Reliance announces second quarter results

Reliance announces second quarter results

Reliance Steel & Aluminum Co., a metals service center company in Los Angeles, reported its first half net income increased 16 percent due in large to its product diversification. Net sales rose to $816.3 million for the second quarter 2005, a year-on-year increase from $760.8 million. Year-to-date net sales was reported as $1’628.2 million, an almost 13 percent increase from same period in 2004. Net income was reported as $49.0 million, or $1.48 per diluted share, compared to $52.8 million, or $1.62 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $95.4 million while year-to-date 2004 net income was $82.6 million. David H. Hannah, Reliance CEO, said, "During the second quarter we did not see any meaningful changes, up or down, in the demand for our products when compared to the prior quarter. Our product diversification continues to play an important role in our financial results. Our toughest challenge during this last quarter was managing through the decrease in carbon steel pricing, which we expect to continue throughout the 2005 third quarter.” Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the US. It manufactures products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and alloy steel sold to more than 95’000 customers in various industries.