Acquisition strengthens company's bar and tube processing services.
Latest In Metals Service Centers
$2.8 billion purchase enhances companys aerospace portfolio.
Profit rose 4.2 percent to $87.2 million.
Reliance Steel 4Q sales up 22.1% year-over-year.
The new publicly traded company, TimkenSteel, will trade on the New York Stock Exchange under ticker symbol TMST.
Acquisition expands reach in Australia.
Profit fell 25.6 percent to $81 million.
Profit for Reliance also saw a double-digit decline.
Reliance will purchase Fort-Lauderdale-based Metals USA for $1.2 billion.
Recapitalization enables penetration of new geographies and metal categories.
Relative strength in aerospace, energy, farm & heavy equipment and auto continue to offset weakness in non-residential construction.
Metals service center focuses on the oil and gas industry.
Sales for Alabama-based GM in 2011 were $44 million.
The growth occurred despite a 2 percent decrease in price per ton.
Acquisition of Airport Metals is Reliance Steel & Aluminum’s first entry into Australia.
