Reliance Steel & Aluminum Co.

said Tuesday that it has been authorized to purchase up to 12 million shares of its common stock as part of a stock buyback plan. The Los Angeles-based metal and aluminum distributor has purchased about 650,000 shares since last Thursday under the plan at an average price of $44.69. Shares in Reliance jumped $2.33, or 5.1 percent, to $48.73 in afternoon trading Tuesday on the New York Stock Exchange.

Walt Disney Co

.’s ESPN sports network is acquiring the rugby news Web site Scrum.com in an effort to attract fans ahead of Europe’s Rugby World Cup, which will be held in France and start Labor Day weekend. The site was founded 10 years ago and will add to ESPN’s existing coverage of the month-and-a-half-long event. Terms of the deal were not disclosed.