PRESS RELEASE

EXHIBIT 99.1

Reliance Steel & Aluminum Co. Reports Best-Ever 2004 Second Quarter
and Year-to-Date Financial Results

LOS ANGELES--(BUSINESS WIRE)--July 15, 2004--Reliance Steel &
Aluminum Co. (NYSE:RS) today reported its best-ever financial results
for the three and six-months ended June 30, 2004. For the 2004 second
quarter, net income was a record $52.8 million, or $1.62 earnings per
diluted share. This compares with net income of $6.4 million, or $.20
earnings per diluted share for the three-months ended June 30, 2003
and net income of $29.8 million, or $.92 earnings per diluted share
for the first quarter ended March 31, 2004. Sales for the 2004 second
quarter were also a record at $760.8 million, an increase of 67%
compared with 2003 second quarter sales of $456.3 million, and up 16%
compared with 2004 first quarter sales of $655.8 million. The 2004
second quarter financial results include a pre-tax LIFO expense amount
of $32.5 million, or $.60 per diluted share.
For the six-months ended June 30, 2004, net income amounted to a
record $82.6 million compared with net income of $12.0 million for the
same period in 2003. Earnings per diluted share were $2.54 for the
six-months ended June 30, 2004, compared with earnings of $.38 per
diluted share for the six-months ended June 30, 2003. Sales for the
2004 year-to-date period were a record $1.42 billion, compared with
2003 six-month sales of $907.2 million.
Reliance's Chief Executive Officer, David H. Hannah, said, "The
positive operating environment and healthy customer demand for our
products along with tight supply levels for some of our products
favorably contributed to our exceptionally strong and highest-ever
quarterly and year-to-date results. As we stated in our press release
on June 24, 2004, metals pricing increased significantly during the
second quarter. Our gross profit margins also improved as a result of
our focus on maximizing our financial profits and returns rather than
focusing on volume.
"We believe that customer demand will continue to grow at a modest
rate through the remainder of 2004 and into 2005. However, certain
metal prices may begin to contract slightly going forward with the
potential for additional product availability, which along with some
seasonal slowness during the summer months may cause our gross profit
margins to decline somewhat in the 2004 third quarter. At this time,
our best estimate for the 2004 third quarter earnings per diluted
share is a range of $1.00 to $1.20," concluded Hannah.
On April 20, 2004, the Company announced its regular quarterly
cash dividend payment of $.06 per share of common stock. The 2004
second quarter cash dividend was paid on May 28, 2004 to shareholders
of record May 7, 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 second quarter and
year-to-date financial results for the period ended June 30, 2004. All
interested parties are invited to listen to the web cast on July 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
August 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 Six Months
Ended June 30, Ended June 30,
-----------------------------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Income Statement Data:
Net sales $760,780 $456,329 $1,416,545 $907,152
Gross profit 228,467 119,372 415,897 238,775
Operating income(1) 97,478 15,005 156,174 29,326
EBITDA(2) 105,332 23,575 173,016 45,882
EBIT(2) 94,266 16,043 150,904 30,846
Pre-tax income 87,010 10,532 136,168 19,729
Net income 52,797 6,392 82,636 11,971
EPS - diluted $1.62 $.20 $2.54 $.38
Weighted average
shares outstanding --
diluted 32,674,395 31,767,381 32,564,497 31,761,632
Gross margin 30.0% 26.2% 29.4% 26.3%
Operating margin(1) 12.8% 3.3% 11.0% 3.2%
EBITDA margin(2) 13.8% 5.2% 12.2% 5.1%
EBIT margin(2) 12.4% 3.5% 10.7% 3.4%
Pre-tax margin 11.4% 2.3% 9.6% 2.2%
Net margin 6.9% 1.4% 5.8% 1.3%
Cash dividends per
share $.06 $.06 $.12 $.12


June 30, December 31,
2004 2003
------------- -------------
Balance Sheet Data:
Current assets $723,984 $544,586
Working capital 447,769 341,762
Net fixed assets 460,520 466,871
Total assets 1,557,844 1,369,424
Current liabilities 276,215 202,824
Long-term debt 492,000 469,250
Shareholders' equity 734,264 647,619
Capital expenditures 15,883 20,909
Net debt-to-total capital(3) 41.1% 43.1%
Return on equity(4) 16.2% 5.6%
Current ratio 2.6 2.7
Book value per share $22.58 $20.10
Cash flow from operations per share(4) $1.63 $3.34

(1) Operating income is calculated as net sales less gross profit,
warehouse, delivery, selling, general and administrative expenses
and depreciation expense.
(2) 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.
(3) Net debt-to-total capital is calculated as total debt (net of
cash) divided by shareholders' equity plus total debt (net of
cash).
(4) Calculations are based on the latest twelve months.


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

ASSETS

June 30, December 31,
2004 2003
-------------- ---------------
(Unaudited)
Current assets:
Cash and cash equivalents $2,592 $2,166
Accounts receivable, less allowance
for doubtful accounts of $8,746 at
June 30, 2004 and $4,716 at
December 31, 2003, respectively 344,494 221,793
Inventories 342,114 288,080
Prepaid expenses and other current
assets 16,837 14,593
Deferred income taxes 17,947 17,954
-------------- ---------------
Total current assets 723,984 544,586
Property, plant and equipment, at
cost:
Land 56,803 57,077
Buildings 256,286 256,708
Machinery and equipment 359,608 349,933
Accumulated depreciation (212,177) (196,847)
-------------- ---------------
460,520 466,871

Goodwill 341,780 325,305
Other assets 31,560 32,662
-------------- ---------------
Total assets $1,557,844 $1,369,424
============== ===============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $158,246 $98,438
Accrued expenses 56,620 53,265
Wages and related accruals 31,924 22,696
Deferred income taxes 6,025 6,025
Current maturities of long-term debt 23,400 22,400
-------------- ---------------
Total current liabilities 276,215 202,824
Long-term debt 492,000 469,250
Deferred income taxes 40,349 40,349
Minority interest 15,016 9,382
Commitments -- --
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
32,518,892 at June 30, 2004 and
32,225,872 at December 31, 2003,
respectively, stated capital 310,194 303,587
Retained earnings 424,902 344,962
Accumulated comprehensive loss (832) (930)
-------------- ---------------
Total shareholders' equity 734,264 647,619
-------------- ---------------
Total liabilities and shareholders'
equity $1,557,844 $1,369,424
============== ===============


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

Three Months Six Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Net sales $760,780 $456,329 $1,416,545 $907,152
Other income, net 1,386 1,141 1,893 1,704
----------- ----------- ----------- -----------
762,166 457,470 1,418,438 908,856

Costs and expenses:
Cost of sales
(exclusive of
depreciation and
amortization shown
below) 532,313 336,957 1,000,648 668,377
Warehouse, delivery,
selling, general and
administrative 120,723 97,146 239,229 195,030
Depreciation and
amortization 11,066 7,532 22,112 15,036
Interest expense 7,256 5,511 14,736 11,117
----------- ----------- ----------- -----------
671,358 447,146 1,276,725 889,560
Income before minority
interest and income
taxes 90,808 10,324 141,713 19,296
Minority interest (3,798) 208 (5,545) 433
----------- ----------- ----------- -----------
Income from continuing
operations before
income taxes 87,010 10,532 136,168 19,729
Provision for income
taxes 34,213 4,140 53,532 7,758
----------- ----------- ----------- -----------
Net income $52,797 $6,392 $82,636 $11,971
=========== =========== =========== ===========

Earnings per share:
Income from continuing
operations - diluted $1.62 $.20 $2.54 $.38
=========== =========== =========== ===========
Weighted average
shares outstanding -
diluted 32,674,395 31,767,381 32,564,497 31,761,632
=========== =========== =========== ===========
Income from continuing
operations - basic $1.63 $.20 $2.55 $.38
=========== =========== =========== ===========
Weighted average
shares outstanding -
basic 32,446,394 31,766,497 32,369,777 31,761,083
=========== =========== =========== ===========
Cash dividends per
share $.06 $.06 $.12 $.12
=========== =========== =========== ===========


Reconciliation of EBIT and EBITDA

Income from continuing
operations before
income taxes $ 87,010 $ 10,532 $ 136,168 $ 19,729
Interest expense 7,256 5,511 14,736 11,117
----------- ----------- ----------- -----------
EBIT $94,266 $16,043 $150,904 $30,846
=========== =========== =========== ===========
Depreciation expense 10,266 7,221 20,494 14,419
Amortization expense 800 311 1,618 617
----------- ----------- ----------- -----------
EBITDA $105,332 $23,575 $173,016 $45,882
=========== =========== =========== ===========


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

Six Months Ended
June 30,
-----------------------
2004 2003
----------- -----------
Operating activities:
Net income $82,636 $11,971
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 22,112 15,036
Gain on sales of machinery and equipment (667) (818)
Minority interest 5,545 (433)
Changes in operating assets and liabilities:
Accounts receivable (122,701) (17,459)
Inventories (54,034) 15,706
Prepaid expenses and other assets (2,743) 921
Accounts payable and accrued expenses 73,578 32,529
----------- -----------
Net cash provided by operating activities 3,726 57,453

Investing activities:
Purchases of property, plant and equipment,
net (15,883) (7,939)
Tax payments related to prior acquisition (16,475) --
Proceeds from sales of property and equipment 2,408 2,826
----------- -----------
Net cash used in investing activities (29,950) (5,113)

Financing activities:
Proceeds from borrowings 144,000 8,305
Principal payments on long-term debt and
short-term
borrowings (120,250) (47,210)
Payments to minority partner -- (378)
Dividends paid (3,884) (3,812)
Issuance of common stock 236 218
Exercise of stock options 6,371 --
----------- -----------
Net cash provided by (used in) financing
activities 26,473 (42,877)
Effect of exchange rate changes on cash 177 295
----------- -----------

Increase in cash and cash equivalents 426 9,758

Cash and cash equivalents at beginning of
period 2,166 9,305
----------- -----------

Cash and cash equivalents at end of period $2,592 $19,063
=========== ===========

Supplemental cash flow information:
Interest paid during the period $14,618 $11,258
Income taxes paid during the period $40,285 $3,771


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