Reliance Steel to Buy Closely Held Lusk Metals

Reliance Steel & Aluminum Co. agreed to acquire closely held metals processor Lusk Metals for an undisclosed amount, expanding Reliance’s reach in Northern California as the industry consolidates. Lusk, a Hayward-based company formed in 1960, had sales of about $30 million in the year ended Feb. 28. Los Angeles-based Reliance is one of several public companies buying up smaller metals centers, which purchase metals in bulk for processing to customer specifications. Lusk, which would be Reliance’s fourth acquisition this year, mainly processes aluminum plate, sheet and extrusions. Reliance owns 61 processing and distribution facilities in 20 states. It produces steel, brass, copper, aluminum, stainless steel and alloys, and had 1997 sales of $961.5 million. Reliance shares fell 25 cents to close at $32 on the New York Stock Exchange.