Reliance Steel & Aluminum Co. Opens Valex Corp. Facility in China
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that its subsidiary, Valex Corp. has opened a facility in the People’s Republic of China. Valex China Co. Ltd. is 100% owned by the Hong Kong joint venture company Valex Holdings Ltd. Reliance owns 88% of Valex Holdings.
The 24,000 square foot facility is located in the Nanhui district of Shanghai and will produce ultra high purity tubes, fittings, and valves for the semiconductor, LCD and solar industries. This new venture will be the first Valex manufacturing plant based in China and will position the company to improve its already significant share of the growing Asian market. Valex Corp. also has operations in Ventura, California and Pyongtaek, South Korea and is a 97% owned subsidiary of Reliance.
Reliance’s Chairman and Chief Executive Officer, David H. Hannah, said, “We are very excited about the opening of Valex China. This new facility will allow us to expand our market share in this fast-growing market by offering localized production and enhanced services to our customers and also increases our existing global presence.”
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is one of the largest metals service center companies in the United States. Through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the United Kingdom, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products. These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and alloy steel sold to more than 125,000 customers in various industries.
Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s web site at www.rsac.com. The Company was named to the 2007 “Fortune 500″ List, the Fortune 2007 “100 Fastest Growing Companies” List, the Fortune 2007 List of “America’s Most Admired Companies” and the 2007 Forbes “Platinum 400 List of America’s Best Big Companies.”
This release may contain forward-looking statements relating to future financial results. Actual results may differ materially as a result of factors over which Reliance Steel & Aluminum Co. has no control. These risk factors and additional information are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and other reports on file with the Securities and Exchange Commission.