Reliance Steel & Aluminum Co announced that it has amended and restated its existing USD 1.1 billion unsecured revolving credit facility for five years and increased the size to USD 1.5 billion. The restated credit facility includes an increase option for up to an additional USD 500 million and includes more favorable pricing terms than the company's prior facility that would have matured on November 20th 2012.

Mr David H Hannah chairman & CEO of Reliance Steel said that "We were pleased with the response from our existing bank group and appreciate their continued support, as well as the strong interest from new banks. Our credit facility now includes 26 banks, compared to 16 banks in our prior facility. The increased size of the credit facility will allow us to continue our growth of existing operations as well as anticipated acquisition opportunities. The more favorable pricing terms in the new facility will also contribute to our earnings."

Bank of America is the administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated, JP Morgan Securities LLC and Wells Fargo Securities LLC were the joint lead arrangers and joint book managers.