Reliance Steel & Aluminum Co. announced Tuesday that it has reached an agreement to purchase all of the outstanding capital stock of Tubular Steel, Inc. (TSI), a distributor and processor of carbon, alloy and stainless steel pipe, tubing and bar products.
Founded in 1953 and headquartered in St. Louis, MO, TSI provides national coverage to its customers from its eight locations across the United States. The addition of TSI broadens Reliance's product breadth and supports its customer diversification strategy.
For the year ended December 31, 2014, TSI's net sales were approximately $200 million. The transaction is expected to close in early 2016, subject to regulatory approval and customary closing conditions. The terms of the transaction were not disclosed.