Continental, headquartered in Houston, Texas, and its affiliates combined comprise a leading global materials management company focused on high end steel and alloy pipe, tube and bar products and precision manufacturing of various tools designed for well completion programs of global energy service companies and has 12 locations in seven countries including the United States, Canada, United Kingdom, Singapore, Malaysia, Dubai and Mexico.

Continental was founded in 1976 and, with its affiliates, had unaudited combined net sales of about USD 196 million for the six months ended June 30th 2011.

Continental Alloys & Services will operate as a subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place with Mr Dale Benditz serving as CEO and Mr David Sapunjis serving as president of Continental Alloys & Services.

Mr David H Hannah chairman & CEO of Reliance said “We are very excited to add Continental Alloys & Services to the Reliance family of companies. Continental has a strong reputation for quality and service to the energy market and complements our existing businesses selling into this high growth market. This acquisition also aligns well with our diversification strategy adding OCTG products, new processing capabilities, and entry into new international markets. Continental is a higher margin business than a general line service center and was valued consistently with our historic approach and falls within an EBITDA range of four to six times based on our estimate of normalized earnings.”