance Steel & Aluminum Co. (Reliance) will acquire all outstanding shares of Metals USA Holdings Corp. (Metals USA) for $20.65 per share in cash, representing an enterprise value of approximately $1.2 billion. The transaction is expected to close in the second quarter of 2013. Metals USA`s assets at December 31, 2012 and sales for the year then ended were approximately $1.0 billion and $2.0 billion, respectively. Upon completion of the acquisition, Reliance will have total assets of over $6.5 billion and annual sales of over $10.0 billion.The transaction has been unanimously approved by the respective Boards of Directors of Reliance and Metals USA. The transaction is subject to approval by Metals USA stockholders, along with the receipt of regulatory clearances and the satisfaction of other customary closing conditions, and includes a 30-day "go-shop" period. David H. Hannah, Chairman and Chief Executive Officer of Reliance, will continue as Chairman and Chief Executive Officer of the combined company. Lourenco Goncalves, Chairman, President and Chief Executive Officer of Metals USA will retire upon closing of the transaction. Full Article
Reliance Steel and Aluminum Co Issues Q4 2012 Guidance Below Analysts' Estimates
Reliance Steel and Aluminum Co announced that for fourth quarter of 2012, it expects earnings per diluted share to be in the range of $0.90-$1.00. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.06 for fourth quarter of 2012. Full Article
Reliance Steel and Aluminum Co Declares Regular Quarterly Cash Dividend
Reliance Steel and Aluminum Co announced that the Board of Directors increased the Company’s regular quarterly cash dividend by 67% to $.25 per share of common stock from $.15 per share for the first and second quarters of 2012. The new quarterly cash dividend rate is more than double the 2011 rate. Full Article
Reliance Steel to buy Metals USA Holdings for $766 mln
Feb 6 - Metals processor Reliance Steel & Aluminum Co will buy Metals USA Holdings Corp for $766 million.
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