Reliance Steel & Aluminum Co. (NYSE:RS), Los Angeles, CA, reported sales for the first quarter 2010 were $1.45 billion, down 7 percent from the prior year same period. Profit was $44.7 million, compared to year-ago profit of $20.1 million.

Reliance’s tons sold for the 2010 first quarter were down 2 percent from the 2009 first quarter and up 9 percent from the 2009 fourth quarter. Average prices per ton sold in the 2010 first quarter were down 5 percent compared to the 2009 first quarter.

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In the first quarter, carbon steel sales were 52 percent of net sales; aluminum sales were 19 percent; stainless steel sales were 15 percent; alloy sales were 8 percent; other sales were 4 percent and toll processing sales were 2 percent.

David H. Hannah, Chairman and CEO of Reliance said, \”Business conditions continued to improve during the 2010 first quarter, allowing us to increase our FIFO gross profit margin to 26.3% compared to 17.9% in the 2009 first quarter and 25.0% in the 2009 fourth quarter. Our sales dollars and tons shipped per day were our highest monthly amounts since February 2009.

\”Demand continues to improve in most of our end markets, however it is still at relatively low historical levels. Pricing for most of our products has increased to relatively healthy levels and current pricing volatility is manageable,\” CEO David H. Hannah said. \”Our 2010 first quarter results prove that the swift, albeit difficult, actions that we took over the past six quarters positioned us to operate at profitable levels even in this low demand environment.\”

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