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News Breaks
March 26, 2014
08:54 EDTRSReliance Steel announces antitrust lawsuit verdict in plaintiff's favor
Reliance Steel & Aluminum announced that a Houston, Texas jury returned a verdict against the Company and its subsidiary, Chapel Steel, along with four other co-defendants in an antitrust lawsuit filed in the U.S. District Court for the Southern District of Texas. As discussed in the company’s Annual Report on Form 10-K for the period ending December 31, 2013 filed with the Securities and Exchange Commission, Reliance has been involved in legal proceedings brought by two former employees who left the company to start their own business and claim that Reliance and the co-defendants engaged in anticompetitive activities. The jury returned a verdict against all six defendants jointly of $52M in damages, which amount is expected to be trebled under the federal antitrust laws. Reliance and Chapel disagree with the verdict and intend to pursue all available remedies, including taking the matter up on appeal. The ultimate amount of any final judgment that Reliance may be required to bear is unknown at this time.
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May 29, 2015
09:30 EDTRSCredit Suisse said 2H looking like a 'win-win' for US steel equities
Credit Suisse said 2H 2015 is looking like a "win-win" for U.S. steel equities. The firm assumes favorable outcomes in proposed congressional legislation redefining injury in anti-dumping trade cases, a trade case filing, and an end to market restock cycle. Credit Suisse continues to favor U.S. Steel (X) given its leverage to the trade case story and said the entire sector will benefit if 2H plays out as expected. Firm said Reliance Steel (RS), Worthington (WOR), and Olympic Steel (ZEUS) are leveraged to a drop in import volumes and raw materially suppliers Cliffs Natural (CLF), Arch Coal (ACI), and Alpha Natural (ANR) should benefit from production increases in domestic Blast Furnace given less import competition.
May 28, 2015
10:12 EDTRSHigh option volume stocks
High option volume stocks: A RS ALXN AVGO TFM PLKI JNPR VGK GDOT
May 27, 2015
08:53 EDTRSReliance Steel appoints Gregg Mollins as CEO and President
Reliance Steel announced that in accordance with the previously announced executive leadership succession plan, effective as of May 20, 2015, the company has appointed Gregg Mollins as CEO and President of Reliance. David Hannah has transitioned to the role of Executive Chairman. Hannah, who has served as Reliance's CEO since 1999 and Chairman of the Board and CEO since 2007, will remain on the company's board as Executive Chairman until his retirement in July 2016. Mr. Hannah will remain active in the company's operations until his departure, at which time an independent, non-executive Chairman of the Board will be appointed.

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