Strong financial results for Reliance in 2013

Reliance Steel & Aluminum, metalweb’s parent company, has delivered a strong set of results for the financial year ended 31st December 2013. During 2013, sales were $9.22 billion (approximately £5.8 billion), up 9.3 per cent from $8.44 billion (approximately £5.3billion) in 2012 and tons sold were up 21.4 per cent from 2012. Net income attributable to Reliance was $321.6 million and earnings per share were $4.40. David H. Hannah, Chairman and CEO of Reliance, said: “During the fourth quarter we experienced a normal seasonal slowdown in demand. However, the fall-off from the previous quarter was less than typical, supporting a continuation of the general trends we experienced during the second half of the year with overall demand steadily improving. “Whilst market conditions created challenges for our industry throughout 2013, Reliance generated increases to net sales growth and tons sold driven primarily by M&A activity. We completed two acquisitions, highlighted by the Metals USA transaction that closed in the second quarter. We believe we are the acquirer of choice in our industry as evidenced by our proven, well-executed acquisition strategy that continues to enhance the overall performance of our acquired companies. Going forward, we expect to continue to selectively pursue acquisition opportunities that fit within our strategy for profitable growth.” In the UK metalweb are currently the only Reliance family company based solely in the UK. 2013 proved to be a record year for metalweb with both sales and volumes shipped at an all-time high. “2013 saw challenging conditions experienced with headline LME rates falling from the 2012 levels. Despite this, our continued investment in premises such as our new Northern Ireland site, as well as our increased processing and product portfolio, has clearly paid dividends with the record levels achieved in 2013” said Sara Williams. Finance Director, metalweb.