Reliance Steel closes deal for Continental Alloys

Reliance Steel & Aluminum Co. said on Wednesday that it has acquired the rest of Continental Alloys & Services Inc. and affiliated companies.

Reliance had announced the deal on July 14, but didn't disclose the price. On Wednesday, it said the "transaction value" was $415 million, subject to certain adjustments. A call to the Los Angeles metals service company was not immediately returned.

Houston-based Continental makes high-end steel and alloy pipe, tube and bar products and tools for well-drilling for energy companies. It has 12 locations in seven countries. Continental and its affiliates had sales of $196 million for the six months ending June 30.

Shares of Reliance fell $1.06, or 2,3 percent, to $44.73 in midday trading.