Reliance Steel sees Q1 EPS $1.05-$1.15, consensus $1.39 The company expects that global economic and political uncertainty will continue to negatively impact the industry in the 2013 first quarter, pressuring both demand and pricing. However, the company’s January tons sold improved modestly from the 2012 fourth quarter and pricing has been generally stable so far.
Reliance Steel downgraded at KeyBanc As previously reported, KeyBanc downgraded Reliance Steel to Sector Weight from Overweight. The firm downgraded shares to reflected continued weakness in domestic steel prices. KeyBanc still expects a pricing inflection in Q2 but from a lower base and a more subdued rebound.