Reliance Steel & Aluminum Co. (NYSE:RS) announced today that, through its wholly-owned subsidiary Precision Strip, Inc., it has completed the acquisition of the assets of the Worthington Steel Vonore plant, a processing facility owned by Worthington Industries, Inc. (NYSE:WOR). Terms were not disclosed. Worthington Industries acquired the assets of the Vonore, Tennessee plant in early 2011.
The Vonore plant will operate as a Precision Strip, Inc. location that will toll process and deliver carbon steel, aluminum and stainless steel products without taking ownership of the metal. Precision Strip will now operate twelve tolling facilities throughout the United States and Mexico.
Joseph P. Wolf, President of Precision Strip, Inc., said, “The addition of the Vonore location to our existing footprint of facilities allows us to better service our customer base in an important geographic area of the country. By acquiring the existing assets we were able to more quickly establish ourselves in this growing market.”
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 220 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.
Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s web site at www.rsac.com. The Company was named to the 2011 “Fortune 500” List and the 2012 Fortune List of “The World’s Most Admired Companies.”
This release may contain forward-looking statements. Actual results and events may differ materially as a result of a variety of factors, many of which are outside of Reliance Steel & Aluminum Co.’s control. Risk factors and additional information are included in Reliance Steel & Aluminum Co.’s reports on file with the Securities and Exchange Commission, including Reliance Steel & Aluminum Co.’s Annual Report on Form 10-K for the year ended December 31, 2011.