Reliance, Inc. reports recurring developments for a diversified metals service center business that distributes a broad line of metal products and provides value-added metals processing services. The company serves customers across manufacturing, non-residential construction, transportation, aerospace, energy, electronics, semiconductor fabrication, industrial machinery and other heavy-industry markets.
Company news commonly covers quarterly and annual results, tons sold, average selling price per ton, gross profit and FIFO margin measures, LIFO expense, market-share commentary, share repurchases and dividend actions. Updates also include investor conference participation and contract activity involving operating subsidiaries such as AMI Metals in aerospace, defense and government infrastructure markets.
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.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in several upcoming virtual conferences. Key executives, including CEO James Hoffman and President Karla Lewis, will present at:
- The Goldman Sachs Industrials and Materials Conference on May 13, 2021, at 11:20 a.m. ET.
- The BofA Securities Global Metals, Mining & Steel Conference on May 18, 2021, at 2:20 p.m. ET.
- The KeyBanc Industrials & Basic Materials Conference on June 2, 2021, at 2:00 p.m. ET.
All presentations will be webcast live on the Company’s website, with replays available for 90 days.
Reliance Steel & Aluminum Co. (NYSE: RS) achieved record financial results for Q1 2021, reporting net sales of $2,838.4 million, a 33% increase sequentially. Gross profit reached $953.7 million with a gross margin of 33.6%. The company reported pretax income of $359.0 million and EPS of $4.12, reflecting increases of 116.1% and 105.0%, respectively. Cash flow from operations stood at $161.8 million, despite a $182.8 million working capital investment. The strong performance is attributed to robust demand and high metals pricing, with expectations for continued strength in Q2.
Reliance Steel & Aluminum Co. (NYSE: RS) will report its first quarter 2021 financial results on April 22, 2021, at 6:50 a.m. ET. A conference call with management will follow at 11:00 a.m. ET, accessible via the company's website. Interested participants can join through dial-in numbers provided or listen to a live webcast. For those unable to attend, a replay will be available from the same day at 2:00 p.m. ET until May 6, 2021. Reliance Steel, founded in 1939, is a leading metal solutions provider, operating approximately 300 locations globally.
Reliance Steel & Aluminum Co. (NYSE: RS) will participate in the J.P. Morgan 2021 Industrials Conference on March 16, 2021. Key executives, including CEO James Hoffman and President Karla Lewis, will present virtually at 5:20 p.m. ET and engage in investor meetings throughout the day. The presentation will be available for live streaming and on-demand viewing for 90 days on their website. Reliance is recognized as a leading global metal solutions provider with over 100,000 products and a network of 300 locations.