Reliance Steel &Aluminum Co., Los Angeles, CA, reported sales in the second quarter 2008 were $2.1 billion, an increase of 10.5% over the same period in 2007. Profit increased 27.5% to $156.6 million.
For the first six months ended June 30, 2008, sales were $4 billion, and increase of 7.1% over the prior-year period. Profits increased 12.6% to $264 million.
David H. Hannah, CEO of Reliance said: The main reason for the increased earnings was higher carbon steel prices, which resulted in higher gross profit margins as we quickly passed through the increases to our customers. While we expected carbon steel pricing to continue upwards during the second quarter, the increases were larger than we had anticipated.”
In the third quarter, Hannah expects …
Reliance Steel & Aluminum Sales, Profit Grow in 2Q
Reliance Steel &Aluminum Co., Los Angeles, CA, reported sales in the second quarter 2008 were $2.1 billion, an increase of 10.5% over the same period in 2007. Profit increased 27.5% to $156.6 million.
For the first six months ended June 30, 2008, sales were $4 billion, and increase of 7.1% over the prior-year period. Profits increased 12.6% to $264 million.
David H. Hannah, CEO of Reliance said: The main reason for the increased earnings was higher carbon steel prices, which resulted in higher gross profit margins as we quickly passed through the increases to our customers. While we expected carbon steel pricing to continue upwards during the second quarter, the increases were larger than we had anticipated.”
In the third quarter, Hannah expects …
Share this article
- Filed In: Free, Metals Service Centers, News, Subscriber Only, Top Distributor Sectors
Log In
Read the latest articles and see your reports.
Popular Now
MDM Directories
Sign Up for the MDM Update Newsletter
The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.
