Reliance Steel & Aluminum Co. said Friday that it has decided to cancel the offering of 6.75 million shares due to “market conditions.”

The Los Angeles-based metal and aluminum distributor had planned to use the proceeds to help fund part of its $1.1 billion acquisition of PNA Group Holding Corp.

Reliance said in a statement that it will instead use a new loan and other borrowings to pay for the acquisition.

Shares in Reliance closed up 9.8 percent to $62.80 Friday.