Reliance Steel Buys Infra-Metals
Reliance Steel & Aluminum Company completed an agreement to acquire the outstanding stock of PNA Group Holding Corporation. The PNA Group includes Infra-Metals.
Infra-Metals has announced plans to build a multi-million dollar facility in New Boston.
Infra-Metals has six facilities across the country. In late 2007 the Infra-Metals board of directors approved the New Boston site as its seventh location. Read more
Reliance Steel’s ratings put on review for possible downgrade - Moody’s
Moody’s Investors Service said it placed the ‘Baa3′ senior unsecured ratings of Reliance Steel & Aluminum Co. under review for a possible downgrade, following the company’s agreement to acquire PNA Group
Holding Corp., a steel service center company, from private firm Platinum Equity
in a deal worth roughly $1.1 billion.
The deal is expected be financed through borrowings under Reliance’s $1.1 billion revolving credit facility and a $750 million issuance in a combination of debt and equity.
Moody’s said it expects that the transaction, if it is successfully closed, will increase Reliance’s leverage and tighten coverage ratios
Source: hemscott.com
RS: Reliance Steel, Reliable Cash Flows
RS: Reliance Steel, Reliable Cash Flows
By William Trent
Over the last 12 months, free cash flow (cash flow from operations less capital expenditures) has come in at $540 million, or 12.2% of Reliance’s current market capitalization. In 2007, it used $270 million to grow via acquisition and …
Reliance Steel & Aluminum Co. Declares 2008 Second Quarter …
Reliance Steel & Aluminum Co. Declares 2008 Second Quarter …
LOS ANGELES–(BUSINESS WIRE)–Reliance Steel & Aluminum Co. (NYSE:RS) announced today that on April 16, 2008, its Board of Directors declared a regular quarterly cash dividend of $.10.
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