Reliance Steel & Aluminum Co. today reported its financial results for the second quarter ended June 30, 2016, with a net income of $100.9 million, up 11.9 percent from $90.2 million in Q2 2015 and up 9.4 percent from $92.2 million in Q1 2016.
Sales in Q2 totaled $2.20 billion, down 9.1 percent from $2.42 billion in the second quarter of 2015 and up 1.9 percent from $2.16 billion in the first quarter of 2016.
Tons sold were up 0.7 percent from the second quarter of 2015 and up 1.1 percent from the first quarter of 2016, with the average selling price per ton sold down 10.1 percent from the second quarter of 2015 and up 0.9 percent from the first quarter of 2016.
"The metals pricing environment for carbon steel products was favorable in the second quarter of 2016, with continued mill price increases throughout the quarter,” said Gregg Mollins, President and Chief Executive Officer of Reliance. “These increases were supported by stable demand, trade case filings by US steel producers, disciplined domestic mill production capacity behavior, and increased raw material costs. However, the overall pricing environment remains below 2015 levels and far below peak levels, with our average selling price per ton sold in the second quarter of 2016 down 10.1 percent compared to the second quarter of 2015."