Reliance 1Q Profit Soars 55%; Sales Up 22%
href="http://www.rsac.com" target=_blank>Reliance Steel & Aluminum Co., Los Angeles,
CA, reported its profit for the first quarter 2006 was up 55% to $71.9 million.
This compares with net income of $46.4 million for the 2005 first quarter.
2006 first quarter
sales were a record $988 million, an increase of 22% compared with 2005 first
quarter sales of $811.9 million.
David H. Hannah, Chief Executive Officer of Reliance, said,
"Strong customer demand resulting in increased volumes of metals sold was the
key driver of our first quarter performance. Overall, volume was up 27% compared
to the 2005 first quarter, and up 12% from the 2005 fourth quarter. The various
end-market industries where we sell our products are still ...