Los Angeles, California-based steel service center Reliance Steel & Aluminum Co. announced Friday that it has acquired the outstanding capital stock of Portland, Oregon-based steel service center Lampros Steel, Inc. and a related interest in Lampros Steel Plate Distribution LLC. Lampros Steel Plate Distribution LLC owns a 50 percent interest in a partnership, LSI Plate, that is a distributor of carbon steel plate with locations in California and Oregon.
The combined revenues of Lampros Steel, Inc. and LSI Plate for the year ended December 31, 2009 were $29 million. Lampros will operate as a subsidiary of American Metals Corporation, a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place with Milt Lampros serving as President of Lampros Steel, Inc.
"We look forward to the addition of Lampros Steel as a part of Reliance. Lampros has a strong reputation for customer service in the Pacific Northwest area and will complement our network of facilities," said David H. Hannah, Chairman and CEO of Reliance Steel.