Reliance Steel & Aluminum Co. reported Thursday that in the first quarter of 2015, sales were $2.61 billion, up 2.4 percent from $2.55 billion in the first quarter of 2014 and up 1.5 percent from $2.58 billion in the fourth quarter of 2014. Net income attributable to Reliance was $101.3 million, up 16.2 percent from $87.2 million in the first quarter of 2014 and up 9.8 percent from $92.3 million in the fourth quarter of 2014.
Tons sold in Q1 were up 0.8 percent from the first quarter of 2014 and up 5.1 percent from the fourth quarter of 2014, with the average selling price per ton sold up 0.9 percent from the first quarter of 2014 and down 3.6 percent from the fourth quarter of 2014.
“We benefitted from normal seasonal improvements in demand during the first quarter as compared to the fourth quarter of 2014 as well as expanded market share, with a 5.1 percent increase in our same store tons sold, that exceeded the MSCI industry average increase of 3.6 percent,” said David H. Hannah, Chairman and CEO of Reliance. “With the exception of the energy market, overall demand improved throughout the quarter and was at levels relatively consistent with the first quarter of 2014. I am particularly encouraged by the improving demand momentum we are experiencing in the non-residential construction end markets as well as our increased toll processing activity related to the automotive market."
Mr. Hannah continued, "Pricing for all of our products continued to decline as the quarter progressed, and continues to do so today, primarily due to the historically high levels of imports, resulting in a 3.6 percent decline in our average selling price per ton sold compared to the prior quarter.”