Reliance Buys Lampros Companies
Reliance Steel & Aluminum Co., Los Angeles, has acquired the capital stock of Lampros Steel Inc. and a related interest in Lampros Steel Plate Distribution LLC. Lampros Steel Inc. is a steel service center company specializing in structural steel shapes with a facility located in Portland, Ore. Lampros Steel Plate Distribution LLC owns a 50 percent interest in a partnership, LSI Plate, a distributor of carbon steel plate with locations in California and Oregon.
Lampros Steel Inc. was founded in 1983 by Milt and Marcus Lampros, and the partnership was founded in 1999. The combined revenues of Lampros Steel Inc. and LSI Plate for 2009 totaled $29 million. Lampros will operate as a subsidiary of American Metals Corp., a wholly-owned subsidiary of Reliance. The current management will remain in place with Milt Lampros serving as president of Lampros Steel Inc.
“We look forward to the addition of Lampros Steel as a part of Reliance. Lampros has a strong reputation for customer service in the Pacific Northwest area and will complement our network of facilities,” says David H. Hannah, chairman and CEO of Reliance.
Reliance is North America’s largest service center company, with 2009 sales of $5.2 billion.