Reliance, inc. agrees to acquire tolling assets from ferrousouth

Scottsdale, ariz., july 15, 2024 (globe newswire) -- reliance, inc. (nyse: rs) announced that it has reached an agreement to purchase certain assets of the ferrousouth division of ferragon corporation (“ferrousouth”), a premier toll processing operation headquartered in iuka, mississippi. in addition to offering high quality flat-rolled steel processing, ferrousouth provides logistics services including shipping and warehousing solutions within the rapidly growing southeastern market. the ferrousouth operations will operate as a division of feralloy corporation, a wholly owned subsidiary of reliance. for the twelve months ended december 31, 2023, annual net sales for the select tolling operation were approximately $15 million. the terms of the transaction were not disclosed. the transaction is expected to close within the next 30 days, subject to customary closing conditions.
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