Reliance Steel & Aluminum Co. announces financial results

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.