UPDATE: KeyBanc Capital Markets Downgrades Reliance Steel & Aluminum to Hold

In a report published Monday, KeyBanc Capital Markets downgraded its rating on Reliance Steel & Aluminum

from Buy to Hold. KeyBanc Capital Markets noted, “We are also becoming more cautious on the U.S. service centers, as we believe challenging 1H13 volume comps and tepid pricing momentum will impact the industry's ability to achieve meaningful gross margin/profit improvement. Accordingly, we are reducing our 2013 EPS estimate on shares of Reliance Steel & Aluminum Co. (RS-NYSE) and downgrading shares to HOLD from BUY.” Reliance Steel & Aluminum closed on Friday at $64.16.