Reliance Steel & Aluminum Co. announces financial results
Friday, 17 October 2003 09:30:52 (GMT+3)
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Reliance Steel & Aluminum Co. announces financial results
The US metal service center company Reliance Steel & Aluminum Co. has announced its financial results for the three and nine months ended September 30, 2003.
The company reported its net income as $12.4 million for the third quarter, up by 24% compared to $10 million recorded in the same period last year. Sales increased by 8% to $490.6 million for the corresponding period.
In the first nine months of 2003, net income amounted to $24.3 million against $28.2 million reported in the first nine months of 2002. For the year-to-date, sales were up by 7% to $1.4 billion.
These results are in relation with the acquisition of Precision Strip Inc. on July 1, 2003 and the improvement of overall operating results.
However, the company does not expect a positive growth in the fourth quarter of 2003 due to the reduced number of shipping days.
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