Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported sales of $2.21 billion for the second quarter, up 8 percent from prior-year levels. Profit rose 10 percent to $108.8 million.
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Tons sold were up 10 percent versus the prior-year quarter and the average price per ton sold was 2 percent below 2011 levels. Carbon steel sales made up 52 percent of net sales; aluminum sales were 15 percent; stainless steel sales were 15 percent; alloy sales were 11 percent; toll processing sales were 2 percent; and other sales were 5 percent.
For the first six months of 2012, sales for Reliance were $4.5 billion, 13.5 percent above the prior-year period. Profit rose 17.8 percent to $225 million.
“Underlying demand slowed slightly from the 2012 first quarter, but still represents solid improvement when compared to the 2011 periods,” David H. Hannah, chairman and CEO, said. “The declines in the costs of our products were supply, not demand, driven, as underlying cost inputs at the producer level decreased, imports were plentiful, and domestic overcapacity persisted.”
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