Jan. 5, 2006 — Reliance Steel & Aluminum Co. has purchased the remaining 49.5% of its subsidiary, American Steel, LLC from American Industries, Inc., effective January 3, 2006. Terms of the sale were not disclosed.

American Steel operates metals service centers in Portland, Ore., and Kent, Wash., to process and distribute carbon steel products. Reliance has owned a 50% interest in the Membership Units of American Steel from its inception on July 1, 1995 through April 30, 2002. Reliance retained operating control over the assets and operations of American Steel and American Industries owned the other 50% interest.

Effective May 1, 2002, Reliance increased its ownership to 50.5% of the outstanding Membership Units of American Steel and began consolidating its financial results. The 2005 net sales of American Steel were approximately $107 million.

Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the United States. Through a network of more than 100 locations in 31 states as well as Belgium and South Korea, the company provides value-added metals processing services and distributes a full line of over 90,000 metal products. These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and alloy steel sold to more than 95,000 customers in various industries.

The company was named to the 2006 Forbes Platinum 400 List of America's Best Big Companies and was also named as one of "America's Most Admired Companies" listed in the diversified wholesaler's category in the March 7, 2005 issue of Fortune.