Reliance Steel & Aluminum Co. has reached an agreement with New Wave Technologies Ltd., a Singapore public company, and its associate, Manufacturing Network Pte. Ltd. (MNPL), based in Singapore, to form a joint venture company, Reliance Pan Pacific, Pte. Ltd.

Reliance Pan Pacific will be 70% owned by Reliance Steel & Aluminum Co. and 30% owned by MNPL. Upon completion of the transaction, it is expected that, subject to regulatory approvals, MNPL will sell its 100% interest in Everest Metals (Suzhou) Co., Ltd., a Chinese metals service center company, to Reliance Pan Pacific.

Reliance's CEO, David H. Hannah, said, "We are very excited about this opportunity that allows us to service our semiconductor and electronics customers that operate in China, and positions us well for future growth with an established company in a fast-growing market."

The transaction is expected to be finalized in early 2006, subject to the successful completion of due diligence and regulatory approvals, including the approvals of the People's Republic of China and the shareholders of New Wave.

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 and 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.