EXHIBIT 99.1

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports Record 2006 First Quarter Results;
Sales up 22% and Net Income up 55%

LOS ANGELES--(BUSINESS WIRE)--April 20, 2006--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
first quarter ended March 31, 2006. Net income was a record $71.9
million, up 55%, or $2.14 earnings per diluted share. This compares
with net income of $46.4 million, or $1.41 earnings per diluted share
for the 2005 first quarter. 2006 first quarter sales were a record
$988 million, an increase of 22% compared with 2005 first quarter
sales of $811.9 million. The 2006 first quarter financial results
include in cost of sales a pre-tax LIFO expense amount of $5.0
million, or $.09 per diluted share, compared with a pre-tax LIFO
expense amount of $12.5 million, or $.24 per diluted share, for the
same period in 2005.
David H. Hannah, Chief Executive Officer of Reliance, said,
"Strong customer demand resulting in increased volumes of metals sold
was the key driver of our first quarter performance. Overall, volume
was up 27% compared to the 2005 first quarter, and up 12% from the
2005 fourth quarter. The various end-market industries where we sell
our products are still doing quite well, with strength in the
aerospace and non-residential construction markets leading the way."
"We are optimistic regarding the current operating environment and
the favorable impact of our recent acquisitions, especially Earle M.
Jorgensen Company. We look forward to the opportunity to continue to
execute our strategies for future growth and success. At this time, we
do not expect any significant changes in demand or pricing and,
including the earnings of Earle M. Jorgensen Company, as well as the
increase in the number of our shares outstanding as a result of that
transaction, we estimate earnings per diluted share for the 2006
second quarter in a range of $2.25 to $2.35," said Hannah.
On April 3, 2006, Reliance completed the previously announced
acquisition of Earle M. Jorgensen Company formerly (NYSE:JOR) ("EMJ").
The transaction was valued at approximately $984 million, including
the assumption of EMJ's net debt, with a per share consideration of
$14.21 based on the average closing price of Reliance common stock of
$86.43 for the 20-day period ending on the second trading day prior to
the closing. Reliance paid $6.50 in cash and issued 0.0892 of a share
of Reliance common stock for each share of EMJ common stock
outstanding. The per share value was above Reliance's $13.00 per share
offer price because the average closing price of Reliance common stock
noted above exceeded the upper limit of the collar on the stock
portion of the consideration. Based on the closing price of Reliance's
common stock on March 31, 2006 of $93.92 per share, the value to EMJ
stockholders would have been $14.88 per share of EMJ common stock on
that date.
At closing, Reliance issued approximately 4.5 million shares of
its common stock valued at about $387 million based on the Reliance
20-day average closing price. The cash portion of approximately $387
million, which includes the cash out of certain EMJ options and
estimated transaction costs, was financed under Reliance's $600
million syndicated credit facility. Upon closing of the acquisition,
Reliance's syndicated credit facility was increased to $700 million.
The credit facility and private placement notes of Reliance were
amended in February of 2006 to allow for EMJ's senior secured
indentures of $250 million, which were assumed by Reliance, in
addition to $2.9 million of EMJ's other existing debt.
The acquisition will be immediately accretive to Reliance. The
combined companies have more than 150 locations in 36 states and
Belgium, Canada, China and South Korea with total assets of
approximately $3 billion and annual revenues of more than $5 billion.
EMJ now operates as a wholly owned subsidiary of Reliance.
On February 15, 2006, the Company's Board of Directors declared
the regular quarterly cash dividend of $.10 per share of common stock.
The 2006 first quarter cash dividend was paid on March 31, 2006 to
shareholders of record March 10, 2006. 2006 marks the 46th 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, 2006. All interested
parties are invited to listen to the web cast on April 20, 2006 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
20, 2006 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 150 locations in 36
states and Belgium, Canada, China 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 2006 Forbes Platinum 400 List of
America's Best Big Companies.

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,
-------------------------------
2006 2005
--------------- --------------
Income Statement Data:
Net sales $ 987,986 $ 811,907
Gross profit 270,185 215,936
Operating profit(1) 122,114 83,777
EBITDA(2) 134,368 92,243
EBIT(2) 122,547 81,081
Pre-tax income 116,838 74,780
Net income 71,855 46,363
EPS -- diluted $ 2.14 $ 1.41
Weighted average shares outstanding
-- diluted 33,598,332 32,972,593
Gross margin 27.3% 26.6%
Operating profit margin(1) 12.4% 10.3%
EBITDA margin(2) 13.6% 11.4%
EBIT margin(2) 12.4% 10.0%
Pre-tax margin 11.8% 9.2%
Net margin 7.3% 5.7%
Cash dividends per share $ .10 $ .09


March 31, December 31,
2006 2005
--------------- --------------
Balance Sheet and Other Data:
Current assets $ 969,816 $ 847,348
Working capital 558,023 513,529
Net fixed assets 504,638 479,719
Total assets 1,926,875 1,769,070
Current liabilities 411,793 333,819
Long-term debt(3) 331,327 306,790
Shareholders' equity 1,102,413 1,029,865
Capital expenditures (year-to-date) 26,109 53,740
Net debt-to-total capital(4) 23.7% 23.8%
Return on equity(5) 22.4% 25.0%
Current ratio 2.4 2.5
Book value per share $ 33.25 $ 31.11
Cash flow from operations per
share(5) $ 8.33 $ 8.22

(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) Long-term debt includes capital lease obligations of $5,377 and
$5,515 as of March 31, 2006 and December 31, 2005, respectively.

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

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


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

ASSETS

March 31, December 31,
2006 2005
--------------- --------------
(Unaudited)
Current assets:
Cash and cash equivalents $ 34,459 $ 35,022
Accounts receivable, less allowance
for doubtful accounts of $11,216 at
March 31, 2006 and $10,511 at
December 31, 2005, respectively 437,319 369,931
Inventories 444,406 387,385
Prepaid expenses and other current
assets 17,650 19,009
Deferred income taxes 35,982 36,001
--------------- --------------
Total current assets 969,816 847,348
Property, plant and equipment, at
cost:
Land 64,539 60,207
Buildings 291,868 281,986
Machinery and equipment 423,327 403,403
Accumulated depreciation (275,096) (265,877)
--------------- --------------
504,638 479,719

Goodwill 392,276 384,730
Other assets 60,145 57,273
--------------- --------------
Total assets $ 1,926,875 $ 1,769,070
=============== ==============


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable $ 238,356 $ 184,443
Accrued expenses 27,973 19,234
Accrued compensation and retirement
costs 34,009 52,354
Accrued insurance costs 23,205 23,372
Income taxes payable 42,969 4,141
Deferred income taxes 214 214
Current maturities of long-term debt 44,525 49,525
Current maturities of capital lease
obligations 542 536
--------------- --------------
Total current liabilities 411,793 333,819
Long-term debt 325,950 301,275
Capital lease obligations 5,377 5,515
Long-term retirement costs 14,979 15,660
Deferred income taxes 65,376 65,808
Minority interest 987 17,128
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 --
33,160,050 March 31, 2006 and
33,108,999 December 31, 2005
respectively, stated capital 326,468 325,010
Retained earnings 775,164 704,530
Accumulated other comprehensive
income 781 325
--------------- --------------
Total shareholders' equity 1,102,413 1,029,865
--------------- --------------
Total liabilities and shareholders'
equity $ 1,926,875 $ 1,769,070
=============== ==============


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

Three Months
Ended March 31,
-------------------------------
2006 2005
--------------- --------------

Net sales $ 987,986 $ 811,907
Other income, net 1,278 665
--------------- --------------
989,264 812,572
Costs and expenses:
Cost of sales (exclusive of
depreciation and amortization
shown below) 717,801 595,971
Warehouse, delivery, selling,
general and administrative 137,048 121,782
Depreciation and amortization 11,821 11,162
Interest 5,709 6,301
--------------- --------------
872,379 735,216
--------------- --------------

Income before minority interest and
income taxes 116,885 77,356
Minority interest (47) (2,576)
--------------- --------------
Income from continuing operations
before income taxes 116,838 74,780
Provision for income taxes 44,983 28,417
--------------- --------------

Net income $ 71,855 $ 46,363
=============== ==============

Earnings per share:
Income from continuing operations --
diluted $ 2.14 $ 1.41
=============== ==============
Weighted average shares outstanding
-- diluted 33,598,332 32,972,593
=============== ==============

Income from continuing operations --
basic $ 2.17 $ 1.41
=============== ==============
Weighted average shares outstanding
-- basic 33,139,762 32,781,391
=============== ==============

Cash dividends per share $ .10 $ .09
=============== ==============


Reconciliation of EBIT and EBITDA

Income from continuing operations
before income taxes $ 116,838 $ 74,780
Interest expense 5,709 6,301
--------------- --------------
EBIT 122,547 81,081
--------------- --------------
Depreciation and amortization expense 11,821 11,162
--------------- --------------
EBITDA $ 134,368 $ 92,243
=============== ==============


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

Three Months Ended
March 31,
---------------------------------
2006 2005
----------------- ---------------


Operating activities:
Net income $ 71,855 $ 46,363
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 11,821 11,162
Deferred income taxes (436) --
(Gain)/Loss on sales of machinery
and equipment (527) 113
Minority interest 47 2,576
Stock based compensation expense 1,132 --
Tax benefit of stock options
exercised -- 1,387
Excess tax benefits from stock
based compensation (963) --
Changes in operating assets and
liabilities:
Accounts receivable (66,261) (41,878)
Inventories (53,935) (33,370)
Prepaid expenses and other
assets (2,180) 553
Accounts payable and accrued
expenses 80,486 48,883
--------------- --------------
Net cash provided by operating
activities 41,039 35,789

Investing activities:
Purchases of property, plant and
equipment, net (26,109) (10,798)
Acquisitions of metal service centers
and net asset purchases of metal
service centers, net of cash
acquired (34,826) --
Proceeds from sales of property and
equipment 1,678 853
--------------- --------------
Net cash used in investing activities (59,257) (9,945)

Financing activities:
Proceeds from borrowings 170,000 111,000
Principal payments on long-term debt
and short-term borrowings (150,457) (138,250)
Payments to minority shareholders (1,291) (541)
Dividends paid (3,316) (2,961)
Excess tax benefits from stock based
compensation 963 --
Exercise of stock options 1,236 5,752
Issuance of common stock 222 246
--------------- --------------
Net cash provided by (used in)
financing activities 17,357 (24,754)
Effect of exchange rate changes on
cash 298 246
--------------- --------------
(Decrease)/Increase in cash and cash
equivalents (563) 1,336
Cash and cash equivalents at
beginning of period 35,022 11,659
--------------- --------------
Cash and cash equivalents at end of
period $ 34,459 $ 12,995
=============== ==============

Supplemental cash flow information:

Interest paid during the period $ 4,112 $ 3,965
Income taxes paid during the period $ 5,427 $ 1,149

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