TSI had net sales of approximately $200 million for the year ended 31 December 2015, and will continue operating, but as a wholly-owned subsidiary of Reliance Steel & Aluminum, with the current management remaining in place.

Gregg Mollins, President and Chief Executive Officer of Reliance commented that “The addition of Tubular Steel, with specialty, high margin products, fits our growth strategy of investing in higher returning businesses, while expanding our product breadth and end market diversification.

“Although current activity levels are lower than normal in this area, we are confident in the long term strength of the energy market and Tubular Steel’s ability to benefit during the recovery.”