Reliance Steel to Buy Pitt-Des Moines Unit
- Share via
Reliance Steel & Aluminum Co., a Los Angeles-based metals distributor, agreed to buy rival Pitt-Des Moines Inc.’s steel distribution business for an undisclosed price.
Pitt-Des Moines has seven distribution centers in California, Nevada, Utah, Washington and Iowa that had sales last year of $216 million.
Reliance Steel, which had sales of $1.73 billion last year, said the acquisition will increase its network to 87 distributors in 25 states.
Reliance Steel’s shares rose 35 cents to close at $28.70 on the New York Stock Exchange. Pitt-Des Moines, based in The Woodlands, Texas, rose 34 cents to close at $33.19 on the American Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
