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ArcelorMittal (MT) - free report >>
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Reliance Steel (RS) Concludes Acquisition of Alaska Steel
Reliance Steel & Aluminum Co. (RS - Free Report) said that it has acquired all of the capital stock of Alaska Steel Company – a full-line metal distributor headquartered in Anchorage, AK. Alaska Steel will operate as a fully owned subsidiary of Reliance's American Metals Corporation, with current management in place. Terms of this transaction were not disclosed.
Alaska Steel houses the largest on-hand inventory in Alaska and offers both same-day and next-day delivery from its three facilities in Anchorage, Fairbanks and Kenai. The company provides steel, aluminum, stainless and specialty metals and related processing services, and caters to a wide range of customers in diverse industries including infrastructure, energy and mining throughout Alaska.
Alaska Steel is known as a reliable provider for quick, on-time delivery of quality products and services.
RELIANCE STEEL Price
RELIANCE STEEL Price | RELIANCE STEEL Quote
Reliance Steel’s shares fell around 0.1% to close at $77.14 on Aug 3.
Reliance Steel saw its profits improve in second-quarter 2016, while earnings topped expectations. Profit, as reported, rose 11.9% year over year to $100.9 million (or $1.38 per share) in the quarter from $90.2 million (or $1.20) a year ago.
Barring one-time items, the company registered earnings of $1.36 per share in the reported quarter that surpassed the Zacks Consensus Estimate of $1.31. The bottom line gained from efficient inventory management and better mill prices in the quarter.
Revenues, however, fell around 9.1% year over year to $2,203.9 million in the reported quarter, missing the Zacks Consensus Estimate of $2,337 million. Sales were affected by lower overall pricing.
Reliance Steel currently has a Zacks Rank #3 (Hold).
Some better-ranked companies in the steel space include ArcelorMittal (MT - Free Report) , ThyssenKrupp AG (TYEKF - Free Report) and Schnitzer Steel Industries Inc. , all sporting a Zacks Rank #1 (Strong Buy).
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