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Weak demand, prices weigh on Reliance Steel's profit
July 25, 2013 / 1:06 PM / 4 years ago

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

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