Reliance Steel & Aluminum Co. announced that its wholly-owned subsidiary Precision Strip Inc. has signed an agreement to acquire substantially all of the assets of the Worthington Steel’s Vonore, Tenn., plant, a processing facility owned by Worthington Industries. Upon completion of the acquisition, the Vonore plant is expected to operate as a Precision Strip location that will process and deliver carbon steel, aluminum and stainless steel products on a “toll” basis, processing the metal for a fee without taking ownership of the metal. Precision Strip currently operates 11 tolling facilities throughout the U.S. and Mexico.
According to Precision Strip, the acquisition strengthens the
geographic fit for its existing and growing customer base and also complements
the footprint of its existing facilities, further expanding its market presence
in the southeastern region of the country. Worthington Industries acquired the
assets of the Vonore plant in early 2011. Los Angeles, Calif.-based Reliance
Steel & Aluminum Co. is the largest metals service-center company in North
America with a network of more than 220 locations.
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