Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported sales of $2.1 billion for the third quarter, down 4 percent year-over-year. Profit was $98.1 million, a 15.5 percent increase.
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Relative strength in aerospace, energy (oil and gas), farm and heavy equipment, and auto (through the Company’s toll processing business), continue to offset weakness in non-residential construction.
Tons of carbon steel sold in the quarter increased by 1.3 percent versus the prior year. Tons of aluminum sold were up 3.5 percent. Tons of stainless steel sold were 11.3 percent higher than the prior year, while tons of alloy sold dropped 3.9 percent.
For the first nine months, sales for Reliance were $6.6 billion, an increase of 7.4 percent from the comparable period in 2011. Profit increased 17 percent to $323 million.
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