Reliance Steel & Aluminum Co raises credit facility to $1.5 bn

MUMBAI: Reliance Steel & Aluminum Co said it raised its credit facility by 36 per cent to $1.5 billion, as the metals processor looks to acquire smaller peers.

"The increased size of the credit facility will allow us to continue our growth of existing operations as well as anticipated acquisition opportunities," Chief Executive David Hannah said in a statement.

Reliance Steel, which buys metal from manufacturers and processes it for specific industry needs, said it amended its credit facility for five years.

The revised credit facility includes an additional option of up to $500 million, the Los Angeles, California-based company said.

Reliance Steel shares closed at $49.16 on Tuesday on the New York Stock Exchange.