Reliance sees improvement despite headwinds
Feb 21, 2013 | 04:04 PM
| Corinna Petry
Tags
Reliance Steel & Aluminum,
David Hannah,
Gregg Mollins,
earnings results,
metals pricing,
toll processing,
capital spending,
Corinna Petry
CHICAGO — Pricing was the largest headwind against earnings power for Reliance Steel & Aluminum Co. for most of last year, and has yet to gain real strength, given demand and capacity utilization and economic uncertainty.
Global economic and domestic political uncertainty will continue to affect metal sales in 2013, chairman and chief executive officer David H. Hannah said during the company’s Feb. 21 earnings conference call.
From a demand standpoint, the Los Angeles-based service center chain will see growth from a number of major end use industries, president and chief operating officer Gregg J. Mollins said, including automotive for its toll processing operations, commercial aerospace, and heavy industry, such as rail cars, barges, tanks and transmission towers. ....
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