Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales in the first quarter 2009 were $1.56 billion, down from $1.91 billion in the first quarter 2008. Profit was $20.1 million, down from $107.4 million in the prior-year period.
According to CEO David Hannah: "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a same-store basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter.
"Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. For the 2009 …
Reliance Steel Sales Fall 18% in 1Q
Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales in the first quarter 2009 were $1.56 billion, down from $1.91 billion in the first quarter 2008. Profit was $20.1 million, down from $107.4 million in the prior-year period.
According to CEO David Hannah: "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a same-store basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter.
"Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. For the 2009 …
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