Weak demand, prices weigh on Reliance Steel's profit
(Reuters) - Metals processor Reliance Steel & Aluminum Co (RS.N) 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.
(Reporting by Kanika Sikka and Garima Goel in Bangalore)
- IPhone emerges from 'bygone era', reviewers hail bigger handset
- Fed may hint on rate-hike plan as it prepares for policy turn
- Scots' support for independence lags on eve of referendum |
- Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Islamic State campaign tests Obama's commitment to Mideast allies