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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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April 23, 2015
08:59 EDTRSReliance Steel expects customer demand to continue improving through 2015
Reliance Steel stated that, with the exception of the energy market, it experienced steadily improving customer demand across most of its end markets during Q1, which is expected to continue as the year progresses. Automotive demand, supported mainly by the company's toll processing operations in the U.S. and Mexico, is expected to continue strong at current production rates throughout 2015. The increase in aluminum usage in the automotive industry continues to represent a growth area for Reliance. Aerospace demand continued to improve during Q1 and is expected to continue to grow as 2015 progresses and as "build" rates increase. Heavy industry continues to perform reasonably well. Agricultural and construction equipment have declined but Reliance remains active in these markets. Non-residential construction continues to improve, but remains well below peak levels. Reliance believes that this important end-market will continue to improve throughout 2015. Energy - oil and gas - demand for the products Reliance sells has declined due to the severe drop in oil prices and is expected to remain under pressure throughout 2015.
08:56 EDTRSReliance Steel sees Q2 EPS $1.02-$1.15, consensus $1.10
Reliance expects a modest increase in tons sold in Q2 over Q1, but expects downward pricing will negatively impact average selling prices and margins.
08:54 EDTRSReliance Steel reports Q1 EPS $1.30, consensus $1.02
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April 15, 2015
10:46 EDTRSBofA/Merrill metals/mining/steel analysts hold analyst/industry conference call
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April 14, 2015
10:01 EDTRSOn The Fly: Analyst Downgrade Summary
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07:52 EDTRSReliance 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.
07:32 EDTRSReliance Steel downgraded to Sector Weight from Overweight at KeyBanc

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