RSAC 2012 Annual Results Released

RSAC 2012 Annual Results Released

The parent company of Birmingham-headquartered metals stockist metalweb has seen year-on-year sales increase to $8.44 billion, according to its end of year financial results statement.

Reliance Steel & Aluminum, the largest metals service company in North America which acquired metalweb in 2007, also revealed a net income of $403.5 million, an increase of 17.4% on that achieved the previous year.  The figures were taken from the company’s full year results for the year ending 31 December 2012.

David H.Hannah, Chairman and CEO of Reliance, commented: “The Company is pleased with its overall financial position and strong cash flow in 2012 and believes it has sufficient liquidity and financial flexibility.”

In explaining the factors behind the performance, David summarised: “Aerospace continued to be a strong end market for the Company…energy (oil and gas) continues to be among the Company’s strongest end-markets, even though current demand levels are below those of a year ago.

“Heavy industry was a relatively strong end market for us in 2012, albeit with some slowing beginning in mid-2012…automotive, supported by the Company’s toll processing businesses in the U.S. and Mexico, exhibited continued strong demand in 2012 and achieved a Company record for tons processed for the full year.”

Bruce Maggs, metalweb Managing Director, said: “This is a strong performance in the face of continued depressed market conditions.  Such resilience serves us well at metalweb, as our own customers can be reassured we are backed up by a well-run multi-national, with a recent track record of growth in spite of challenging circumstances.”

In February 2013, Reliance continued to grow its business through the acquisition of Metals USA, a $1.2 billion acquisition that ranks as the biggest in its history.

A link to Reliance’s 2012 Fourth Quarter and Full Year Financial Results can be found here.