Reliance Steel and Aluminum Co. announced that it has acquired all the outstanding equity interests of Southern Steel Supply, LLC, a metals service center that offers merchant and structural steel, pipe and tube, steel plate, ornamental products and laser cut and fabricated parts.
Founded in 1961 and located in Memphis, Tennessee, Southern Steel supplies customers throughout Tennessee, Mississippi, Arkansas, Alabama, and Missouri. Southern Steel will operate as a subsidiary of Siskin Steel and Supply Company, Inc., a wholly owned subsidiary of Reliance. Siskin also acquired the related real estate assets of Southern Steel.
In a press release, the company said the current management team will remain in place. For the 12months ended December 31, 2022, annual net sales for Southern Steel were $62.9 million. The terms of the transaction were not disclosed.
Karla Lewis, President and Chief Executive Officer of Reliance, commented, “The addition of Southern Steel under Siskin expands Siskin’s geographic reach and will broaden Southern Steel’s product mix for its customers as well as provide them access to a wide range of capabilities through Reliance’s vast network of metal service centers. Southern Steel will further benefit from Reliance’s long-standing mill relationships and significant investments in capital expenditures to promote further growth as well as back-office efficiencies from Siskin.”