OPINION OF ARTER & HADDEN

EXHIBIT 5.01


[ARTER & HADDEN LETTERHEAD]



November 4, 1997




Reliance Steel & Aluminum Co.
2550 East 25th Street
Los Angeles, California 90058

Re: Registration Statement on Form S-3

Ladies and Gentlemen:

At your request, we have examined the Registration Statement on Form
S-3 and Amendment No. 1 thereto, File No. 333-37607 (which collectively are
referred to herein as the "Registration Statement"), in connection with the
registration and proposed sale of up to 3,795,000 shares of Common Stock (the
"Shares") (including 495,000 shares subject to the over-allotment option and
200,000 shares to be sold by certain holders of common stock (the "Selling
Shareholders")) of Reliance Steel & Aluminum Co., a California corporation (the
"Company"), which are to be issued and sold by the Company or sold by the
Selling Shareholders in the manner described in the Registration Statement and
the exhibits thereto.

We have examined the procedures heretofore taken and are familiar
with the procedures proposed to be taken by the Company in connection with the
authorization, issuance and sale of the Shares. It is our opinion that the
Shares to be sold by the Company and the Selling Shareholders pursuant to the
Registration Statement, when sold and paid for in accordance with the terms of
the Registration Statement and the exhibits thereto, will be legally issued,
fully paid and nonassessable.

The statements under the caption "Certain U.S. Tax Consequences to
Non-U.S. Shareholders" in the Registration Statement fairly present a summary of
the legal matters referred to therein and accurately state the law in effect
with respect to such matters as of the date of the Prospectus included in the
Registration Statement.

We consent to the use of this opinion as an exhibit to the
Registration Statement, and we further consent to the use of our name under the
caption "Counsel" in the Registration Statement and in the Prospectus which
forms a part thereof.


Very truly yours,


Arter & Hadden