PRESS RELEASE

EXHIBIT 99.1

Reliance Steel & Aluminum Co. Reports 2004 Third Quarter and
Year-to-Date Financial Results;
Best-Ever Quarterly Sales and Record Year-to-Date Results

LOS ANGELES--(BUSINESS WIRE)--Oct. 21, 2004--Reliance Steel &
Aluminum Co. (NYSE:RS) today reported its financial results for the
three and nine-months ended September 30, 2004. For the 2004 third
quarter, net income was $44.1 million, or $1.35 earnings per diluted
share. This compares with net income of $12.4 million, or $.39
earnings per diluted share, for the three-months ended September 30,
2003. Sales for the 2004 third quarter were a quarterly record $783.7
million, an increase of 60% compared with 2003 third quarter sales of
$490.6 million. The 2004 third quarter financial results include a
pre-tax LIFO expense amount of $32.5 million, or $.60 per diluted
share.
For the nine-months ended September 30, 2004, net income amounted
to a record $126.8 million compared with net income of $24.3 million
for the same period in 2003. Earnings per diluted share were $3.88 for
the nine-months ended September 30, 2004, compared with earnings of
$.77 per diluted share for the nine-months ended September 30, 2003.
Sales for the 2004 year-to-date period were a record $2.2 billion, an
increase of 57%, compared with 2003 nine-month sales of $1.4 billion.
The 2004 year-to-date financial results include a pre-tax LIFO expense
amount of $92.5 million, or $1.72 per diluted share.
David H. Hannah, Chief Executive Officer of Reliance, said, "The
third quarter's operating results exceeded our range of earnings per
diluted share that we previously stated during our second quarter
conference call on July 15, 2004. This was the result of stronger than
expected revenues from both increased pricing and healthier demand
than we had forecast. Overall, the summer slowdown was not as
pronounced as in prior years, and the expected softening of carbon
steel prices did not occur in the third quarter. Our gross profit
margins did contract somewhat during the third quarter compared to the
second quarter, as we expected, since our average inventory costs
increased more than our average selling prices.
"We have a very broad product base that gives us added flexibility
in the marketplace during volatile pricing environments. Even though
we expect pricing to ease slightly in the fourth quarter for carbon
steel products that represent about 60% of our revenues, at the same
time we also anticipate flat to increased metals pricing for the
remaining 40% of our revenues. Customer demand and metals pricing
continue to provide a favorable operating environment. All of our
businesses are performing well, and we believe there is plenty of room
for improvement in demand in many sectors of the industrial economy,"
said Hannah.
"We anticipate steady to improving demand for our products during
the fourth quarter, with seasonal slowness due to the Holidays. We
also expect our gross profit margins to contract very slightly through
the fourth quarter. At this time, our best estimate for earnings per
diluted share for the 2004 fourth quarter is a range of $.95 to
$1.05," Hannah concluded.
On July 14, 2004, the Company's Board of Directors declared a 17%
increase in the regular quarterly cash dividend to $.07 per share of
common stock. The 2004 third quarter cash dividend was paid on August
27, 2004 to shareholders of record August 6, 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 third quarter and
year-to-date financial results for the period ended September 30,
2004. All interested parties are invited to listen to the web cast on
October 21, 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
November 21, 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 105 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 Nine Months
Ended September 30, Ended September 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Income Statement Data:
Net sales $783,670 $490,587 $2,200,215 $1,397,739
Gross profit 214,922 138,962 630,819 377,737
Operating income(1) 83,636 28,513 239,810 57,839
EBITDA(2) 91,005 39,449 264,021 85,331
EBIT(2) 79,971 28,326 230,875 59,172
Pre-tax income 72,891 20,364 209,059 40,093
Net income 44,140 12,353 126,776 24,324
EPS - diluted $1.35 $.39 $3.88 $.77
Weighted average
shares outstanding --
diluted 32,802,503 31,857,794 32,641,089 31,785,626
Gross margin 27.4% 28.3% 28.7% 27.0%
Operating margin(1) 10.7% 5.8% 10.9% 4.1%
EBITDA margin(2) 11.6% 8.0% 12.0% 6.1%
EBIT margin(2) 10.2% 5.8% 10.5% 4.2%
Pre-tax margin 9.3% 4.2% 9.5% 2.9%
Net margin 5.6% 2.5% 5.8% 1.7%
Cash dividends per
share $.07 $.06 $.19 $.18


September 30, December 31,
2004 2003
-------------- ---------------
Balance Sheet Data:
Current assets $771,116 $544,586
Working capital 478,849 341,762
Net fixed assets 461,828 466,871
Total assets 1,604,600 1,369,424
Current liabilities 292,267 202,824
Long-term debt 478,850 469,250
Shareholders' equity 777,882 647,619
Capital expenditures 27,695 20,909
Net debt-to-total capital(3) 39.1% 43.1%
Return on equity(4) 21.1% 5.6%
Current ratio 2.6 2.7
Book value per share $23.88 $20.10
Cash flow from operations per share(4) $1.17 $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

Sept. 30, Dec. 31,
2004 2003
----------- -----------
(Unaudited)

Current assets:
Cash and cash equivalents $2,225 $2,166
Accounts receivable, less allowance for
doubtful accounts of $9,525 at September 30,
2004 and $4,716 at December 31, 2003,
respectively 358,574 221,793
Inventories 376,709 288,080
Prepaid expenses and other current assets 15,661 14,593
Deferred income taxes 17,947 17,954
----------- -----------
Total current assets 771,116 544,586
Property, plant and equipment, at cost:
Land 57,148 57,077
Buildings 260,383 256,708
Machinery and equipment 365,508 349,933
Accumulated depreciation (221,211) (196,847)
----------- -----------
461,828 466,871

Goodwill 341,780 325,305
Other assets 29,876 32,662
----------- -----------
Total assets $1,604,600 $1,369,424
=========== ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable $161,407 $98,438
Accrued expenses 63,567 53,265
Wages and related accruals 37,868 22,696
Deferred income taxes 6,025 6,025
Current maturities of long-term debt 23,400 22,400
----------- -----------
Total current liabilities 292,267 202,824
Long-term debt 478,850 469,250
Deferred income taxes 40,349 40,349
Minority interest 15,252 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 32,575,292 at
September 30, 2004 and 32,225,872 at
December 31, 2003, respectively, stated
capital 311,581 303,587
Retained earnings 467,108 344,962
Accumulated comprehensive loss (807) (930)
----------- -----------
Total shareholders' equity 777,882 647,619
----------- -----------
Total liabilities and shareholders' equity $1,604,600 $1,369,424
=========== ===========


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

Three Months Nine Months
Ended September 30, Ended September 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Net sales $783,670 $490,587 $2,200,215 $1,397,739
Other income, net 483 585 2,376 2,289
----------- ----------- ----------- -----------
784,153 491,172 2,202,591 1,400,028

Costs and expenses:
Cost of sales
(exclusive of
depreciation and
amortization shown
below) 568,748 351,625 1,569,396 1,020,002
Warehouse, delivery,
selling, general and
administrative 121,047 100,198 360,276 295,228
Depreciation and
amortization 11,034 11,123 33,146 26,159
Interest expense 7,080 7,962 21,816 19,079
----------- ----------- ----------- -----------
707,909 470,908 1,984,634 1,360,468
Income before minority
interest and income
taxes 76,244 20,264 217,957 39,560
Minority interest (3,353) 100 (8,898) 533
----------- ----------- ----------- -----------
Income from continuing
operations before
income taxes 72,891 20,364 209,059 40,093
Provision for income
taxes 28,751 8,011 82,283 15,769
----------- ----------- ----------- -----------
Net income $44,140 $12,353 $126,776 $24,324
=========== =========== =========== ===========

Earnings per share:
Income from continuing
operations -- diluted $1.35 $.39 $3.88 $.77
=========== =========== =========== ===========
Weighted average
shares outstanding
-- diluted 32,802,503 31,857,794 32,641,089 31,785,626
=========== =========== =========== ===========
Income from continuing
operations -- basic $1.36 $.39 $3.91 $.77
=========== =========== =========== ===========
Weighted average
shares outstanding
-- basic 32,545,999 31,815,214 32,428,946 31,779,325
=========== =========== =========== ===========
Cash dividends per
share $.07 $.06 $.19 $.18
=========== =========== =========== ===========


Reconciliation of EBIT and EBITDA

Income from continuing
operations before
income taxes $72,891 $20,364 $209,059 $40,093
Interest expense 7,080 7,962 21,816 19,079
----------- ----------- ----------- -----------
EBIT $79,971 $28,326 $230,875 $59,172
=========== =========== =========== ===========
Depreciation expense 10,239 10,251 30,733 24,670
Amortization expense 795 872 2,413 1,489
----------- ----------- ----------- -----------
EBITDA $91,005 $39,449 $264,021 $85,331
=========== =========== =========== ===========


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

Nine Months Ended
September 30,
----------------------------
2004 2003
------------- --------------
Operating activities:
Net income $126,776 $24,324
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 33,146 26,159
Deferred taxes -- (165)
Gain on sales of machinery and equipment (585) (764)
Minority interest 8,898 (533)
Changes in operating assets and
liabilities:
Accounts receivable (136,781) (23,316)
Inventories (88,629) 15,561
Prepaid expenses and other assets (1,630) (2,542)
Accounts payable and accrued expenses 89,975 60,754
------------- --------------
Net cash provided by operating activities 31,170 99,478

Investing activities:
Purchases of property, plant and
equipment, net (27,695) (13,433)
Proceeds from sales of property and
equipment 2,590 2,896
Acquisitions of metals service centers
and net asset purchases of metals
service centers, net of cash acquired
and debt assumed -- (245,850)
Purchase of minority interest in foreign
subsidiary (473) --
Tax reimbursements made related to prior
acquisition (16,475) --
------------- --------------
Net cash used in investing activities (42,053) (256,387)

Financing activities:
Proceeds from borrowings 193,000 262,195
Principal payments on long-term debt and
short-term borrowings (182,400) (100,545)
Payments to minority shareholders (1,709) (378)
Dividends paid (6,162) (5,719)
Exercise of stock options 7,758 2,457
Issuance of common stock 236 218
------------- --------------
Net cash provided by financing activities 10,723 158,228
Effect of exchange rate changes on cash 219 559
------------- --------------

Increase in cash and cash equivalents 59 1,878

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

Cash and cash equivalents at end of
period $2,225 $11,183
============= ==============

Supplemental cash flow information:
Interest paid during the period $19,001 $12,511
Income taxes paid during the period $69,120 $4,014

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