MORE THAN
METAL.
2023 ANNUAL REPORT
In 2023, our corporate identity underwent
a transformation from Reliance Steel &
Aluminum Co. to Reliance, Inc., marking an
85-year journey of diversified growth.
We’ve changed our name but not who we
are. Moving forward, we intend to expand
the reputation we’ve built for integrity,
honesty, and reliability. Our achievements
thus far empower us to continue delivering
enduring, industry-leading results
responsibly and profitably.
WE ARE MORE THAN METAL.
1
MORE THAN METAL MORE
SMART
PROFITABLE
GROWTH.
2
2023 ANNUAL REPORT We increased our market share through investments
in equipment and people – enhancing our
capabilities, upgrading our facilities, and expanding
into new markets. Through these efforts:
OUR 2023 TONS SHIPPED
INCREASED 3.7% COMPARED
TO INDUSTRY GROWTH OF
1.5%. SIMULTANEOUSLY,
AND DESPITE A DECLINING
PRICING ENVIRONMENT, WE
MAINTAINED OUR GROSS
PROFIT MARGIN AT 30.7%
which is at the high end of our range. This required
targeted activity, balance, and strategic positioning
and is a testament to our field managers’
excellence in execution.
3
MORE THAN METAL MORE
RS STOCK ROSE 38%
in 2023, with a compound annual growth rate
of 17.6% since our 1994 IPO.
VALUE
$718 MILLION RETURNED
TO STOCKHOLDERS
through dividends and share repurchases in 2023.
5
MORE THAN METAL WE ARE
INDUSTRIAL
STRENGTH.
6
2023 ANNUAL REPORT DEAR FELLOW
STOCKHOLDERS,
NET SALES
(IN MILLIONS)
$17,025.0
$14,093.3
$14,805.9
We would like to express our gratitude to the entire Reliance family for our strong
performance and forward progress in 2023 and for placing safety at the forefront
of our operations. Continuing to execute our unique and sustainable business
model with a focus on growth and delivering increasing value to our customers
resulted in the second highest sales, profitability, and cash flow generation in
our Company’s history. Importantly, these results were achieved in a challenging
environment with ongoing inflationary headwinds and declining metal prices.
$10,973.8
$8,811.9
We thank our loyal and valued customers for relying on us for quick and
accurate deliveries of high-quality products, and we are grateful for the
longstanding relationships with our suppliers who continue to support us
through all market cycles.
We also appreciate our stockholders and their confidence in our future as our
stock price reached new heights, increasing 38% in 2023, and representing a
17.6% compound annual growth rate since our IPO in 1994.
More Than Metal
On February 15, 2024, we unveiled a corporate rebranding to Reliance, Inc.
to portray the Company’s evolution and reinforce our position as a leading
diversified metal solutions provider. Retaining “Steel & Aluminum” in our
corporate name limited the perception of Reliance because we have evolved
into a company that is so much more than metal. Over the years we have
become stronger, more collaborative, and focused as we further differentiate
and diversify Reliance. We are a best-in-class family of companies working
collaboratively to deliver exceptional service to our customers, return value to
our stockholders, provide a safe environment where our employees are proud to
work, and positively contribute to our communities.
Our company-wide community involvement efforts have united under the
Reliance Cares banner. In 2023, we significantly increased our impact in our
communities through expanded programs driven by our employees throughout
our Family of Companies.
We are pleased that our new identity captures the essence of who we have always
been and always will be. We are more than metal. We are industrial strength.
Employee Health & Safety
The health, safety, and wellbeing of our employees and communities remains
a core value throughout all aspects of our business. Employee safety remains
fundamental to our day-to-day operational focus. Our 2023 Total Recordable
Incident Rate (TRIR) of 1.96 was significantly lower than the 2020 Metals
Service Center Institute (“MSCI”) average of 3.5 and we remain committed
to living a culture of safety and reducing the number of injuries to zero. “Be
SMART. Be Safe.” was the theme of our 2023 company-wide SMART Safety
program to promote proactive commitment, engagement, and accountability
throughout the organization.
Strong Operational and Financial Performance
We finished 2023 with $14.8 billion in sales and $22.64 of diluted earnings per
share, both representing the second highest results in Reliance history. We
emphasized “Smart, Profitable Growth” in 2023, increasing our volumes above
2019
2020
2021
2022
2023
NET INCOME
(IN MILLIONS)
$1,840.1
$1,413.0
$1,335.9
$701.5
$369.1
2019
2020
2021
2022
2023
7
MORE THAN METAL CASH FLOW FROM OPERATIONS
(IN MILLIONS)
$2,118.6
$1,671.3
$1,301.5
$1,173.0
$799.4
2019
2020
2021
2022
2023
EARNINGS PER SHARE
(DILUTED)
$29.92
$21.97
$22.64
$10.34
$5.66
2019
2020
2021
2022
2023
RETURN ON EQUITY*
Based on beginning of the year equity, as adjusted.
32%
28%
19%
15%
7%
2019
2020
2021
2022
2023
* Return on Reliance stockholders’ equity is based on the beginning of the year
equity amount, adjusted for $479.5 million, $630.3 million, $323.5 million, $337.3
million and $50.0 million of share repurchases for 2023, 2022, 2021, 2020, and
2019, respectively.
8
industry trends while maintaining a strong full year gross profit margin of
30.7%, near the high end of our estimated sustainable range. Our resilient
business model – including strong pricing discipline and significant capital
reinvestment in the business to increase our capacity and value-added
processing capabilities – was instrumental to these results.
In 2023, Reliance performed value-added processing on 50.6% of sales
orders, up from 50.2% in 2022. We maintained a small average order
size of $3,210 with approximately 40% of orders delivered to customers
within 24 hours. We serve more than 125,000 customers in a broad
range of industries including non-residential construction (including
infrastructure), aerospace, automotive, broader manufacturing,
semiconductor, and more.
Disciplined Capital Allocation Strategy
Our strong profitability and effective management of working capital
enabled us to generate $1.67 billion in annual cash flow from operations,
the second highest we have ever reported. Our strong cash flow
facilitated our execution of a disciplined and balanced capital allocation
strategy through investments in both growth and stockholder returns.
In 2023, our operating cash flow funded a record $469 million of capital
expenditures, $238 million of cash dividends, and $480 million of share
repurchases, resulting in a 3.2% reduction in total shares outstanding.
Growth
In addition to increasing our volumes through market share gains, we
deployed capital into various growth projects that further enhanced
our value-added capabilities, maintained, upgraded, and improved
our operating facilities, and funded expansion into new markets.
Greenfield locations contributed meaningfully to our volume growth
in 2023. As a result of these growth activities, our 2023 tons shipped
increased 3.7% compared to the industry increase of 1.5% as reported
by the MSCI. We continue to identify many opportunities to support
our customers and suppliers as they grow. Our capital expenditure
budget for 2024 is $425 million with approximately two-thirds
targeting growth initiatives.
In addition to our organic growth efforts, we completed one
acquisition in 2023 and announced two acquisitions in the first
quarter of 2024:
•
•
•
Southern Steel Supply, LLC (“Southern Steel”) – an established
service center located in Memphis, Tennessee, distributing
primarily carbon steel products – was acquired in May 2023.
Southern Steel further expanded our reach in the Southeastern
part of the U.S. Southern Steel’s 2022 sales were approximately
$63 million.
Cooksey Iron & Metal Company (“Cooksey”) – a well-known
regional metals service center based in Tifton, Georgia, with
a focus on carbon long products and plate – was acquired
in February 2024. Cooksey’s strong reputation for premium
customer service and rapid delivery to its customers along with
its presence in the fast-growing Southeastern market both
strengthens and expands our position in the region. Cooksey’s
2023 sales were approximately $90 million.
American Alloy Steel, Inc. (“American Alloy”) – a reputable,
Houston, Texas-based national distributor of specialty carbon and
alloy steel plate and round bar, as well as a plate fabricator – was
acquired in April 2024. American Alloy has strong, decades-
long relationships with both customers and suppliers and a solid
reputation for customer service and product expertise. American
Alloy’s 2023 sales were approximately $310 million.
2023 ANNUAL REPORT Stockholder Returns
Driven by our ongoing commitment to delivering increased value to our stockholders, we returned $718 million
through dividends and share repurchases in 2023. We have paid regular quarterly cash dividends for 64 consecutive
years without reduction or suspension and have increased our dividend 31 times since our 1994 IPO, including our
most recent increase of 10% to $1.10 per share ($4.40 per share on an annualized basis) in the first quarter of 2024.
Our recently announced $1.5 billion share repurchase authorization, coupled with our strong balance sheet and cash
generation, allow us to remain opportunistic. We repurchased approximately 1.9 million shares of RS common stock
at an average cost of $255.30 per share, for a total of $480 million, in 2023.
We are very proud of our strong financial position, which has enabled us to reinvest back into our business to support
growth while concurrently returning approximately 45% of our net income and 58% of our free cash flow to our
stockholders over the past three years.
85 Years of Excellence
2024 is a milestone year for Reliance in which we celebrate our 85th anniversary and our 30th anniversary as a publicly traded
company. We are proud of our history and remain anchored to our core business model and values as we move forward into
the future. Our unwavering commitment to employee safety and wellbeing, profitable growth, working collaboratively, and
improving the communities in which we live and work encompass why Reliance is so much more than metal.
Longer-term, we remain excited about the many growth prospects anticipated under the Infrastructure Bill, the CHIPS
Act, and the Inflation Reduction Act, as well as the onshoring and near-shoring activities in the markets we serve.
Thank you to all of our employees, customers, suppliers, and stockholders for your continued confidence in and ongoing
support of Reliance.
Sincerely,
Karla R. Lewis
President and
Chief Executive Officer
(Center)
Stephen P. Koch
Executive Vice President and
Chief Operating Officer
(Right)
Arthur Ajemyan
Senior Vice President and
Chief Financial Officer
(Left)
9
MORE THAN METAL MORE THAN
METAL.
In 2023, Reliance leveraged the momentum initiated with our $1 million
donation to Ronald McDonald House Charities. Our corporate social
responsibility program, Reliance Cares, further expanded to launch an online
employee giving and company match program. Over the course of the 6-week
campaign, an astounding 83.3% of our workforce donated over $680,000 to
more than 3,600 causes across the United States.
We also broadened the scope of our Employee Assistance Fund to support
our employees in times of need beyond natural disasters.
10
2023 ANNUAL REPORT SELECTED CONSOLIDATED FINANCIAL DATA
In millions, except number of shares which are reflected in thousands and per share amounts.
Year Ended December 31,
Income Statement Data:
Net sales
Cost of sales (exclusive of depreciation and
amortization expense)
2023
2022
2021
2020
2019
$14,805.9
$17,025.0
$14,093.3
$8,811.9
$10,973.8
10,258.6
11,773.7
9,603.0
6,036.8
7,644.4
Gross profit(1)
4,547.3
5,251.3
4,490.3
2,775.1
3,329.4
Warehouse, delivery, selling, general and
administrative expense
2,562.4
2,504.2
2,306.5
1,874.0
2,095.4
Depreciation and amortization expense
245.4
240.2
230.2
-
-
4.7
227.3
108.0
219.3
1.2
1,739.5
2,506.9
1,948.9
565.8
1,013.5
Impairment expense
Operating income
Other (income) expense:
Interest expense
Other (income) expense, net
Income before income taxes
Income tax provision
Net income
40.1
(41.3)
62.3
14.2
62.7
3.1
1,740.7
2,430.4
1,883.1
400.6
586.2
1,340.1
1,844.2
465.7
1,417.4
4.4
62.9
24.7
478.2
105.8
372.4
3.3
85.0
(0.8)
929.3
223.2
706.1
4.6
Less: net income attributable to noncontrolling interests
4.2
4.1
Net income attributable to Reliance
$1,335.9
$1,840.1
$1,413.0
$369.1
$701.5
Earnings Per Share:
Basic
Diluted
$22.90
$30.39
$22.35
$22.64
$29.92
$21.97
63,217
$5.74
$5.66
$10.49
$10.34
64,328
66,885
Weighted average shares outstanding - basic
58,328
60,559
Weighted average shares outstanding - diluted
59,015
61,495
64,327
65,263
67,855
Other Data:
Cash flow provided by operations
$1,671.3
$2,118.6
$799.4
$1,173.0
$1,301.5
Capital expenditures
Cash dividends per share
468.8
4.00
341.8
3.50
236.6
2.75
172.0
2.50
242.2
2.20
Balance Sheet Data (December 31):
Working capital
Total assets
Short-term debt
Long-term debt
Total equity
$3,928.2
$3,511.3
$3,095.1
$2,499.8
$2,334.9
10,480.3
10,329.9
9,536.0
8,106.8
0.3
508.2
5.0
6.0
8,131.1
64.9
1,141.9
1,139.4
1,642.0
1,638.9
1,523.6
7,732.8
7,095.9
6,093.7
5,122.7
5,214.1
(1) Gross profit, calculated as net sales less cost of sales, is a non-GAAP financial measure as it excludes depreciation and amortization expense associated with the corresponding sales.
About half of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform “first-stage” processing, which is generally not
labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization expense, is not significant
and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we sell. We use gross profit as shown above as a measure of operating
performance. Gross profit is an important operating and financial measure, as fluctuations in our gross profit can have a significant impact on our earnings. Gross profit, as presented, is
not necessarily comparable with similarly titled measures for other companies.
11
MORE THAN METAL
GEOGRAPHIC PRESENCE
INTERNATIONAL
Mexico
Belgium
Canada
Singapore
China
South Korea
France
Turkey
India
United Arab Emirates
Malaysia
United Kingdom
STATES
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Kentucky
Louisiana
Maryland
Ohio
Oklahoma
Oregon
Massachusetts
Pennsylvania
Michigan
Minnesota
Rhode Island
South Carolina
Connecticut
Missouri
Tennessee
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Montana
Nevada
Texas
Utah
New Hampshire
Virginia
New Jersey
Washington
New Mexico
Wisconsin
New York
North Carolina
SALES BY REGION
Mountain 2%
Pacific Northwest 4%
International 7%
Northeast 7%
Mid-Atlantic 7%
Southeast 19%
West/Southwest 22%
Midwest 32%
12
2023 ANNUAL REPORT SALES BY PRODUCT
SALES BY COMMODITY
Carbon steel plate
Carbon steel structurals
Carbon steel tubing
Hot-rolled steel sheet & coil
Carbon steel bar
Galvanized steel sheet & coil
Cold-rolled steel sheet & coil
Aluminum bar & tube
Heat-treated aluminum plate
Common alloy aluminum sheet & coil
Common alloy aluminum plate
Heat-treated aluminum sheet & coil
Stainless steel bar & tube
Stainless steel sheet & coil
Stainless steel plate
Alloy bar & rod
Alloy tube
Miscellaneous, including titanium,
manufactured parts, and scrap
Toll processing* – aluminum, carbon steel,
and stainless steel
Copper & brass
12%
11%
10%
9%
5%
4%
2%
5%
5%
4%
1%
1%
8%
5%
2%
4%
1%
5%
4%
2%
CARBON STEEL 53%
ALUMINUM 16%
STAINLESS STEEL 15%
ALLOY 5%
OTHER 11%
*Includes revenues for logistics services provided by our toll processing companies.
13
MORE THAN METAL
SELECTED CONSOLIDATED FINANCIAL DATA
In millions, except per share amounts.
Year Ended December 31,
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Income Statement Data:
Net sales
Operating income(1)
Pretax income
Income taxes(2)
Net income attributable to Reliance(2)
Weighted average shares outstanding - diluted
Balance Sheet Data (December 31):
Current assets
Working capital
Net fixed assets
Total assets(3)
Current liabilities
Short-term debt(3)
Long-term debt(3)
Total equity
Per Share Data:
Earnings - diluted(2)
Dividends
Book value(4)
Ratio Analysis:
Return on Reliance stockholders' equity(5)
Current ratio
Net debt-to-total capital ratio(6)
Gross profit margin(7)
Operating income margin(1)
Pretax income margin
Net income margin - Reliance(2)
$14,805.9
$17,025.0
$14,093.3
$8,811.9
$10,973.8
$11,534.5
$9,721.0
$8,613.4
$9,350.5
$10,451.6
$9,223.8
1,739.5
1,740.7
400.6
1,335.9
59.0
2,506.9
2,430.4
586.2
1,840.1
61.5
$4,771.8
$4,886.6
3,928.2
2,248.4
3,511.3
1,974.6
10,480.3
10,329.9
843.6
0.3
1,141.9
7,732.8
1,375.3
508.2
1,139.4
7,095.9
$22.64
$4.00
$134.84
$29.92
$3.50
$120.56
19.3%
5.7
0.8%
30.7%
11.7%
11.8%
9.0%
31.6%
3.6
6.3%
30.8%
14.7%
14.3%
10.8%
1,948.9
1,883.1
465.7
1,413.0
64.3
$4,160.1
3,095.1
1,836.8
9,536.0
1,065.0
5.0
1,642.0
6,093.7
$21.97
$2.75
$98.48
28.0%
3.9
18.1%
31.9%
13.8%
13.4%
10.0%
565.8
478.2
105.8
369.1
65.3
$3,112.8
2,499.8
1,792.2
8,106.8
613.0
6.0
1,638.9
5,122.7
$5.66
$2.50
$80.43
7.4%
5.1
15.8%
31.5%
6.4%
5.4%
4.2%
$3,010.2
$3,285.0
$3,051.3
$2,688.5
$2,554.2
937.5
850.6
208.8
633.7
72.4
2,585.9
1,729.9
8,044.9
699.1
65.2
2,138.5
4,679.5
662.4
583.8
(37.2)
613.4
73.5
2,347.6
1,656.3
7,751.0
703.7
92.0
1,809.4
4,699.9
549.8
458.7
142.5
311.5
74.9
1,564.5
1,635.5
7,121.6
989.7
500.8
1,427.9
3,942.7
617.4
546.3
170.0
371.5
78.6
$3,121.1
2,458.3
1,656.4
7,822.4
662.8
93.9
2,208.1
4,127.9
554.3
478.3
153.6
321.6
77.6
$2,738.9
2,165.5
1,603.9
7,323.6
573.4
36.5
2,055.1
3,884.4
$8.75
$2.00
$8.34
$1.80
$4.16
$1.60
$4.73
$1.40
$4.14
$1.26
$69.83
$64.29
$54.59
$53.03
$49.99
13.9%
4.7
30.8%
28.4%
8.1%
7.4%
5.5%
9.8%
4.3
27.2%
28.7%
6.8%
6.0%
6.3%
8.0%
2.6
31.8%
27.2%
5.9%
4.9%
3.3%
9.6%
4.7
34.9%
25.1%
5.9%
5.2%
3.6%
9.0%
4.8
34.1%
26.0%
6.0%
5.2%
3.5%
1,013.5
929.3
223.2
701.5
67.9
2,334.9
1,795.2
8,131.1
675.3
64.9
1,523.6
5,214.1
$10.34
$2.20
$77.83
15.1%
4.5
21.4%
30.3%
9.2%
8.5%
6.4%
517.8
429.2
120.1
304.3
73.1
2,032.5
1,662.2
7,411.3
656.0
82.5
1,846.7
4,179.1
$4.16
$1.65
$57.07
7.8%
4.1
30.3%
30.1%
6.0%
5.0%
3.5%
(1) Operating income represents net sales less cost of sales, warehouse, delivery, selling, general and administrative expense, depreciation and amortization expense, and impairment
expense. The calculation of operating income in years 2013 through 2023 includes various non-recurring charges and credits, including impairment charges in 2021, 2020, 2019,
2018, 2017, 2016, 2015 and 2013. Additionally, the adoption of accounting rule changes in 2017 affected the presentation of operating income. Prior year operating income and margin
amounts have been retrospectively adjusted to conform to the current presentation.
(2) 2017 includes a $207.3 million, or $2.82 per share, income tax benefit as a result of the Tax Cuts and Jobs Act of 2017.
(3) The adoption of accounting rule changes in 2015 affected the presentation of debt issuance costs. Prior year total assets, long-term debt and net debt-to-total capital ratio amounts
have been retrospectively adjusted to conform to the current presentation.
(4) Book value per share is calculated as Reliance stockholders’ equity divided by the number of common shares outstanding as of December 31 of each year.
14
2023 ANNUAL REPORT In millions, except per share amounts.
Income Statement Data:
Net sales
Operating income(1)
Pretax income
Income taxes(2)
Net income attributable to Reliance(2)
Weighted average shares outstanding - diluted
Balance Sheet Data (December 31):
Current assets
Working capital
Net fixed assets
Total assets(3)
Current liabilities
Short-term debt(3)
Long-term debt(3)
Total equity
Per Share Data:
Earnings - diluted(2)
Dividends
Book value(4)
Ratio Analysis:
Return on Reliance stockholders' equity(5)
Current ratio
Net debt-to-total capital ratio(6)
Gross profit margin(7)
Operating income margin(1)
Pretax income margin
Net income margin - Reliance(2)
1,739.5
1,740.7
400.6
1,335.9
59.0
3,928.2
2,248.4
843.6
0.3
1,141.9
7,732.8
2,506.9
2,430.4
586.2
1,840.1
61.5
3,511.3
1,974.6
1,375.3
508.2
1,139.4
7,095.9
10,480.3
10,329.9
$22.64
$4.00
$134.84
$29.92
$3.50
$120.56
19.3%
5.7
0.8%
30.7%
11.7%
11.8%
9.0%
31.6%
3.6
6.3%
30.8%
14.7%
14.3%
10.8%
1,948.9
1,883.1
465.7
1,413.0
64.3
$4,160.1
3,095.1
1,836.8
9,536.0
1,065.0
5.0
1,642.0
6,093.7
$21.97
$2.75
$98.48
28.0%
3.9
18.1%
31.9%
13.8%
13.4%
10.0%
565.8
478.2
105.8
369.1
65.3
$3,112.8
2,499.8
1,792.2
8,106.8
613.0
6.0
1,638.9
5,122.7
$5.66
$2.50
$80.43
7.4%
5.1
15.8%
31.5%
6.4%
5.4%
4.2%
Year Ended December 31,
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
$14,805.9
$17,025.0
$14,093.3
$8,811.9
$10,973.8
$11,534.5
$9,721.0
$8,613.4
$9,350.5
$10,451.6
$9,223.8
1,013.5
929.3
223.2
701.5
67.9
937.5
850.6
208.8
633.7
72.4
662.4
583.8
(37.2)
613.4
73.5
517.8
429.2
120.1
304.3
73.1
549.8
458.7
142.5
311.5
74.9
$4,771.8
$4,886.6
$3,010.2
$3,285.0
$3,051.3
$2,688.5
$2,554.2
617.4
546.3
170.0
371.5
78.6
$3,121.1
2,458.3
1,656.4
7,822.4
662.8
93.9
2,208.1
4,127.9
554.3
478.3
153.6
321.6
77.6
$2,738.9
2,165.5
1,603.9
7,323.6
573.4
36.5
2,055.1
3,884.4
1,564.5
1,635.5
7,121.6
989.7
500.8
1,427.9
3,942.7
$4.16
$1.60
$4.73
$1.40
$4.14
$1.26
$54.59
$53.03
$49.99
8.0%
2.6
31.8%
27.2%
5.9%
4.9%
3.3%
9.6%
4.7
34.9%
25.1%
5.9%
5.2%
3.6%
9.0%
4.8
34.1%
26.0%
6.0%
5.2%
3.5%
2,334.9
1,795.2
8,131.1
675.3
64.9
1,523.6
5,214.1
$10.34
$2.20
$77.83
15.1%
4.5
21.4%
30.3%
9.2%
8.5%
6.4%
2,585.9
1,729.9
8,044.9
699.1
65.2
2,138.5
4,679.5
2,347.6
1,656.3
7,751.0
703.7
92.0
1,809.4
4,699.9
$8.75
$2.00
$8.34
$1.80
$69.83
$64.29
13.9%
4.7
30.8%
28.4%
8.1%
7.4%
5.5%
9.8%
4.3
27.2%
28.7%
6.8%
6.0%
6.3%
2,032.5
1,662.2
7,411.3
656.0
82.5
1,846.7
4,179.1
$4.16
$1.65
$57.07
7.8%
4.1
30.3%
30.1%
6.0%
5.0%
3.5%
(5) Return on Reliance stockholders’ equity is based on the beginning of year equity amount, except for 2023, 2022, 2021, 2020, 2019, 2018 and 2015, which are adjusted for $479.5
million, $630.3 million, $323.5 million, $337.3 million, $50.0 million, $484.9 million, and $355.5 million of share repurchases, respectively, and 2017, which is adjusted for a $207.3
million income tax benefit as a result of the Tax Cuts and Jobs Act of 2017.
(6) Net debt-to-total capital ratio is calculated as total debt (net of cash) divided by Reliance stockholders’ equity plus total debt (net of cash).
(7) Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude
depreciation and amortization expense associated with the corresponding sales. About half of our orders are basic distribution with no processing services performed. For the remainder
of our sales orders, we perform “first-stage” processing which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and
overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we
sell. We use gross profit margin as shown above as a measure of operating performance. Gross profit margin is an important operating and financial measure, as fluctuations in our gross
profit margin can have a significant impact on our earnings. Gross profit margin, as presented, is not necessarily comparable with similarly titled measures for other companies.
15
MORE THAN METAL RELIANCE LOCATIONS
Reliance Metals Group
SUBSIDIARIES
DIVISIONS
Bralco Metals
bralco.com
Los Angeles, CA – Headquarters
(714) 736-4800
Albuquerque, NM
(505) 345-0959
Dallas, TX
(972) 276-2676
Phoenix, AZ
(602) 252-1918
Seattle, WA
(253) 395-0614
Wichita, KS
(316) 838-9351
Affiliated Metals
A Bralco Metals Company
affiliatedmetals.com
Salt Lake City, UT
(801) 363-1711
MetalCenter
A Bralco Metals Company
Los Angeles, CA
(562) 944-3322
Olympic Metals
A Bralco Metals Company
Denver, CO
(303) 286-9700
Central Plains Steel Co.
cpssteel.com
Wichita, KS
(316) 636-4500
Reliance Metalcenter
reliancecos.com
Colorado Springs, CO
(719) 390-4911
reliancephx.com
Phoenix, AZ
(602) 275-4471
Phoenix, AZ
(480) 968-6156
reliancemetalcentersaltlakecity.com
Salt Lake City, UT
(801) 974-5300
reliancemetalcentersd.com
San Diego, CA
(619) 263-2141
Smith Pipe & Steel Company
smithpipe.com
Phoenix, AZ
(602) 257-9494
Reliance Steel Company
Albuquerque, NM
(505) 247-1441
Los Angeles, CA
(323) 583-6111
Tube Service Co.
tubeservice.com
Los Angeles, CA – Headquarters
(562) 695-0467
Reliance Aerospace Solutions
rsaerospace.com
Cypress, CA
(877) 727-6073
Reliance Metalcenter
relianceunioncity.com
Union City, CA
(510) 476-4400
Denver, CO
(303) 321-9200
Phoenix, AZ
(602) 267-9865
Portland, OR
(503) 944-5420
San Diego, CA
(619) 579-3011
San Jose, CA
(408) 946-5500
16
Admiral Metals Servicenter
Company, Incorporated
admiralmetals.com
Woburn, MA – Headquarters
(781) 933-8300
Guilderland, NY
(781) 953-4632
Largo, FL
(614) 330-8645
Oceanside, NY
(781) 953-7192
Rochester, NY
(585) 370-2740
Telford, PA
(215) 778-5832
Twinsburg, OH
(339) 227-1172
Allegheny Steel Distributors, Inc.
alleghenysteel.com
Pittsburgh, PA
(412) 767-5000
All Metal Services Limited
allmetal.co.uk
Birmingham, United Kingdom –
Headquarters
+44 16 7543 0307
Belfast, United Kingdom
+44 28 9073 9648
Bolton, United Kingdom
+44 19 4284 0777
Bristol, United Kingdom
+44 11 7982 2484
Losse, France
+33 558 936 800
All Metal Services India Private
Limited
A Subsidiary of All Metal Services
Limited
Belagavi, India
+91 80 2837 9124
2023 ANNUAL REPORT
All Metal Services Ltd. (Xi’an)
A Subsidiary of All Metal Services Limited
Xi’an, People’s Republic of China
+86 29 8612 5300
All Metal Services (Malaysia) Sdn.
Bhd.
A Subsidiary of All Metal Services Limited
Selangor Darul Ehsan, Malaysia
+60 3 7805 1325
American Metals Corporation
american-metals.com
Fresno, CA
(559) 266-0881
West Sacramento, CA
(916) 371-7700
American Steel
A Division of American Metals Corporation
Canby, OR
(503) 651-6700
Kent, WA
(253) 437-4080
Alaska Steel Company
A Division of American Metals Corporation
alaskasteel.com
Anchorage, AK – Headquarters
(907) 561-1188
Fairbanks, AK
(907) 456-2719
Kenai, AK
(907) 283-3880
Haskins Steel Company
A Division of American Metals Corporation
haskinssteelinc.com
Spokane, WA
(509) 535-0657
Lampros Steel
A Division of American Metals Corporation
lamprossteel.com
Portland, OR
(503) 285-6667
LSI Plate
A Division of American Metals Corporation
Rancho Cucamonga, CA
(877) 877-7528
Plate Sales
A Division of American Metals Corporation
Portland, OR
(503) 286-0039
AMI Metals, Inc.
amimetals.com
Nashville, TN – Headquarters
(615) 377-0400
Fort Worth, TX
(817) 831-9586
Los Angeles, CA
(909) 429-1336
Spokane, WA
(509) 570-5880
St. Louis, MO
(636) 946-9492
Swedesboro, NJ
(856) 241-9180
Wichita, KS
(316) 945-7771
AMI Metals Aero Services Ankara
Havacılık Anonim Şirketi
A Subsidiary of AMI Metals, Inc.
Ankara, Turkey
+90 312 810 0000
AMI Metals Europe SPRL
A Subsidiary of AMI Metals, Inc.
Gosselies, Belgium
+32 71 37 67 99
AMI Metals UK Limited
Ellesmere Port, United Kingdom
+44 151 355 6035
Best Manufacturing, Inc.
bestmanufacturinginc.com
Jonesboro, AR
(870) 931-9533
CCC Steel, Inc.
Los Angeles, CA
(310) 637-0111
IMS Steel Co.
A Division of CCC Steel, Inc.
Salt Lake City, UT
(801) 973-1000
Houston, TX
(713) 462-4449
Philadelphia, PA
(610) 705-0477
Portland, OR
(503) 228-3355
Tulsa, OK
(844) 964-0335
Chapel Steel Canada, Ltd.
Hamilton, Ontario, Canada
(289) 780-0570
Chatham Steel Corporation
chathamsteel.com
Savannah, GA – Headquarters
(912) 233-4182
Birmingham, AL
(205) 791-2261
Columbia, SC
(803) 799-8888
Durham, NC
(919) 682-3388
Orlando, FL
(407) 859-0310
Clayton Metals, Inc.
claytonmetals.com
Chicago, IL – Headquarters
(630) 860-7000
Parsipanny, NJ
(973) 588-1100
Continental Alloys & Services
Limited
contalloy.com
Chapel Steel Corp.
chapelsteel.com
Philadelphia, PA – Corporate Office
(215) 793-0899
Brechin, Scotland
+44 135 662 5515
Peterhead, Scotland
+44 177 948 0420
Birmingham, AL
(800) 641-1006
Birmingham, AL – Sales Office
(205) 781-0317
Chicago, IL
(815) 937-1970
Chicago, IL – Sales Office
(708) 429-2244
Continental Alloys & Services Pte.
Ltd.
Jurong, Singapore
+65 6690 0178
Continental Alloys & Services
(Malaysia) Sdn. Bhd.
A Subsidiary of Continental Alloys &
Services Pte. Ltd.
Nusajaya, Malaysia
+60 7 531 9155
17
MORE THAN METAL
Continental Alloys Middle East FZE
Dubai, United Arab Emirates
+971 4 8809770
Durrett Sheppard Steel Co., Inc.
durrettsheppard.com
Baltimore, MD
(410) 633-6800
Crest Steel Corporation
creststeel.com
Riverside, CA
(951) 727-2600
Diamond Manufacturing Company
diamondman.com
Wyoming, PA – Headquarters
(800) 233-9601
Michigan City, IN
(219) 874-2374
Ferguson Perforating Company
A Division of Diamond Manufacturing
Company
fergusonperf.com
Providence, RI – Headquarters
(401) 941-8876
New Castle, PA
(724) 657-8703
McKey Perforating Co.
A Division of Diamond Manufacturing
Company
mckeyperforatedmetal.com
New Berlin, WI
(800) 345-7373
Perforated Metals Plus
A Division of Diamond Manufacturing
Company
perforated-metals.com
Charlotte, NC
(704) 598-0443
DuBose National Energy Fasteners
& Machined Parts, Inc.
dubosenes.com
Cleveland, OH
(216) 362-1700
DuBose National Energy Services,
Inc.
dubosenes.com
Clinton, NC – Headquarters
(910) 590-2151
Atlanta, GA – Sales Office
(678) 608-3660
Charlotte, NC – Sales Office
(704) 295-1060
Exton, PA – Sales Office
(610) 594-9413
18
Earle M. Jorgensen Company
emjmetals.com
Los Angeles, CA – Headquarters
(323) 567-1122
Atlanta, GA
(678) 894-2500
Birmingham, AL
(205) 814-0043
Boise, ID
(503) 283-2251
Boston, MA
(508) 435-6854
Charlotte, NC
(704) 588-3001
Chicago, IL
(847) 301-6100
Cincinnati, OH
(513) 771-3223
Cleveland, OH
(330) 425-1500
Dallas, TX
(214) 741-1761
Denver, CO
(303) 287-0381
Detroit, MI
(734) 402-8110
Hartford, CT
(508) 435-6854
Hayward, CA
(510) 487-2700
Houston, TX
(713) 672-1621
Indianapolis, IN
(317) 838-8899
Kansas City, MO
(816) 483-4140
Lafayette, LA
(713) 672-1621
Memphis, TN
(901) 317-4300
Minneapolis, MN
(763) 784-5000
Orlando, FL
(800) 365-5454
Philadelphia, PA
(215) 949-2850
Phoenix, AZ
(602) 272-0461
Portland, OR
(503) 283-2251
Quad Cities, IA
(563) 285-5340
Richmond, VA
(804) 732-7491
Rochester, NY
(330) 425-1500
Salt Lake City, UT
(801) 383-3808
Seattle, WA
(253) 872-0100
St. Louis, MO
(314) 291-6080
Tulsa, OK
(918) 835-1511
Wrightsville, PA
(215) 949-2850
Steel Bar
A Division of Earle M. Jorgensen
Company
Greensboro, NC
(336) 294-0053
Reliance Metals Canada Limited
A Subsidiary of Earle M. Jorgensen
Company
rmcl.com
Edmonton, Alberta, Canada – Corporate
Office
(780) 801-4114
Earle M. Jorgensen (Canada)
A Division of Reliance Metals Canada
Limited
emjmetals.ca
Edmonton, Alberta, Canada –
Headquarters
(780) 801-4015
Dartmouth, Nova Scotia, Canada
(450) 661-5181
Montreal, Quebec, Canada
(450) 661-5181
North Bay, Ontario, Canada
(705) 474-0866
Quebec City, Quebec, Canada
(418) 870-1422
2023 ANNUAL REPORT
Toronto, Ontario, Canada
(905) 564-0866
Vancouver, British Columbia, Canada
(604) 468-4747
Encore Metals
A Division of Reliance Metals Canada
Limited
encoremetals.com
Vancouver, British Columbia, Canada
– Headquarters
(604) 940-0439
Calgary, Alberta, Canada
(403) 236-1418
Edmonton, Alberta, Canada
(780) 436-6660
Montreal, Quebec, Canada
(450) 978-8877
Prince George, British Columbia,
Canada
(250) 563-3343
Toronto, Ontario, Canada
(905) 878-1156
Winnipeg, Manitoba, Canada
(204) 663-1450
Feralloy Corporation
feralloy.com
Chicago, IL – Corporate Office
(773) 380-1500
Charleston, SC
(843) 336-4107
Decatur, AL
(256) 301-0500
Ghent, KY
(502) 206-7002
Portage, IN
(219) 787-9698
Acero Prime Feralloy Sinton
Processing Center
A Division of Feralloy Corporation
Sinton, TX
(361) 364-7220
All Metals
A Division of Feralloy Corporation
Spartanburg, SC – Headquarters
(864) 574-8050
Cartersville, GA
(770) 427-7379
Feralloy Processing Company
A Division of Feralloy Corporation
Portage, IN
(219) 787-8773
GH Metal Solutions
A Division of Feralloy Corporation
ghmetalsolutions.com
Infra-Metals Co.
infra-metals.com
Newtown, PA – Headquarters
(215) 741-1000
Atlanta, GA
(404) 577-5005
Fort Payne, AL – Headquarters
(256) 845-5411
Hallandale, FL – Sales Office
(954) 454-1564
Charleston, SC
(843) 336-4107
Decatur, AL
(256) 845-5411
Fort Payne, AL – East
(256) 845-5411
Acero Prime, S. de R.L. de C.V.
A Subsidiary of Feralloy Corporation
aceroprime.com
San Luis Potosí, Mexico –
Headquarters
+52 444 870 7700
Monterrey, Mexico
+52 818 000 5300
Ramos Arizpe, Mexico
+52 844 450 6400
Toluca, Mexico
+52 722 262 5500
Indiana Pickling and Processing
Company
A Joint Venture of Feralloy Corporation
56% Owned
Portage, IN
(219) 787-8889
Oregon Feralloy Partners
A Joint Venture of Feralloy Corporation
40% Owned
Portland, OR
(503) 286-8869
Fox Metals and Alloys, Inc.
foxmetals.com
Houston, TX
(281) 890-6666
Fry Steel Company
frysteel.com
Santa Fe Springs, CA – Headquarters
(562) 802-2721
Middletown, OH
(513) 452-7037
Marseilles, IL
(815) 795-5002
New Boston, OH
(740) 353-1350
Petersburg, VA
(804) 957-5900
Tampa, FL
(813) 626-6005
Wallingford, CT
(203) 294-2980
Delta Steel
A Division of Infra-Metals Co.
deltasteel.com
Houston, TX – Headquarters
(713) 635-1200
Cedar Hill, TX
(972) 299-6497
Fort Worth, TX
(817) 293-5015
San Antonio, TX
(210) 661-4641
IMS Ornamental Steel
A Division of Infra-Metals Co.
imsornamental.com
Atlanta, GA
(404) 419-3460
KMS, Inc.
kmsfab.com
Luzerne, PA – Headquarters
(570) 338-0200
W. Columbia, SC
(803) 796-9995
Liebovich Bros., Inc.
liebovich.com
Rockford, IL
(815) 987-3200
Custom Fab Company
A Division of Liebovich Bros., Inc.
customfabco.com
Rockford, IL
(815) 987-3210
19
MORE THAN METAL
Germantown, WI
(262) 255-4444
Horicon, WI
(920) 485-9750
Jeffersonville, IN
(812) 288-8906
Liberty, MO
(816) 415-0004
Randleman, NC
(336) 498-8900
Springfield, OH
(937) 882-6354
Walker, MI
(616) 453-4880
Wooster, OH
(330) 264-8416
Metals USA Plates and Shapes, Inc.
A Subsidiary of Metals USA, Inc.
Langhorne, PA – Headquarters
(267) 580-2100
Ambridge, PA
(724) 266-7708
Bethlehem, PA – Sales Office
(610) 691-4270
Fairless Hills, PA
(215) 337-7000
Greensboro, NC
(336) 674-7991
Mobile, AL
(251) 456-4531
Oakwood, GA
(770) 536-1214
Philadelphia, PA
(215) 673-9300
Seekonk, MA
(508) 399-8500
Waggaman, LA
(504) 431-7010
York, PA
(717) 757-3549
Gregor Technologies, LLC
A Subsidiary of Metals USA Plates and
Shapes, Inc.
gregortech.com
Torrington, CT
(860) 482-2569
Metals USA Plates and Shapes
Southcentral, Inc.
A Subsidiary of Metals USA, Inc.
Enid, OK
(580) 233-0411
Muskogee, OK
(918) 487-6800
Port City Metal Services
A Division of Metals USA Plates and
Shapes Southcentral, Inc.
portcitymetals.com
Tulsa, OK
(918) 583-2222
The Richardson Trident Company,
LLC
A Subsidiary of Metals USA Plates and
Shapes Southcentral, Inc.
trident-metals.com
Richardson, TX – Headquarters
(972) 231-5176
Odessa, TX
(432) 561-5446
Tulsa, OK
(918) 252-5781
Altair Electronics, LLC
A Subsidiary of The Richardson Trident
Company, LLC
altair-co.com
Richardson, TX
(972) 231-5176
Metalweb Limited
metalweb.co.uk
Birmingham, United Kingdom –
Headquarters
+44 121 328 7700
London, United Kingdom
+44 199 245 0300
Manchester, United Kingdom
+44 161 483 9662
National Specialty Alloys, Inc.
nsalloys.com
Houston, TX – Headquarters
(281) 345-2115
Anaheim, CA
(714) 870-7800
Good Metals Company
A Division of Liebovich Bros., Inc.
goodmetals.com
Grand Rapids, MI
(616) 241-4425
Hagerty Steel & Aluminum
Company
A Division of Liebovich Bros., Inc.
hagertysteel.com
Peoria, IL
(309) 699-7251
Liebovich Steel & Aluminum
Company
A Division of Liebovich Bros., Inc.
liebovichsteel.com
Rockford, IL – Headquarters
(815) 987-3200
Cedar Rapids, IA
(319) 366-8431
Kaukauna, WI
(800) 646-2790
Metals USA, Inc.
metalsusa.com
Lynch Metals
A Division of Metals USA, Inc.
lynchmetals.com
Union, NJ – Headquarters
(908) 686-8401
Anaheim, CA
(714) 238-7240
Cooksey Iron & Metal Company
A Subsidiary of Metals USA, Inc.
Tifton, GA – Headquarters
(229) 382-4680
Albany, GA
(229) 438-7915
Statesboro, GA – Sales Office
(912) 764-3799
Tifton, GA – Processing
(229) 382-4680
i-Solutions
A Subsidiary of Metals USA, Inc.
isolutions.metalsusa.com
(800) 700-3032
Metals USA Carbon Flat Rolled, Inc.
A Subsidiary of Metals USA, Inc.
Northbrook, IL – Headquarters
(847) 291-2400
Conway Springs, KS
(800) 635-6061
20
2023 ANNUAL REPORT
Aleaciones Especiales de México,
S. de R.L. de C.V.
A Subsidiary of National Specialty Alloys,
Inc.
aleacionesespecialesdemexico.com
Cuautitlán, Mexico
+52 55 2225 0835
Northern Illinois Steel Supply Co.
nisteel.com
Channahon, IL – Headquarters
(815) 467-9000
Houston, TX
(800) 892-1601
Nu-Tech Precision Metals Inc.
nutechpm.com
Ottawa, Ontario, Canada
(613) 623-6544
Pacific Metal Company
pacificmetal.com
Portland, OR – Headquarters
(503) 454-1051
Billings, MT
(406) 245-2210
Boise, ID
(208) 323-8045
Eugene, OR
(541) 485-1876
Spokane, WA
(509) 535-0326
PDM Steel Service Centers, Inc.
pdmsteel.com
Elk Grove, CA – Headquarters
(916) 513-4548
Denver, CO
(303) 297-1456
Fresno, CA
(209) 943-0513
Las Vegas, NV
(702) 413-0067
Provo, UT
(801) 798-8676
Reno, NV
(775) 358-1441
Santa Clara, CA
(408) 988-3000
Stockton, CA
(209) 943-0513
Vancouver, WA
(360) 225-1133
reliancesa.com
San Antonio, TX
(210) 661-2301
Feralloy PDM Steel Service
A Division of PDM Steel Service Centers, Inc.
Stockton, CA
(209) 234-0548
Precision Flamecutting and Steel,
Inc.
pflame.com
Houston, TX
(281) 477-1600
Phoenix Corporation
DBA Phoenix Metals Company
phoenixmetals.com
Peachtree Corners, GA – Headquarters
(770) 447-4211
Precision Strip Inc.
precision-strip.com
Minster, OH – Headquarters
(419) 628-2343
Birmingham, AL
(205) 841-7477
Charlotte, NC
(704) 588-7075
Cincinnati, OH
(513) 727-4763
Cleveland, OH
(513) 727-4763
Fort Smith, AR
(479) 452-3802
Hammond, IN
(513) 727-4763
Kansas City, KS
(913) 321-5200
Lafayette, LA
(337) 837-4381
Nashville, TN
(931) 486-1456
Philadelphia, PA
(215) 295-9512
Richmond, VA
(804) 222-5052
Sioux City, IA
(913) 321-5200
St. Louis, MO
(636) 379-4050
Tampa, FL
(813) 626-8999
Anderson, IN
(765) 778-4452
Bowling Green, KY
(270) 282-8420
Canton, MI
(734) 736-7030
Jeffersonville, IN
(812) 850-3161
Kenton, OH
(419) 674-4186
Middletown, OH
(513) 423-4166
Perrysburg, OH
(419) 661-1100
Portage, IN
(219) 850-5080
Rockport, IN
(812) 362-6480
Talladega, AL
(256) 315-2345
Tipp City, OH
(937) 667-6255
Vonore, TN
(423) 271-3690
Woodburn, KY
(270) 542-6100
Woodhaven, MI
(734) 301-4001
Reliance Metalcenter
A Division of Phoenix Metals Company
reliancentx.com
Dallas, TX
(817) 640-7222
Reliance Metalcenter Asia Pacific
Pte. Ltd.
Jurong, Singapore
+65 6265 1211
21
MORE THAN METAL
Service Steel Aerospace Corp.
ssa-corp.com
Seattle, WA – Headquarters
(253) 627-2910
Evansville, IN
(812) 428-5490
Perrysburg, OH
(419) 661-8500
Canton, OH
(330) 833-5800
Wichita, KS
(316) 838-7737
Dynamic Metals International
A Division of Service Steel Aerospace
Corp.
dynamicmetals.net
Windsor, CT
(860) 688-8393
United Alloys Aircraft Metals
A Division of Service Steel Aerospace
Corp.
Los Angeles, CA
(323) 588-2688
Siskin Steel & Supply Company, Inc.
siskin.com
Chattanooga, TN – Headquarters
(423) 756-3671
Louisville, KY
(502) 716-5140
Nashville, TN
(615) 242-4444
Spartanburg, SC
(864) 599-9988
East Tennessee Steel Supply Co.
A Division of Siskin Steel &
Supply Company, Inc.
tnsteel.com
Morristown, TN
(423) 587-3500
The Steel Store
A Division of Siskin Steel & Supply
Company, Inc.
thesteelstore.com
Chattanooga, TN
(423) 265-4246
Southern Steel Supply, LLC
A Subsidiary of Siskin Steel &
Supply Company, Inc.
southernsteelsupply.com
Memphis, TN
(901) 523-1170
Sugar Steel Corporation
sugarsteel.com
Chicago, IL – Headquarters
(708) 757-9500
22
Tubular Steel, Inc.
tubularsteel.com
St. Louis, MO – Headquarters
(314) 851-9200
Hazelwood, MO
(314) 524-6600
Katy, TX
(281) 371-5200
Lorain, OH
(440) 960-6100
Rialto, CA
(909) 429-6900
Metalcraft Enterprises
A Division of Tubular Steel, Inc.
New Haven, MO
(573) 237-3016
United Pipe & Steel Corp.
unitedpipe.com
Ipswich, MA – Headquarters
(800) 777-7473
Belvidere, IL
(267) 642-9014
Birmingham, AL
(205) 854-2300
Burlington, NC
(336) 226-2244
Easton, PA
(610) 559-0990
Elyria, OH
(440) 323-0060
Houston, TX
(713) 869-5731
Lakeland, FL
(863) 614-0674
Rialto, CA
(909) 441-1924
Seymour, IN
(713) 869-5796
Stockton, CA
(209) 467-7473
Topeka, KS
(785) 357-0612
Valex Corp.
valex.com
Ventura, CA – Headquarters
(805) 658-0944
Round Rock, TX
(512) 212-8100
Valex Korea Co., Ltd.
A 96% Owned Subsidiary of Valex Corp.
Seoul, Republic of Korea
+82 31 683 0119
Valex Semiconductor Materials
(Zhejiang) Co., Ltd.
A Subsidiary of Valex Corp.
Haiyan Economic Development Zone,
People’s Republic of China
+86 21 5818 3189
Viking Materials, Inc.
vikingmaterials.com
Minneapolis, MN – Headquarters
(612) 617-5800
Franklin Park, IL
(847) 451-7171
Yarde Metals, Inc.
yarde.com
Southington, CT – Headquarters
(860) 406-6061
East Hanover, NJ
(973) 463-1166
Greensboro, NC
(336) 500-0535
Hauppauge, NY
(631) 232-1600
Limerick, PA
(610) 495-7545
North Canton, OH
(330) 342-7020
Pelham, NH
(603) 635-1266
Sanford, FL
(321) 257-7631
FastMetals
A Division of Yarde Metals, Inc.
fastmetals.com
Southington, CT
(833) 327-8685
Rotax Metals Inc.
A Subsidiary of Yarde Metals, Inc.
rotaxmetals.net
Brooklyn, NY
(718) 272-9800
2023 ANNUAL REPORT
CORPORATE DIRECTORY
DIRECTORS
Mark V. Kaminski (1), (2)
Chair of the Board
Executive Advisor
Graniterock
Lisa L. Baldwin (1), (2), (4)
Managing Director
Elliott Management Corporation
Karen W. Colonias (1), (2), (3)
Former President and Chief Executive Officer
Simpson Manufacturing Co., Inc.
Frank J. Dellaquila (1), (2)
Former Senior Executive Vice President and
Chief Financial Officer
Emerson Electric Co.
James D. Hoffman
Former Chief Executive Officer
Reliance, Inc.
Karla R. Lewis
President and Chief Executive Officer
Reliance, Inc.
Robert A. McEvoy (1), (3), (4)
Former Managing Director
The Goldman Sachs Group, Inc.
David W. Seeger (1), (3), (4)
Former President
Zekelman Industries (formerly JMC Steel Group)
Douglas W. Stotlar (1), (3), (4)
Former President and Chief Executive Officer
Con-way, Inc.
(1) Independent Director
(2) Member of the Audit Committee
(3) Member of the Compensation Committee
(4) Member of the Nominating and Governance Committee
OFFICERS
Karla R. Lewis
President and Chief Executive Officer
Stephen P. Koch
Executive Vice President and Chief Operating Officer
Arthur Ajemyan
Senior Vice President and Chief Financial Officer
Suzanne M. Bonner
Senior Vice President and Chief Information Officer
Jeffrey W. Durham
Senior Vice President, Operations
Michael R. Hynes
Senior Vice President, Operations
Sean M. Mollins
Senior Vice President, Operations
William A. Smith II
Senior Vice President, General Counsel
and Corporate Secretary
Vandy C. Lupton
Vice President, Health and Human Resources
Brenda S. Miyamoto
Vice President, Corporate Initiatives
John A. Shatkus
Vice President, Enterprise Risk
Brian M. Yamaguchi
Vice President, Supplier Development
Silva Yeghyayan
Vice President, Tax
23
MORE THAN METAL
CORPORATE INFORMATION
SECURITIES LISTING
Reliance, Inc.’s common stock is traded on the New York
Stock Exchange under the symbol “RS.”
MARKET PRICE OF COMMON STOCK
The high and low closing prices for the Company’s common
stock in 2023 were $293.07 and $201.39.
The following table sets forth the high and low closing
prices of the Company’s common stock for the stated
calendar quarters.
LOW
2023 HIGH
1Q
2Q
3Q
4Q
$263.48 $201.39
$271.59 $232.12
$293.07 $260.18
$282.91 $244.56
STOCKHOLDERS OF RECORD AND DIVIDEND POLICY
As of February 23, 2024, there were 163 holders of
record of our common stock. We have paid quarterly cash
dividends on our common stock for 64 consecutive years.
Our Board of Directors has increased the quarterly dividend
rate on a periodic basis 31 times since our 1994 IPO.
FORWARD-LOOKING STATEMENTS
This Annual Report includes statements that, to the
extent they are not recitations of historical fact, may
constitute forward-looking statements within the meanng
of the federal securities laws, and are based on Reliance’s
current expectations and assumptions. For a discussion
identifying important factors that could cause actual
results to vary materially from those anticipated in the
forward-looking statements, see Reliance’s 2023 Form
10-K. As a result, these statements speak only as of the
date that they are made, and Reliance disclaims any and all
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events, or otherwise.
TRANSFER AGENT & REGISTRAR
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
(800) 937-5449
(718) 921-8124
astfinancial.com
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
KPMG LLP
Los Angeles, CA
RELIANCE, INC.
PRINCIPAL EXECUTIVE OFFICE
16100 N. 71st Street, Suite 400
Scottsdale, AZ 85254
(480) 564-5700
reliance.com
FORM 10-K
A copy of the Annual Report on Form 10-K,
filed with the United States Securities and
Exchange Commission, is available at sec.gov
or investor.reliance.com or upon request to:
William A. Smith II
Senior Vice President, General Counsel
and Corporate Secretary
Reliance, Inc.
16100 N. 71st Street, Suite 400
Scottsdale, AZ 85254
INVESTOR RELATIONS CONTACT
(213) 576-2428
investor@reliance.com
24
2023 ANNUAL REPORT
16100 N. 71ST STREET, SUITE 400 | SCOTTSDALE, AZ 85254 | (480) 564-5700 | RELIANCE.COM