Reliance Steel & Aluminum Co. announced Monday that it is forming a joint venture with two Singapore-based companies to serve the semiconductor and electronics industries in China.

The L.A.-based metals processing and distributing firm is forming the joint venture with New Wave Technologies Ltd. and New Wave’s affiliate, Manufacturing Network Pte. Ltd. Reliance will own 70 percent of the joint venture and Manufacturing Network will own 30 percent.

Following approval of the transaction, the joint venture will purchase Everest Metals Co. Ltd., a Suzhou, China-based company that is 100 percent owned by Manufacturing Network.

The deal is expected to close early next year, pending approval by the Chinese government and New Wave shareholders.

Reliance shares closed down 0.5 percent to $50.90 on Monday.