Steel pricing pressure squeezes Reliance's Q2 earnings

Second quarter ended June 30	2024	2023	Change
Net sales	$3,643	$3,880	-6%
Net earnings (loss)	$268	$385	-30%
Per diluted share	$4.67	$6.49	-28%
Six months ended June 30
Net sales	$7,288	$7,846	-7%
Net earnings (loss)	$571	$768	-26%
Per diluted share	$9.90	$12.92	-23%

(in millions of dollars except per share)

Reliance Inc. said a faster-than-expected decline in carbon steel prices offset higher shipments in the second quarter.

Construction
demand
earnings
Lead Times
Plate
Prices
Service Center

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.