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Reliance Steel Sales Grow 30% in 2Q

Los Angeles, CA-based Reliance Steel & Aluminum Co. (NYSE:RS) reported sales for the second quarter ended June 30, 2010, were $1.62 billion, up 30 percent from 2009 and 11 percent from 2010 first quarter. Profit was $61.6 million, compared with a net loss in second quarter 2009.

For the six months ended June 30, 2010, profit was $106.2 million. Sales for the six months were $3.07 million, up 10 percent from 2009 six-month sales.

Average prices per ton sold in the 2010 second quarter were up 19 percent compared to the 2009 second quarter and up 8 percent compared to the 2010 first quarter. For the 2010 second quarter, carbon steel sales were 52 percent of net sales; aluminum sales were 18 percent; stainless steel sales were 15 percent; alloy sales were 8 percent; other sales were 4 percent and toll processing sales were 3 percent.

Reliance reported that metals prices have softened from high levels reached in the 2010 second quarter.

Reliance Steel & Aluminum Co. is the a metals service center company with a network of more than 200 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, and the United Kingdom.

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