Service Centers
October 22, 2020
Reliance Points to Positives in Third Quarter
Written by Tim Triplett
Revenues from construction and toll processing exceeded expectations in the third quarter, offsetting some of the weakness in aerospace and energy, reported Reliance Steel & Aluminum Co. in its quarterly conference call today. Touting a record gross profit margin of 32.4 percent, executives of the industry’s largest service center organization told analysts and investors they are pleased with the company’s performance despite the economic uncertainty wrought by COVID-19.
“Our third-quarter tons sold surpassed our expectations, increasing 5.9% over the second quarter of 2020 due to improved demand in many of our end markets as the economy continued to slowly reopen following COVID-19 related customer shut-downs and project delays,” said Reliance President and CEO Jim Hoffman.
