PRESS RELEASE

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports 2004 First Quarter
Financial Results

LOS ANGELES--(BUSINESS WIRE)--April 15, 2004--

Highest Ever Quarterly Sales of $656 Million, up 46%
Record Quarterly Net Income and Earnings Per Share

Reliance Steel & Aluminum Co. (NYSE:RS) today reported its best
ever quarterly financial results for the three months ended March 31,
2004. For the 2004 first quarter, net income was a record $29.8
million, or $.92 earnings per diluted share. This compares with net
income of $5.6 million, or $.18 earnings per diluted share for the
three months ended March 31, 2003 and net income of $9.7 million, or
$.30 earnings per diluted share for the fourth quarter ended December
31, 2003. Sales for the 2004 first quarter were the highest ever at
$655.8 million, an increase of 46% compared with 2003 first quarter
sales of $450.8 million and up 35% compared with 2003 fourth quarter
sales of $485.2 million. The 2004 first quarter financial results
include a pre-tax LIFO expense amount of $27.5 million, or $.51 per
diluted share.
Reliance's Chief Executive Officer, David H. Hannah, said, "As we
stated on February 19 and March 24, 2004, metals pricing and business
activity were increasing significantly during the first quarter.
Volumes (or tons sold not including toll processing) increased 19%
compared to the 2003 first quarter and 15% compared to the 2003 fourth
quarter. Demand levels continue to strengthen, allowing us to pass
along the higher costs of our products to our customers. Metals
pricing for the majority of our products continues to rise and supply
levels and availability remain tight.
"Most of the industries that we serve have shown improved sales
levels, with the exception of the commercial aerospace market.
Additionally, all geographic areas where we operate have experienced
improved business activity. We expect the current business environment
to continue through the 2004 second quarter. Prices, overall, should
remain at elevated levels. Once again, gross profit management will be
the key factor. We expect our LIFO expense amount in the second
quarter to be similar to the amount recorded in the 2004 first
quarter. At this time, our best estimate for the 2004 second quarter
is a range of $.85 to $.95 earnings per diluted share," said Hannah.
On February 24, 2004, the Company announced its regular quarterly
cash dividend payment of $.06 per share of common stock. The 2004
first quarter cash dividend was paid on April 2, 2004 to shareholders
of record March 12, 2004. 2004 marks the 44th consecutive year that
Reliance has paid quarterly dividends to its shareholders.
Reliance will host a conference call that will be broadcast live
over the Internet (listen only mode) regarding the first quarter
financial results for the period ended March 31, 2004. All interested
parties are invited to listen to the web cast on April 15, 2004 at
11:00 a.m. Eastern Time at: http://www.rsac.com/investorinformation or
http://www.streetevents.com. Player format: Windows Media. The web
cast will remain on the Reliance web site at: www.rsac.com through May
15, 2004 and a printed transcript will be posted on the Reliance web
site after the completion of the conference call.

Reliance Steel & Aluminum Co., headquartered in Los Angeles,
California, is one of the largest metals service center companies in
the United States. Through a network of 106 processing and
distribution centers in 30 states and Belgium, France and South Korea,
the Company provides value-added metals processing services and
distributes a full line of over 90,000 metal products. These products
include galvanized, hot-rolled and cold-finished steel; stainless
steel; aluminum; brass; copper; titanium and alloy steel sold to more
than 95,000 customers in various industries.
Reliance Steel & Aluminum Co.'s press releases and additional
information are available on the Company's web site at www.rsac.com.
The Company was named as one of "America's Most Admired Companies"
listed in the diversified wholesalers category in the March 8, 2004
issue of Fortune.

This release may contain forward-looking statements relating to
future financial results. Actual results may differ materially as a
result of factors over which Reliance Steel & Aluminum Co. has no
control. These risk factors and additional information are included in
the Company's reports on file with the Securities and Exchange
Commission.


RELIANCE STEEL & ALUMINUM CO.
SELECTED FINANCIAL DATA
(In thousands except share and per share amounts)


Three Months
Ended March 31,
2004 2003
---- ----
Income Statement Data:
Net sales $655,765 $450,823
Gross profit 187,430 119,403
Operating profit 58,696 14,321
EBITDA(1) 67,684 22,307
EBIT(1) 56,638 14,803
Pre-tax income 49,158 9,197
Net income 29,839 5,579
EPS -- diluted $.92 $.18
Weighted average shares outstanding
-- diluted 32,469,082 31,755,609
Gross margin 28.6% 26.5%
Operating profit margin 9.0% 3.2%
EBITDA margin(1) 10.3% 5.0%
EBIT margin(1) 8.6% 3.3%
Pre-tax margin 7.5% 2.0%
Net margin 4.6% 1.2%
Cash dividends per share $.06 $.06

March 31, Dec. 31,
2004 2003
---- ----
Balance Sheet and Other Data:
Current assets $679,659 $544,586
Working capital 406,173 341,762
Net fixed assets 464,171 466,871
Total assets 1,501,445 1,369,424
Current liabilities 273,486 202,824
Long-term debt 497,000 469,250
Shareholders' equity 679,404 647,619
Capital expenditures (year-to-date) 8,347 20,909
Net debt-to-total capital(2) 42.8% 43.1%
Return on equity(3) 9.0% 5.6%
Current ratio 2.5 2.7
Book value per share $20.98 $20.10
Cash flow from operations per share(3) $2.25 $3.34

(1) See Consolidated Statements of Income for reconciliation of
EBIT and EBITDA. EBIT is defined as the sum of income before
interest expense and income taxes. EBITDA is defined as the sum of
income before interest expense, income taxes, depreciation expense
and amortization of intangibles. We believe that EBIT and EBITDA
are commonly used as a measure of performance for companies in our
industry and are frequently used by analysts, investors, lenders
and other interested parties to evaluate a company's financial
performance and its ability to incur and service debt. EBIT and
EBITDA should not be considered as a measure of financial
performance under accounting principles generally accepted in the
United States. The items excluded from EBIT and EBITDA are
significant components in understanding and assessing financial
performance. EBIT or EBITDA should not be considered in isolation
or as an alternative to net income, cash flows generated by
operating, investing or financing activities or other financial
statement data presented in the consolidated financial statements
as an indicator of operating performance or as a measure of
liquidity.

(2) Net debt-to-total capital is calculated as total debt (net of
cash) divided by shareholders' equity plus total debt (net of
cash).

(3) Calculations are based on the latest twelve months.


RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED BALANCE SHEETS
(In thousands except share amounts)

ASSETS
March 31, Dec. 31,
2004 2003
---- ----
(Unaudited)
Current assets:
Cash and cash equivalents $12,529 $2,166
Accounts receivable, less allowance
for doubtful accounts of $7,950
at March 31, 2004 and $4,716
at December 31, 2003, respectively 321,154 221,793
Inventories 313,048 288,080
Prepaid expenses and other current assets 14,992 14,593
Deferred income taxes 17,936 17,954
Total current assets 679,659 544,586
Property, plant and equipment, at cost:
Land 57,077 57,077
Buildings 257,202 256,708
Machinery and equipment 354,042 349,933
Accumulated depreciation (204,150) (196,847)
464,171 466,871
Goodwill, net of accumulated amortization
of $33,024 at March 31, 2004
and December 31, 2003 325,434 325,305
Other assets 32,181 32,662
Total assets $1,501,445 $1,369,424

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable $163,055 $98,438
Accrued expenses 55,992 53,265
Wages and related accruals 25,014 22,696
Deferred income taxes 6,025 6,025
Current maturities of long-term debt 23,400 22,400
Total current liabilities 273,486 202,824
Long-term debt 497,000 469,250
Deferred income taxes 40,349 40,349
Minority interest 11,206 9,382
Commitments and contingencies -- --
Shareholders' equity:
Preferred stock, no par value:
Authorized shares -- 5,000,000
None issued or outstanding -- --
Common stock, no par value:
Authorized shares -- 100,000,000
Issued and outstanding shares -- 32,378,542
at March 31, 2004 and 32,225,872 at
December 31, 2003, respectively,
stated capital 306,758 303,587
Retained earnings 373,484 344,962
Accumulated other comprehensive loss (838) (930)
Total shareholders' equity 679,404 647,619
Total liabilities and shareholders' equity $1,501,445 $1,369,424


RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share amounts)

Three Months
Ended March 31,
2004 2003
---- ----

Net sales $655,765 $450,823
Other income, net 507 563
656,272 451,386
Costs and expenses:
Cost of sales (exclusive of depreciation
and amortization shown below) 468,335 331,420
Warehouse, delivery, selling, general
and administrative 118,506 97,884
Depreciation and amortization 11,046 7,504
Interest 7,480 5,606
605,367 442,414

Income before equity in earnings of 50%-owned
company, minority interest and income taxes 50,905 8,972
Minority interest (1,747) 225
Income from continuing operations
before income taxes 49,158 9,197
Provision for income taxes 19,319 3,618

Net income $29,839 $5,579

Earnings per share:
Income from continuing operations - diluted $.92 $.18
Weighted average shares outstanding - diluted 32,469,082 31,755,609

Income from continuing operations - basic $.92 $.18
Weighted average shares outstanding - basic 32,293,160 31,755,609

Cash dividends per share $.06 $.06

Reconciliation of EBIT and EBITDA

Income from continuing operations
before income taxes $49,158 $9,197
Interest expense 7,480 5,606
EBIT $56,638 $14,803
Depreciation and amortization expense 11,046 7,504
EBITDA $67,684 $22,307


RELIANCE STEEL & ALUMINUM CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Three Months Ended
March 31,
2004 2003
---- ----
Operating activities:
Net income $29,839 $5,579
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 11,046 7,504
Loss (gain) on sales of machinery and equipment 79 (45)
Minority interest 1,747 (225)
Changes in operating assets and liabilities:
Accounts receivable (99,361) (18,995)
Inventories (24,968) 1,936
Prepaid expenses and other assets (820) (286)
Accounts payable and accrued expenses 69,662 26,097
Net cash (used in) provided by operating activities (12,776) 21,565

Investing activities:
Purchases of property, plant and equipment, net (8,347) (3,296)
Proceeds from sales of property and equipment 739 110
Net cash used in investing activities (7,608) (3,186)

Financing activities:
Proceeds from borrowings 96,000 4,035
Principal payments on long-term debt
and short-term borrowings (67,250) (17,175)
Payments to minority shareholders -- (378)
Dividends paid (1,940) (1,905)
Issuance of common stock 3,794 218
Net cash provided by (used in) financing activities 30,604 (15,205)
Effect of exchange rate changes on cash 143 (311)
Increase in cash and cash equivalents 10,363 2,863
Cash and cash equivalents at beginning of period 2,166 9,305
Cash and cash equivalents at end of period $12,529 $12,168

Supplemental cash flow information:

Interest paid during the period $4,691 $995
Income taxes paid during the period $4,840 $309


CONTACT: Reliance Steel & Aluminum Co.
Kim P. Feazle
Investor Relations
713-610-9937
213-576-2428
kfeazle@rsac.com
investor@rsac.com