Reliance Steel Acquiring Metals USA

Reliance Steel & Aluminum Co. has signed agreements to acquire from Metals USA, Inc. the assets of two of its businesses. The transactions are subject to the final approval of the U.S. Bankruptcy Court, in connection with Metals USA's bankruptcy filing. These asset purchase agreements are subject to a thirty-day Court required auction process which will conclude by early September 2002. During this period additional offers can be received through the Court process.

The businesses include Metals USA Specialty Metals Northwest, Inc. based in Portland, Ore., with additional divisions in Eugene, Ore.; Kent and Spokane, Wash.; Billings, Mt.; and Boise, Idaho. This business was formerly known as Pacific Metal Company and is primarily involved in the processing and distribution of aluminum and coated carbon steel products.