Reliance Inc Stock Price, News & Analysis

Reliance Steel & Aluminum Co. (NYSE: RS) has appointed Frank J. Dellaquila as an independent director, effective October 5, 2021. His term will last until the 2022 Annual Meeting of Stockholders. Dellaquila, who has extensive experience in strategic leadership and financial expertise, will also serve on the company's Audit Committee, designated as a financial expert. His addition brings the Board composition to 12 members, with 10 being independent. Reliance, founded in 1939, is a leading global diversified metal solutions provider with around 300 locations worldwide.

Reliance Steel & Aluminum Co. (NYSE:RS) has acquired Merfish United, a master distributor of tubular building products, effective October 1, 2021. Merfish United, headquartered in Ipswich, MA, operates 12 distribution centers across the U.S. and reported net sales of approximately $500 million for the year ending June 30, 2021. This acquisition expands Reliance's product and market diversification, particularly in copper and plastic products, and enhances its industrial distribution capabilities. The financial terms of the transaction were not disclosed.

Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the Raymond James 2021 Diversified Industrials Conference on August 25, 2021. CEO James Hoffman, President Karla Lewis, and CFO Arthur Ajemyan will present virtually at 2:40 p.m. ET, followed by virtual meetings with investors. The presentation will be available live on the Company’s website, with a replay accessible for 90 days post-event. Reliance is the largest metals service center company in North America, operating approximately 300 locations and serving over 125,000 customers.

On August 4, 2021, One Equity Partners announced the definitive agreement to sell Merfish United to Reliance Steel & Aluminum Co. (NYSE:RS). Merfish United, based in Ipswich, Massachusetts, is recognized as a leading master distributor of various building products such as carbon steel pipes and electrical conduits. Under One Equity's ownership, Merfish undertook several acquisitions to enhance its market position, establishing itself as a top distributor in the U.S. The transaction is set to be finalized within 60 days, pending regulatory approvals.

Reliance Steel & Aluminum Co. (NYSE: RS) has announced its definitive agreement to acquire Merfish United, a prominent master distributor of tubular building products, from One Equity Partners. This acquisition, valued at approximately $500 million in sales for the year ending June 30, 2021, supports Reliance's strategy to diversify its product offerings, particularly in copper and plastic products. The transaction aims to enhance Reliance's market position and operational capabilities. The deal is expected to close within 60 days, pending regulatory approval.

Reliance Steel & Aluminum Co. (NYSE: RS) announced the expansion of its Board of Directors from 10 to 11 members with the appointment of independent director David W. Seeger, effective July 20, 2021. Seeger brings 37 years of experience in the metals industry, having previously served in leadership roles, including President of Atlas Tube. His addition is anticipated to enhance the company's strategic execution and industry results, as noted by leadership comments highlighting his deep industry knowledge and long partnership with Reliance.

Reliance Steel & Aluminum Co. reported record financial results for Q2 2021, achieving net sales of $3.42 billion, a 20.4% increase from Q1. Gross profit reached $1.08 billion with a margin of 31.7%. The company also posted a pretax income of $444.1 million and earnings per share (EPS) of $5.08, both records. Reliance has increased its share repurchase program to $1 billion and raised its estimated sustainable gross profit margin range to 29%-31%. The outlook for Q3 anticipates a slight change in tons sold and an increase in average selling price per ton.

Reliance Steel & Aluminum Co. (NYSE:RS) will report its second quarter 2021 financial results on July 22, 2021, at 6:50 a.m. Eastern Time. A conference call will follow at 11:00 a.m. Eastern Time, accessible via the company’s website. Investors can access a replay of the call or a webcast on the investor section of their site. Founded in 1939, Reliance Steel is a leading global diversified metal solutions provider, operating approximately 300 locations across 40 states and 13 countries. They focus on small orders with rapid turnaround, highlighting their value-added processing capabilities.

Reliance Steel & Aluminum Co. (NYSE: RS) announced the retirement of Executive Vice President, Operations, William K. Sales, effective January 2022. He will transition to Special Advisor starting July 1, 2021. The company also promoted Sean M. Mollins to Senior Vice President, Operations, and Brian Yamaguchi to Vice President, Supplier Development. These changes support a robust succession plan aimed at fostering continuous growth in the metals service center industry, according to CEO Jim Hoffman.