Reliance Steel & Aluminum Co. (NYSE:RS) announced information regarding its July operating results. July sales were $401.9 million, down 2.5% from June. Tons sold per day declined 3% in July from June levels, and July FIFO gross profit increased to 21.4% of sales from 19.1% in June and 16.7% for the 2009 second quarter. Also, FIFO inventory levels decreased $52 million in July from June 30, 2009. Reliance’s Chairman of the Board and Chief Executive Officer, David H. Hannah, said, “Our July results were in line with our expectations that demand may continue to soften somewhat but that our gross profit margins would improve. Because of our significant inventory reductions over the past several months in the face of rapidly falling demand and pricing, our inventory costs on hand are now more in line with current replacement costs allowing us to improve our gross profit margins from the historically low margins experienced in the most recent quarter. Also contributing to the improvement in our FIFO gross profit margin is the impact of mill price increases for many products that we sell.”
The Company will announce its financial results for the third quarter and nine months ended September 30, 2009, on Thursday, October 22, 2009 prior to the opening of the New York Stock Exchange and will host a conference call web cast that same day at 11:00 a.m. Eastern Time
Tags: Aluminum, Conference, Financial, Reliance, results, Steel
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