Reliance Steel to acquire Continental Alloys

Metals processor Reliance Steel & Aluminum Co (RS.N) said on Thursday it has agreed to acquire Continental Alloys & Services Inc.

Terms were not made public, but the transaction is expected to close within 30 days, Reliance said.

Houston-based Continental specializes in high-end steel and alloy pipe, tube and bar products and precision tool manufacturing for the oil and gas industry. It has locations in seven countries -- the United States, Canada, Britain, Singapore, Malaysia, Dubai and Mexico.

Continental and its affiliates had unaudited combined net sales of about $196 million in the six months ended June 30.