Reliance Tops $1 Billion in Record Third-Quarter Profits

This year’s third quarter was the best quarter on record for Reliance Steel & Aluminum Co., the nation’s largest service center organization. Reliance reported gross profit of $1.21 billion on sales of $3.85 billion in Q3.

“Our resilient business model, favorable metal pricing trends and excellent execution combined to produce another quarter of record-setting financial results,” said Reliance CEO Jim Hoffman during the company’s earnings call today. “The favorable pricing environment along with fundamentally strong underlying demand in many of the key end markets we serve drove record quarterly net sales. In addition, strict pricing discipline by our managers in the field helped us generate a strong gross profit margin of 31.5%.”