Markets
Reliance Steel's profit up
NEW YORK : Metals processor Reliance Steel & Aluminum Co's second-quarter profit rose 60 percent as it sold more metal a
NEW YORK: Metals processor Reliance Steel & Aluminum Co's second-quarter profit rose 60 percent as it sold more metal at higher prices per ton.
Net earnings were $98.7 million, or $1.31 per share, compared with $61.5 million, or 83 cents per share, in the same quarter of 2010, the Los Angeles-based company said on Thursday.
Reliance Steel, which buys metal from manufacturers and processes it for specific industry needs, said sales rose 26 percent to $2.05 billion.
Copyright Reuters, 2011
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