Reliance Steel & Aluminum Co. Buys Illinois FirmFriday, August 1, 2014
Reliance Steel & Aluminum Co. of Los Angeles announced Friday that it had acquired Northern Illinois Steel Supply Co. for an undisclosed price.
Northern Illinois Steel Supply Co. is a Channahon, Ill., company that distributes and fabricates products composed of steel and other metals. The company recorded some $20.3 million worth of net sales in 2013.
The Illinois company will function as a subsidiary of Reliance Steel & Aluminum Co. with its current managers retaining their jobs.
"This acquisition complements our growth strategy of adding companies that offer higher value-add services," David H. Hannah, chief executive of Reliance, said in a press release.
Shares of Reliance Steel & Aluminum Co. fell slightly to close Friday at $67.68 on the NYSE.