34 Reliance has officially concluded its acquisition of all outstanding equity interests and associated real estate assets of American Alloy Steel (“American Alloy”). Headquartered in Houston, Texas, and established in 1971, American Alloy stands as a prominent distributor of specialty carbon and alloy steel plate and round bar, notably including pressure vessel quality (PVQ) material. This strategic move bolsters Reliance’s value-added processing and fabrication capabilities while broadening its specialty carbon steel plate product portfolio. Aligning with Reliance’s acquisition strategy, which prioritizes acquiring immediately accretive companies with robust management teams, this transaction maintains continuity within American Alloy’s operations. The existing American Alloy team, inclusive of management, will continue to lead the company. American Alloy reported approximately $310 million in annual net sales for the twelve months ending December 31, 2023. The specific terms of the acquisition were not disclosed. You Might Be Interested In Sri Lanka Under Ranil Wickremesinghe Shows Rapid Progress Small Banks in Uganda Encounter Challenges in Raising Capital Allianz Trade Eyes Growth Opportunities in India Zomato co-founder resigns Israel-Palestine Conflict Ripples: Global Economy, India-Israel Trade, and Financial Markets on Alert Adani Capital deal will allow access to India’s ‘underbanked’: Bain
