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Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported sales of $2 billion for the first quarter, down 11.5 percent from the first quarter of 2012. Profit fell 28 percent to $83.7 million.
David H. Hannah, chairman and CEO, said demand was weaker than the first quarter of 2012, resulting in a year-over-year decrease of 6.9 percent in total tons sold (same store) coupled with a 7.7 percent reduction in average price per ton sold (same store).
Strong performance in auto (through the company’s toll processing operations) along with solid but lower operating results in aerospace, energy (oil and gas) and manufactured goods including agriculture and heavy equipment continued to offset the tepid recovery in non-residential construction.