Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported sales for the fourth quarter were $2 billion, up 28 percent in a year-over-year comparison. Profit increased 72 percent to $67.9 million.
For the 2011 year, sales were $8.1 billion, up 29 percent compared with sales in 2010. Profit increased 77 percent to $194.4 million.
Reliance's tons sold in 2011 were up 13 percent from 2010 and the average price per ton sold in 2011 was up 15 percent compared to 2010. For 2011, carbon steel sales were 53 percent of net sales; aluminum sales were 15 percent; stainless steel sales were 15 percent; alloy sales were 10 percent; toll processing sales were 2 percent; and other sales were 5 percent.
"Demand continued to improve slowly and steadily in many markets where we sell our products," CEO David H. Hannah said. "Those industries where we experienced more significant improvements over 2010 were energy (oil & gas), agriculture and mining. Aerospace, semiconductor and electronics, and our toll processing businesses, primarily related to the auto industry, were also solid. Even non-residential construction improved slightly over 2010, but significantly lagged compared to the improvements in our other markets."
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