September 08, 2008

Reliance Steel & Aluminum 2007 net income up by 15% YoY

Reliance Steel & Aluminum Co reported that its financial results for the fiscal year and Q4 of 2007. For the 2007 year it is net income was a record USD 408.0 million up by 15% YoY as compared with net income of USD 354.5 million for the 2006 year. Sale for the year was a record USD 7.26 billion an increase of 26% YoY as compared with 2006 sales of USD 5.74 billion.

For the Q4 of 2007, net income amounted to USD 79.9 million up by 7% YoY as compared with net income of USD 74.6 million in Q4 of 2006. Sales for the Q4 were USD 1.71 billion an increase of 9% YoY as compared with Q4 of 2006 with sales of USD 1.57 billion.

Mr David H Hannah chairman of the board & CEO of Reliance said that “We are very pleased to report our record results for 2007, especially in light of the volatile market conditions throughout the year. Gross profit management was our most difficult task and we handled it well, finishing the year down only slightly from the 2006 level. For the 2007 year, both our volume and average prices were up compared to 2006, driven mostly by our 2006 and 2007 acquisitions.”

Reliance Steel & Aluminum Co is one of the largest metals service center companies in the United States. It has more than 160 locations in 37 states and Belgium, Canada, China and South Korea.