Reliance Steel & Aluminum Co. Reports Third Quarter Results; Net Income Up 17%

Reliance Steel & Aluminum Co. RS reported today its financial results for the third quarter and nine months ended September 30, 2010. For the 2010 third quarter, Reliance reported net income of $48.7 million, up 17%, compared to 2009 third quarter net income of $41.8 million. Earnings per diluted share were $.65 in the 2010 third quarter, up 14% compared to $.57 in the 2009 third quarter. Sales for the 2010 third quarter were $1.65 billion, up 33% from 2009 third quarter sales of $1.24 billion, and up 2% from 2010 second quarter sales of $1.62 billion. The 2010 third quarter financial results include in cost of sales a pre-tax LIFO charge, or expense, of $9.75 million, compared with a pre-tax LIFO credit, or income, of $67.5 million for the 2009 third quarter. The LIFO adjustments, in effect, reflect cost of sales at current replacement costs.