Reliance Steel authorizes buyback of stock

Reliance Steel authorizes buyback of stock

Reliance Steel and Aluminum Company, Thursday, May 19, authorized the buyback of six-million more shares of common stock. Previously, as of March 31, 2005, the company had already bought back 5.5 million common shares since December 1994. It currently has approximately 32.9 million outstanding shares. The company has elected to extend its buyback program for 10 years through December 31, 2014.