Reliance Steel to acquire Continental Alloys

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.

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