PRESS RELEASE

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports 2004 Fiscal Year and
Fourth Quarter Results; Best-Ever Fiscal Year Financial Results


LOS ANGELES--(BUSINESS WIRE)--Feb. 17, 2005--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
fiscal year and fourth quarter ended December 31, 2004. For the 2004
fiscal year, net income was $169.7 million, or $5.19 earnings per
diluted share, marking the Company's best-ever financial results. This
compares with net income of $34.0 million, or $1.07 earnings per
diluted share for the 2003 fiscal year. Sales for 2004 totaled a
record $2.94 billion, an increase of 56%, compared with 2003 sales of
$1.88 billion. The 2004 fiscal year financial results include in cost
of sales a pre-tax LIFO expense amount of $110.8 million, or $2.13 per
diluted share.
For the 2004 fourth quarter, net income was $43.0 million,
compared with net income of $9.7 million for the same period in 2003.
Earnings per diluted share were $1.31 for the three-months ended
December 31, 2004, compared with earnings of $.30 per diluted share
for the same period last year. Sales for the 2004 fourth quarter were
$742.8 million, up 53%, compared with 2003 fourth quarter sales of
$485.2 million. The 2004 fourth quarter financial results include in
cost of sales a pre-tax LIFO expense amount of $18.3 million, or $.39
per diluted share.
David H. Hannah, Chief Executive Officer of Reliance said, "We are
very pleased with our 2004 record-breaking financial results. 2004 was
quite a year, unlike any other we have seen. Unprecedented high prices
for some of our metal products coupled with improved demand from our
customers contributed to our exceptional results. The fourth quarter's
operating results were stronger then we anticipated, primarily because
of higher revenues and better gross profit margins. Additionally, the
Company's fiscal 2004 effective income tax rate decreased slightly
compared to 2003 and that also benefited the fourth quarter results.
"We are optimistic that pricing and demand for our products will
remain at favorable levels in 2005. While we do not expect the benefit
of rapidly accelerating metal prices as we experienced in 2004, we do
believe that 2005 will be another outstanding year when compared with
all years other than 2004, with full year 2005 earnings per diluted
share above the analysts' current consensus estimate. Further, we
estimate earnings per diluted share for the 2005 first quarter in a
range of $1.05 to $1.15," Hannah concluded.
In July of 2004, the Company's regular quarterly cash dividend
rate was increased by 17%. On October 20, 2004, the Company's Board of
Directors declared the regular quarterly cash dividend of $.07 per
share of common stock. The 2004 fourth quarter cash dividend was paid
on January 7, 2005 to shareholders of record December 10, 2004. 2005
marks the 45th 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 2004 fiscal year
and fourth quarter financial results for the period ended December 31,
2004. All interested parties are invited to listen to the web cast on
February 17, 2005 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
March 17, 2005 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 more than 100 locations 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 to the 2005 Forbes Platinum 400 List of
America's Best Big Companies and was also named as one of "America's
Most Admired Companies" listed in the diversified wholesaler's
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 Twelve Months
Ended December 31, Ended December 31,
----------------- -----------------
2004 2003 2004 2003
---- ---- ---- ----
Income Statement Data:
Net sales $742,819 $485,194 $2,943,034 $1,882,933
Gross profit 201,367 132,886 832,186 510,623
Operating profit (1) 67,070 22,291 306,880 80,130
EBITDA (2) 79,264 33,140 343,285 118,471
EBIT (2) 67,783 22,429 298,658 81,601
Pre-tax income 60,909 14,763 269,968 54,856
Net income 42,952 9,686 169,728 34,010
EPS - diluted $1.31 $.30 $5.19 $1.07
Weighted average shares
outstanding -- diluted 32,878,774 32,215,680 32,675,379 31,866,334
Gross margin 27.1% 27.4% 28.3% 27.1%
Operating margin (1) 9.0% 4.6% 10.4% 4.3%
EBITDA margin (2) 10.7% 6.8% 11.7% 6.3%
EBIT margin (2) 9.1% 4.6% 10.1% 4.3%
Pre-tax margin 8.2% 3.0% 9.2% 2.9%
Net margin 5.8% 2.0% 5.8% 1.8%
Cash dividends per share $.07 $.06 $.26 $.24

December 31,
2004 2003
---- ----
Balance Sheet Data:
Current assets $727,427 $544,586
Working capital 432,760 341,762
Net fixed assets 458,813 466,871
Total assets 1,557,529 1,369,424
Current liabilities 294,667 202,824
Long-term debt 380,850 469,250
Shareholders' equity 822,552 647,619
Capital expenditures 35,982 20,909
Net debt-to-total capital (3) 33.6% 43.1%
Return on equity (4) 26.2% 5.6%
Current ratio 2.5 2.7
Book value per share $25.18 $20.10
Cash flow from operations per share (4) $3.73 $3.38

(1) Operating profit is calculated as net sales less cost of
sales, 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
December 31,
2004 2003
---------- ----------
Current assets:
Cash and cash equivalents $11,659 $2,166
Accounts receivable, less allowance for
doubtful accounts of $8,699 and $4,716 at
December 31, 2004 and 2003, respectively 329,991 221,793
Inventories 349,779 288,080
Prepaid expenses and other current assets 17,216 14,593
Deferred income taxes 18,782 17,954
---------- ----------
Total current assets 727,427 544,586
Property, plant and equipment, at cost:
Land 57,982 57,077
Buildings 261,228 256,708
Machinery and equipment 370,229 349,933
Accumulated depreciation (230,626) (196,847)
---------- ----------
458,813 466,871

Goodwill 341,780 325,305
Other assets 29,509 32,662
---------- ----------
Total assets $1,557,529 $1,369,424
========== ==========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable $140,323 $98,438
Accrued expenses 59,116 53,265
Wages and related accruals 42,803 22,696
Deferred income taxes 6,025 6,025
Current maturities of long-term debt 46,400 22,400
---------- ----------
Total current liabilities 294,667 202,824
Long-term debt 380,850 469,250
Deferred income taxes 43,924 40,349
Minority interest 15,536 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 32,669,967
and 32,225,872 at December 31, 2004 and
2003, respectively, stated capital 313,953 303,587
Retained earnings 508,147 344,962
Accumulated comprehensive income (loss) 452 (930)
---------- ----------
Total shareholders' equity 822,552 647,619
---------- ----------
Total liabilities and shareholders' equity $1,557,529 $1,369,424
========== ==========


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


Three Months Ended Twelve Months Ended
December 31, December 31,
2004 2003 2004 2003
---- ---- ---- ----

Net sales $742,819 $485,194 $2,943,034 $1,882,933
Other income, net 1,792 548 4,168 2,837
---------- ---------- ---------- ----------
744,611 485,742 2,947,202 1,885,770

Costs and expenses:
Cost of sales (exclusive
of depreciation and
amortization shown below) 541,452 352,308 2,110,848 1,372,310
Warehouse, delivery,
selling, general and
administrative 123,611 100,699 483,887 395,927
Depreciation and
amortization 11,481 10,711 44,627 36,870
Interest expense 6,874 7,666 28,690 26,745
---------- ---------- ---------- ----------
683,418 471,384 2,668,052 1,831,852
Income before minority
interest and income taxes 61,193 14,358 279,150 53,918
Minority interest (284) 405 (9,182) 938
---------- ---------- ---------- ----------
Income from continuing
operations before
income taxes 60,909 14,763 269,968 54,856
Provision for income taxes 17,957 5,077 100,240 20,846
---------- ---------- ---------- ----------
Net income $42,952 $9,686 $169,728 $34,010
========== ========== ========== ==========

Earnings per share:
Income from continuing
operations - diluted $1.31 $.30 $5.19 $1.07
========== ========== ========== ==========
Weighted average shares
outstanding -
diluted 32,878,774 32,215,680 32,675,379 31,866,334
========== ========== ========== ==========
Income from continuing
operations - basic $1.32 $.30 $5.23 $1.07
========== ========== ========== ==========
Weighted average shares
outstanding -
basic 32,632,453 32,070,996 32,480,101 31,852,842
========== ========== ========== ==========
Cash dividends per share $.07 $.06 $.26 $.24
========== ========== ========== ==========

Reconciliation of EBIT and EBITDA

Income from continuing
operations before income
taxes $60,909 $14,763 $269,968 $54,856
Interest expense 6,874 7,666 28,690 26,745
---------- ---------- ---------- ----------
EBIT 67,783 22,429 298,658 81,601
---------- ---------- ---------- ----------
Depreciation expense 10,686 9,896 41,419 34,566
Amortization expense 795 815 3,208 2,304
---------- ---------- ---------- ----------
EBITDA $79,264 $33,140 $343,285 $118,471
========== ========== ========== ==========


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

Twelve Months Ended
December 31,
-------------------
2004 2003
--------- ---------
Operating activities:
Net income $169,728 $34,010
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 44,627 36,870
Deferred taxes 2,726 8,120
Gain on sales of machinery and equipment (660) (701)
Minority interest 9,182 (938)
Tax benefit of stock options exercised 1,905 1,406
Changes in operating assets and liabilities:
Accounts receivable (108,198) (11,641)
Inventories (61,699) 19,995
Prepaid expenses and other assets (3,584) (4,517)
Accounts payable and accrued expenses 67,741 25,216
--------- ---------
Net cash provided by operating activities 121,768 107,820

Investing activities:
Purchases of property, plant and equipment, net (35,982) (20,909)
Proceeds from sales of property and equipment 3,281 3,020
Acquisitions 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 (49,649)(263,739)

Financing activities:
Proceeds from borrowings 209,000 299,785
Principal payments on long-term debt and
short-term borrowings (273,400)(152,540)
Payments to minority shareholders (1,709) (378)
Dividends paid (8,448) (7,643)
Exercise of stock options 10,130 8,866
Issuance of common stock 236 218
--------- ---------
Net cash (used in) provided by financing activities (64,191) 148,308
Effect of exchange rate changes on cash 1,565 472
--------- ---------

Increase (decrease) in cash and cash equivalents 9,493 (7,139)

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

Cash and cash equivalents at end of period $11,659 $2,166
========= =========

Supplemental cash flow information:
Interest paid during the period $28,525 $23,391
Income taxes paid during the period $100,589 $10,346



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