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Reliance Acquires Lampros Steel Assets
12/06/2010 - Reliance Steel & Aluminum has acquired the outstanding capital stock of Lampros Steel and a related interest in Lampros Steel Plate Distribution LLC.
Reliance Steel & Aluminum Co. has acquired the outstanding capital stock of Lampros Steel, Inc. and a related interest in Lampros Steel Plate Distribution LLC.
“We look forward to the addition of Lampros Steel as a part of Reliance,” said David H. Hannah, Chairman and CEO of Reliance. “Lampros has a strong reputation for customer service in the Pacific Northwest area and will complement our network of facilities.”
Founded in 1983 by Milt and Marcus Lampros, Lampros Steel is a steel service center company specializing in structural steel shapes with a facility in Portland, Ore. Lampros Steel Plate Distribution LLC owns a 50% interest in LSI Plate, a partnership founded in 1999 that distributes carbon steel plate from locations in California and Oregon.
The combined revenues of Lampros Steel, Inc. and LSI Plate for the year ended December 31, 2009 were $29 million.
Lampros will operate as a subsidiary of American Metals Corp., a wholly-owned subsidiary of Reliance Steel & Aluminum. Current management is to remain in place with Milt Lampros serving as President of Lampros Steel.
Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum is one of the largest metals service center companies in North America. Through a network of more than 200 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, and the United Kingdom, the company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.
