Thursday, June 02, 2005
Reliance Steel to Acquire Chapel Steel
AP
Reliance Steel & Aluminum Co. on Wednesday said it is acquiring privately held Chapel Steel Corp., a processor and distributor of carbon and alloy steel plate products.
Reliance did not disclose the financial terms of the deal, which is expected to be final within three months.
Chapel processes steel from five facilities in Pennsylvania, Illinois, Texas, Alabama and Oregon, and also warehouses and distributes products in Ohio and Canada. Last year, Chapel reported revenue of about $273 million from sales to the construction, defense, shipbuilding and other industries.
"Chapel is a well-run and growing company that adds to both our product offerings and our geographic coverage across the country," said Reliance Chief Executive David H. Hannah.
Reliance Steel & Aluminum Co. on Wednesday said it is acquiring privately held Chapel Steel Corp., a processor and distributor of carbon and alloy steel plate products.
Reliance did not disclose the financial terms of the deal, which is expected to be final within three months.
Chapel processes steel from five facilities in Pennsylvania, Illinois, Texas, Alabama and Oregon, and also warehouses and distributes products in Ohio and Canada. Last year, Chapel reported revenue of about $273 million from sales to the construction, defense, shipbuilding and other industries.
"Chapel is a well-run and growing company that adds to both our product offerings and our geographic coverage across the country," said Reliance Chief Executive David H. Hannah.
