CHICAGO Reliance Steel
& Aluminum Co. reported first-quarter net income of $116.2
milliona nearly 26 percent year-on-year increaseon
sales that grew 19.6 percent to $2.29 billion.
Earnings for the Los
Angeles-based service center chain were also up 71.1 percent
from $67.9 million in the fourth quarter of 2011 on sales that
rose 12.5 percent from $2.03 billion in the same
Tons sold grew 13.8 percent
year-over-year to 1.1 million tons, rising 11.2 percent from
the preceding quarter. Average prices per ton sold increased
Calling the quarters
results "better than we originally anticipated," Reliance
chairman and chief executive officer David H. Hannah said that
demand was strongest in January and February, due in part to a
more favorable pricing environment, and that sales dollars per
day fell slightly in March due to carbon steel pricing
uncertainties and decreasing stainless-steel surcharges.
The energy, aerospace, farm and
heavy machinery, and automotive markets continued to provide
the most growth during the first quarter, the company
Semiconductor and general
manufacturing also remained strong, but non-residential
construction and related business remains 20 percent below
where it was in the first half of 2008, Hannah said during the
companys quarterly conference call.
For the first quarter of 2012,
carbon steel sales represented 52 percent of net sales,
aluminum and stainless sales were 15 percent each, and alloy
sales were 12 percent.