RSAC posts record first quarter sales
Los Angeles-based Reliance Steel & Aluminum Co.'s (RSAC) net income grew a healthy $29.8 million in the first quarter due largely to improved demand from the aerospace industry. Total sales for the quarter totaled $811.9 million, up 23.8% from $655.8 million a year ago. “During the 2005 first quarter, our average sales were the highest amounts in the history of Reliance,” explained CEO David H. Hannah. He then added that Reliance's product diversification “played an important role” in the company's quarterly success.