Reliance Steel 3Q Profit Jumps 74 Percent

MSNBC reported that Reliance Steel & Aluminum Co.’s (NYSE:RS) third-quarter profit surged 74 percent due to rise in steel volumes as well as prices.

As quoted in the market news:

Reliance said overall demand during the quarter was better than expected, but there was significant downward pressure on pricing and margins, especially during July and August, as a result of declining mill prices for most of its products.

Click here to read the full MSNBC report