Reliance Steel to buy Industrial Metals & Surplus

Leading US metals service center, Reliance Steel & Aluminum Co., announced Thursday that it has reached an agreement to acquire Atlanta, Georgia-based metals service center, Industrial Metals and Surplus Inc., as well as a related company, Athens, Georgia-based Athens Steel. The transaction is expected to be finalized within 30 days. Terms have not been disclosed. Management at Industrial Metals and Athens Steel are expected to remain unchanged following the acquisition. Industrial Metals produces and distributes structural, flat rolled, and ornamental steel products, with 2005 net sales of $72 million. Reliance Steel is headquartered in Los Angeles, California, and has a network of more than 160 locations in 37 states as well as Belgium, Canada, China, and South Korea. Main products are flat rolled and specialty steel.