Reliance Steel closes on Chapel Steel acquisition

Thursday, 04 August 2005 23:24:00 (GMT+3)   |  

Reliance Steel closes on Chapel Steel acquisition

Reliance Steel & Aluminum Company has completed its purchase of carbon and alloy steel plate producer Chapel Steel Corporation. Reliance paid $94.2 million in cash and will assume $16.8 million of Chapel's outstanding common stock debt. Chapel's headquarters will remain in Spring House, Pennsylvania with James Sutow serving as president and CEO. Reliance Steel & Aluminum, headquartered in Los Angeles, is one of the largest metals service center companies in the United States.

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