Steel Mills
July 23, 2015
Reliance Concerned about Shadow Imported Steel at Ports
Written by Sandy Williams
Reliance Steel & Aluminum Company reported strong profits despite sliding sales and shipments in the second quarter.
Net income was $90.2 million, a 2.4 percent drop from first quarter. Earnings per diluted share of $1.20 were above second quarter guidance. Sales of $2.42 billion slipped 7.3 percent from first quarter and 7.4 percent year over year. Import pricing pressure pushed total average selling price per ton down to $1600, a drop of 5.2 percent sequentially and 6 percent y/y.
