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Platinum Bar Reliance Steel & Aluminum Co. said Tuesday it agreed to buy PNAGroup Holding Corp., a steel service center group owned by PlatinumEquity, for about $1.1 billion. Shares of Reliance rose $6.82, or 4.7 percent, to $74.43 shortlyafter the opening bell. The deal is expected to close within 60 days, pending regulatoryapprovals. Los Angeles-based Reliance Steel expects to finance the dealthrough its existing credit facility and by raising about $750million by issuing new debt and equity securities. Reliance, which processes and sells products to aerospace, energyand construction companies, said it expects the deal to immediatelyboost earnings. Through its subsidiaries, PNA Group processes and distributesprimarily carbon steel plate, bar, structural and flat-rolledproducts. PNA subsidiaries include Delta Steel LP, Feralloy Corp.,Infra-Metals Co., Metals Supply Company Ltd., PrecisionFlamecutting and Steel LP and Sugar Steel Corp. PNA had 2007 sales of about $1.6 billion. Reliance reported saleslast year of about $7.26 billion. PNA has 23 steel service centers in the United States, five jointventures and seven service centers in the U.S. and Mexico. Reliancehas about 180 locations in the U.S. and about 37 across Belgium,Canada, China, South Korea and the United Kingdom. Copyright 2008 Associated Press. All rights reserved. This materialmay not be published broadcast, rewritten, or redistributed