Steel Mills
October 22, 2015
Reliance Q3 Earnings Beat Expectations
Written by Sandy Williams
Reliance Steel & Aluminum Co. posted net income of $54.4 million in third quarter despite falling prices, decreased sales, and a restructuring charge of $55.5 million related to businesses serving the energy industry.
End market demand was relatively steady in third quarter, except in the energy market where shipments dropped approximately 40 percent year over year. The automotive and aerospace industries remained strong sectors for Reliance, boosting aluminum sales for the company. Agriculture equipment weakened and nonresidential construction, while improving, remained well below peak levels.
