June 2007 -- Metals service center company Reliance Steel & Aluminum Co. realized a record profit in 2006 with net income increasing 73% over the previous year. Profit for 2006 totaled $354.5 million, or $4.82 per share, compared with $205.4 million, or $3.10 per share, in 2005. Sales also reached a record high of $5.7 billion, an increase of 71% over 2005 year-end sales of $3.4 billion.
"We are very pleased with our fiscal year 2006 results," said CEO David Hannah when the results were released on Feb. 15. "All of our end markets were strong with a very favorable operating environment throughout our network of facilities."
The company completed four acquisitions in 2006, including the purchase of the Earle M. Jorgensen Co. and Yard Metals Inc., Hannah noted. The Earle M. Jorgensen acquisition was the company's largest to date and its first purchase of a public company. The combined sales of the two aquired companies contributed $1.6 billion to Reliance Steel & Aluminum's 2006 revenues.
