Reliance Closes Crest Acquisition

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Reliance Steel & Aluminum Co. said it has completed the acquisition of Carson-based Crest Steel Corp.


Terms of the all-cash transaction were not disclosed, but Los Angeles-based Reliance said the 40-year old company will operate as a wholly owned subsidiary of Reliance and current management will remain in place with the exception of Phil Steinberg, the founder and former chairman. Steinberg will continue as a director and remain as a consultant to the company through a transition period.


Crest has facilities in Riverside and Phoenix and specializes in the processing and distribution of carbon steel products.


Crest had 2005 revenues of $129 million.


Shares in Reliance were down 34 cents to $38.85 in midday trading Thursday.

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