Reliance Steel & Aluminum Co. Elects Not to Proceed with Its Proposed Common Stock Offering

LOS ANGELES--(BUSINESS WIRE)--

Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it has decided not to proceed with its previously announced public offering of 6,750,000 shares of its common stock due to market conditions. The Company expected to use the proceeds of the equity offering to fund a portion of the consideration of approximately $1.1 billion for its pending acquisition of PNA Group Holding Corporation. Reliance expects to complete the acquisition of PNA in early August and expects to initially fund the purchase price and repayment or refinancing of PNA's debt, together with acquisition costs, with the proceeds of a new term loan and borrowings under its existing revolving credit facility.

Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America (United States and Canada). Through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the United Kingdom, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.

This release may contain forward-looking statements. Actual results and events may differ materially as a result of a variety of factors, many of which are outside of Reliance Steel & Aluminum Co.'s control. Risk factors and additional information are included in Reliance Steel & Aluminum Co.'s reports on file with the Securities and Exchange Commission, including Reliance Steel & Aluminum Co.'s Annual Report on Form 10-K for the year ended December 31, 2007, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008.

Source: Reliance Steel & Aluminum Co.

Released July 25, 2008