Reliance Steel & Aluminum Co. (NYSE: RS), Los Angeles, CA, reported sales for 2014 of $10.5 billion, an increase of 13.3 percent from the previous year. Profit increased 15.5 percent to $371.5 million.
Fourth quarter sales were $2.6 billion, an increase of 11.7 percent from the same period a year ago. Profit increased 49.4 percent to $92.3 million.
"Although metals pricing was generally stronger in 2014 than in 2013, steel pricing was constrained by historically high levels of imports supported, in part, by a strengthening U.S. dollar," said CEO David H. Hannah. "This, plus the effects of significant decreases in the price of scrap and other steelmaking raw materials during the 2014 fourth quarter, resulted in falling steel prices that have continued into 2015 and negatively affected our gross profit margins."
Reliance also completed three acquisitions in 2014, which Hannah says "nicely complement the Reliance family of companies in terms of geographic footprint, end market diversification and product mix."