CHICAGO Metals distributor Reliance Steel & Aluminum Co. continues to grow with the acquisition of National Specialty Alloys LLC (NSA), a specialty alloy processor and distributor of stainless steel and nickel alloy bars and shapes.
NSA will operate as a wholly owned subsidiary of Reliance with current management remaining in place, including Mark Russ as president. Headquartered in Houston, NSA also has branches in Anaheim, Calif., Buford, Ga., and Tulsa, Okla.
NSA, which has annual sales of about $96 million, was sold to Reliance by a consortium of investment firms. The terms of the deal were not disclosed.
The acquisition bolsters Reliances product offerings with specialty stainless steel and nickel products and expands and complements its exposure to the energy industry, the Los Angeles-based company said.
NSA has a "particular emphasis on horizontal drilling and completion tools, pumps and valves used in the drilling and production of oil and gas," Reliance chairman and chief executive officer David H. Hannah said in a statement. NSA also serves the petrochemical, power generation, water and waste treatment, pulp and paper, marine equipment, military and defense, aerospace and other industrial machinery markets.
Last week, a subsidiary of Reliance signed a deal to purchase a flat-rolled steel processing plant (AMM, March 27). Pending due diligence, Precision Strip Inc. is expected to complete the purchase of the assets of Worthington Steels Vonore, Tenn., plant, within 30 days.