Shares of Reliance Steel & Aluminum (RS) have been off to a greatstart of 2013. Shares of the metal service center have already returned 16% so far this year on the back of the acquisition of Metals USA Holdings (MUSA).
The Deal
Reliance Steel announced that it has agreed to acquire Metals USA Holdings, a leading metals service center provider of a wide range of products in heavy carbon steel, flat-rolled steel, non-ferrous metals and building products markets.
The company operates 48 service centers for a total of 5.9 million square feet of industrial space. As a result of the deal, Reliance Steel will operate 268 centers.
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