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News Breaks
October 3, 2012
08:54 EDTRSReliance Steel acquires Sunbelt Steel Texas
Reliance Steel has acquired all the outstanding limited liability company interests of Sunbelt Steel Texas, a value-added distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry, effective October 1. Net sales of Sunbelt for 2011 were approximately $48M. Sunbelt will operate as a wholly-owned subsidiary of Reliance Steel. Current management will remain in place. Terms were not disclosed.
News For RS From The Last 14 Days
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May 29, 2015
09:30 EDTRSCredit Suisse said 2H looking like a 'win-win' for US steel equities
Credit Suisse said 2H 2015 is looking like a "win-win" for U.S. steel equities. The firm assumes favorable outcomes in proposed congressional legislation redefining injury in anti-dumping trade cases, a trade case filing, and an end to market restock cycle. Credit Suisse continues to favor U.S. Steel (X) given its leverage to the trade case story and said the entire sector will benefit if 2H plays out as expected. Firm said Reliance Steel (RS), Worthington (WOR), and Olympic Steel (ZEUS) are leveraged to a drop in import volumes and raw materially suppliers Cliffs Natural (CLF), Arch Coal (ACI), and Alpha Natural (ANR) should benefit from production increases in domestic Blast Furnace given less import competition.
May 28, 2015
10:12 EDTRSHigh option volume stocks
High option volume stocks: A RS ALXN AVGO TFM PLKI JNPR VGK GDOT
May 27, 2015
08:53 EDTRSReliance Steel appoints Gregg Mollins as CEO and President
Reliance Steel announced that in accordance with the previously announced executive leadership succession plan, effective as of May 20, 2015, the company has appointed Gregg Mollins as CEO and President of Reliance. David Hannah has transitioned to the role of Executive Chairman. Hannah, who has served as Reliance's CEO since 1999 and Chairman of the Board and CEO since 2007, will remain on the company's board as Executive Chairman until his retirement in July 2016. Mr. Hannah will remain active in the company's operations until his departure, at which time an independent, non-executive Chairman of the Board will be appointed.

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