Reliance Steel & Aluminum Co. announced today that it has acquired all of the capital stock of Alaska Steel Company, a full-line metal distributor headquartered in Anchorage, Alaska.
Alaska Steel provides steel, aluminum, stainless and specialty metals and related processing services including shearing, sawing, plasma and flame cutting to a variety of customers in diverse industries throughout Alaska including infrastructure, energy and mining. For the year ended December 31, 2015, Alaska Steel's net sales were approximately $33 million.
The company will operate as a wholly-owned subsidiary of Reliance's American Metals Corporation subsidiary and current management will remain in place. The terms of the transaction were not disclosed.
"Alaska Steel represents Reliance's entry into the important and significant Alaska market and furthers our geographic, customer and product diversification," commented Gregg Mollins, President and Chief Executive Officer of Reliance. "Alaska Steel has a well established reputation in Alaska and is known as the reliable provider for quick, on-time delivery of quality products and services. We are very pleased to have Alaska Steel join the Reliance family of companies."