Weak demand, prices weigh on Reliance Steel's profit
July 25 (Reuters) - Metals processor Reliance Steel & Aluminum Co reported a 25 percent fall in its quarterly profit as demand and selling prices remained weak in a sluggish global economy.
Profit fell to $81 million, or $1.05 per share, in the second quarter from $108.8 million, or $1.44 per share, a year earlier.
Sales rose 10.8 percent to $2.45 billion.
Reliance Steel is the largest U.S. operator of metals-servicing centers, customizing and distributing metals from more than 250 locations.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Exclusive: Secret contract tied NSA and security industry pioneer |
- Putin critic Khodorkovsky in Germany after pardon |
- Target probe looks overseas, stolen cards offered online
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |