Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported full year sales for 2013 of $9.2 billion, an increase of 9.3 percent from 2012. Profit decreased 20.3 percent to $321.6 million from the previous year.
Fourth quarter sales were $2.3 billion, an increase of 22.1 percent from the same period the previous year. Profit decreased 23.1 percent to $61.8 million.
“While market conditions created challenges for our industry throughout 2013, Reliance generated full year net sales growth of 9.3 percent and tons sold were up 21.4 percent driven primarily by M&A activity," said David H. Hannah, CEO of Reliance. "During 2013, we completed two acquisitions, highlighted by the Metals USA transaction that closed in the second quarter."