Reliance Inc. reported a fall in third-quarter earnings, exacerbated by near-term election and demand uncertainty. With little relief expected through the end-of-year holidays, North America's largest metals service center group is looking ahead to better days in 2025.
Reliance Inc., the largest service center chain in North America, has picked Douglas Stotlar to be the next chairman of its board. The move will be effective Jan. 1, 2025. Mark Kaminski, the current chair, will then step down from that role but will remain on the board.
Reliance Inc. has reached an agreement to buy certain assets of Ferragon Corp.'s FerrouSouth division, a toll processing operation based in Iuka, Miss.
Reliance Inc. said it has completed its buy of Houston-based American Alloy Steel, effective as of April 1.
Reliance Inc. – formerly Reliance Steel & Aluminum Co. – introduced its “new company identity” that emphasized its “evolution to more than steel,” the company said in its fourth-quarter and full-year earnings report.
Reliance has entered into an agreement to purchase Houston-based American Alloy Steel Inc. for an undisclosed sum.
Reliance Steel & Aluminum Co. announced on Feb. 2 that it has acquired Tifton, Ga.-based Cooksey Iron & Metal Co.
Reliance Steel & Aluminum is anticipating overall demand to remain healthy through year’s end despite some weakening in some sectors and normal seasonality.
Feralloy Corp. is planning an $8.75-million expansion at its Decatur, Ala., Red Hat Road plant, according to a local report.
In a Steel Summit fireside chat, Karla Lewis, president and CEO of service center group Reliance Steel & Aluminum, sat down with SMU managing editor Michael Cowden to talk about current demand trends and where she’s leading her company.
I learned a lot at Steel Summit this year. More than I can do justice to in one column. Below are four things that have stayed with me after the conference closed on Wednesday afternoon. Another, as I highlighted earlier this week, was electricity – who gets it, and which energy sources we use. 1. […]
Reshoring or nearshoring in manufacturing is real and happening now. And that trend is driving steel consumption, executives from steelmaker Ternium and service center group Reliance Steel & Aluminum said at SMU’s Steel Summit this week in Atlanta.
Mexican steelmaker Ternium could benefit if the US places new steel tariffs on Mexico, according to New York-based investment firm Morgan Stanley. “First, if the US were to levy tariffs on steel imports from Mexico, we believe the government of Mexico would likely respond with a similar measure. Second, due to its product mix, Ternium would likely benefit […]
Mexican steelmaker Ternium could benefit if the US places new steel tariffs on Mexico, according to New York-based investment firm Morgan Stanley. “First, if the US were to levy tariffs on steel imports from Mexico, we believe the government of Mexico would likely respond with a similar measure. Second, due to its product mix, Ternium would likely benefit […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped. The Scottsdale, Ariz.-based service center behemoth shipped 1.484 million tons in Q2, 1.2 million of which were carbon steel products. Overall shipments were down 2.4% sequentially, with carbon shipments declining 2.1%. Compared to the same quarter last […]
Reliance Steel & Aluminum Co. posted second quarter results consistent with the previous quarter’s, even as shipments slipped.
The pressure that comes with being a CEO is not for the faint of heart. With every decision they make, CEOs have to keep in mind what’s best for the company. Karla Lewis, president and CEO of Reliance Steel & Aluminum, and Leon Topalian, president and CEO of Nucor Corp., sat down with Metal Service […]
SMU’s Steel Summit Conference 2023 is two months away, and it’s never too early for attendees and prospective attendees to start preparing for how to take advantage of the conference’s resources. CRU principal analyst Josh Spoores sat down with SMU managing editor Michael Cowden and senior analyst David Schollaert on Tuesday for a webinar in […]
Domestic hot-rolled coil prices are down $55 per ton ($2.75 per cwt), the sharpest such decline we’ve seen all year. If this feels like an echo of June 2022, that’s because it is. Check out the chart below: A year ago, prices were falling hard as the shock of the war in Ukraine faded along […]
Scottsdale, Ariz.-based Reliance Steel & Aluminum Co. has made its first acquisition of 2023, announcing the addition of Southern Steel Supply Co. to its portfolio of service center companies. Southern Steel Supply is based in Memphis, Tenn., supplying merchant and structural steel, pipe and tube, steel plate, ornamental products, and laser-cut and fabricated parts to […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
The reshoring of US manufacturing, nonresidential construction, and semiconductor manufacturing are key areas where Reliance Steel & Aluminum Co. remains incredibly bullish. Speaking on the company’s third quarter earnings conference call with analysts on Thurs., Oct. 27, executives expressed their optimism for these markets. Reshoring/nearshoring is “legit,” and the company is “pumped up about it,” […]
Somewhat better-than-expected demand helped service center behemoth Reliance Steel & Aluminum Co. achieve strong third-quarter sales. And despite macroeconomic uncertainty, inflation, continuing supply chain disruptions, and geopolitical issues, the Scottsdale, Ariz.-based company anticipates healthy demand trends to continue in the current quarter, according to its Q3 earnings report released on Thursday, Oct. 27. The company […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Service center behemoth Reliance Steel & Aluminum Co. will have a new leader come the start of 2023. Current CEO James D. Hoffman will step down from his position at the end of this year, allowing current company president Karla Lewis to step up and serve as both president and CEO, effective Jan. 1, 2023. […]
While steel service centers remain cautiously optimistic on their demand outlooks for the remainder of the year, most agree that the environment for mergers and acquisitions remains quite strong. This is according to executives from Reliance Steel & Aluminum, Ryerson, and Olympic Steel—some of the industry’s top players—speaking on their recent and respective second quarter […]
Reliance Steel & Aluminum Co. “delivered an exceptional second quarter with record-setting financial performance and outstanding operational execution,” CEO Jim Hoffman said in the service center’s second quarter results release. Reliance reported record second quarter net income of $572.8 million on sales of $4.68 billion. The company’s top results were driven by “ongoing healthy demand” […]
Reliance Steel & Aluminum Co. announced a series of executive changes this week. The company’s current senior vice president of operations, Michael P. Shanley will be retiring from the company at the end of the year. As of July 1, Shanley will shift to the role of special advisor, reporting directly to Reliance’s CEO Jim […]
Strong demand, growing shipment levels, and robust metals pricing allowed Reliance Steel & Aluminum Co. to achieve another record quarter with first quarter sales of $4.49 billion and gross profit of $1.39 billion. “Notwithstanding ongoing macroeconomic challenges, our performance was supported by positive underlying trends including continued strong demand with improving shipment levels in each […]
Reliance Steel & Aluminum Co. “finished the year strong with record financial performance across nearly every metric,” CEO Jim Hoffman said during the service center’s earnings call on Thursday. Reliance reported record annual gross profits of $4.49 billion on record annual sales of $14.09 billion for full-year 2021. The fourth quarter was also the best […]