Reliance Steel & Aluminum Co. agreed to acquire closely held Chapel Steel Corp., a processor and distributor of carbon and alloy steel plate products.
L.A.-based Reliance, a metals service center company, did not disclose the financial terms of the deal, which should be finalized within 60 days.
Chapel Steel's sales last year were about $273 million in construction, defense, heavy-equipment, shipbuilding and energy industries, according to Reliance's announcement.
Chapel Steel, based in Philadelphia, processes steel from five facilities in Pennsylvania, Illinois, Texas, Alabama and Oregon, and also warehouses and distributes products in Ohio and Canada.
"Chapel is a well-run and growing company that adds to both our product offerings and our geographic coverage across the country," said Reliance CEO David H. Hannah. "We are very excited about the future potential of this new addition to the Reliance family."
Shares of Reliance were up 1.6 percent to $39.11 in mid-afternoon trading.
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