Reliance Steel & Aluminum To Buy Tubular Steel; Terms Not Disclosed

(RTTNews) - Reliance Steel & Aluminum Co. (RS) said it has agreed to purchase all of the outstanding capital stock of Tubular Steel, Inc. or TSI, a distributor and processor of carbon, alloy and stainless steel pipe, tubing and bar products. The terms of the transaction were not disclosed.

The addition of TSI will broaden Reliance's product breadth and support its customer diversification strategy. The transaction is expected to close in early 2016.

Founded in 1953 and headquartered in St. Louis, MO, TSI provides national coverage to its customers from its eight locations across the U.S. For the year ended December 31, 2014, TSI's net sales were about $200 million.