Hope is fading for a cut in OPEC oil production. Reliance Steel & Aluminum recently announced a major acquisition.
Iran Says Saudis Will Not Cut Oil Production
Saudi Arabia and its Gulf allies will reject calls from fellow OPEC members to cut oil output, Iran said on Wednesday, two days before the group meets amid falling prices and a worsening global oil glut.
“It is unlikely that these countries voluntarily cut their output,” Iran’s OPEC governor Mehdi Asali told Iranian news agency Shana. Iran is preparing to ramp up output after an expected lifting of Western sanctions on Tehran next year, and wants OPEC to accommodate the new volume.
Reliance Steel & Aluminum Buys TSI
Los Angeles distributor Reliance Steel & Aluminum Co. will purchase all of the outstanding capital stock of Tubular Steel Inc. of St. Louis, a distributor and processor of carbon, alloy and stainless steel pipe, tubing and bar products.
The addition of TSI, which was founded in 1953, broadens Reliance’s product breadth and supports its customer diversification strategy, a statement said. The transaction will close in early 2016, the statement said.