Reliance Steel’s 4th-Quarter Net Falls
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From Bloomberg News
Reliance Steel & Aluminum Co., a metals distributor, said fourth-quarter earnings fell 56% as it paid more for steel and demand from more profitable aerospace and semiconductor customers fell.
Net income declined to $1.94 million, or 6 cents a share, from $4.37 million, or 14 cents, the Los Angeles-based company said. Sales rose 14% to $434.5 million.
Reliance shares rose 14 cents to $16.14 on the NYSE.
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