EXHIBIT 99.1

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports
Record 2006 Second Quarter Results;
Sales up 91% and Net Income up 105%

LOS ANGELES--(BUSINESS WIRE)--July 20, 2006--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
second quarter and six months ended June 30, 2006. Net income was a
record $100.5 million, or $2.65 earnings per diluted share for the
2006 second quarter. This compares with net income of $49.0 million,
or $1.48 earnings per diluted share for the 2005 second quarter. 2006
second quarter sales were a record $1.56 billion, an increase of 91%
compared with 2005 second quarter sales of $816.3 million. The 2006
second quarter financial results include in cost of sales a pre-tax
LIFO expense amount of $18.0 million, or $.30 per diluted share,
compared with no LIFO income or expense recorded in the 2005 second
quarter. 2006 second quarter results include the acquisition of Earle
M. Jorgensen Company ("EMJ") on April 3, 2006, including the issuance
of approximately 4.5 million shares of common stock, for a 15%
increase in diluted shares outstanding.
For the six-months ended June 30, 2006, net income amounted to a
record $172.4 million, up 81% compared with net income of $95.4
million for the same period in 2005. Earnings per diluted share were
$4.83 for the six-months ended June 30, 2006, compared with earnings
of $2.89 per diluted share for the six-months ended June 30, 2005.
Sales for the 2006 year-to-date period were a record $2.5 billion, an
increase of 56% compared with 2005 six-month sales of $1.63 billion.
The 2006 six-month financial results include in cost of sales a
pre-tax LIFO expense amount of $23.0 million, or $.40 per diluted
share, compared with a pre-tax LIFO expense amount of $12.5 million,
or $.23 per diluted share in the 2005 year-to-date period.
David H. Hannah, Chief Executive Officer of Reliance said,
"Overall, demand for our products during the second quarter was
strong, with notable strength in aerospace, energy, and nonresidential
construction. Pricing on all of our products trended upward throughout
the quarter. Our April 3, 2006 acquisition of EMJ and our July 1, 2005
acquisition of Chapel Steel favorably and significantly affected our
2006 and 2005 period comparisons. In addition to significantly
increasing our operating results, the recent EMJ and Chapel
acquisitions have further enhanced our product, customer and
geographic diversification, which we believe are important factors in
our consistently strong operating performance. Also contributing to
our record results was meaningful growth in both volume and pricing of
our existing operations."
"At this time, we anticipate no significant changes in current
business activity, other than the seasonal softness that normally
occurs in the third quarter compared to the second quarter. As a
result, after giving effect to our two-for-one stock split, we
estimate earnings per diluted share for the 2006 third quarter in a
range of $1.15 to $1.20," said Hannah.
On April 3, 2006, Reliance completed the previously announced
acquisition of Earle M. Jorgensen Company (formerly NYSE:JOR). 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.
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
was immediately accretive to Reliance. EMJ now operates as a wholly
owned subsidiary of Reliance.
On July 11, 2006, Reliance announced that it had reached an
agreement to acquire Yarde Metals, Inc., a metals service center
company headquartered in Southington, CT. The transaction is expected
to be finalized within 60 days, subject to the completion of due
diligence and regulatory approvals. Yarde was founded in 1976 and
specializes in the processing and distribution of stainless steel and
aluminum plate, rod and bar products. Yarde has additional metals
service centers in Pelham, NH; East Hanover, NJ; Hauppauge, NY; High
Point, NC; Streetsboro, OH; and Limerick, PA and a sales office in Ft.
Lauderdale, FL. Yarde's net sales for the fiscal year ended June 30,
2006 were approximately $385 million.
On April 19, 2006, the Company's Board of Directors declared the
regular quarterly cash dividend of $.10 per share of common stock. The
2006 second quarter cash dividend was paid on June 16, 2006 to
shareholders of record May 26, 2006. 2006 marks the 46th consecutive
year that Reliance has paid quarterly dividends to its shareholders.
On May 17, 2006, Reliance's Board of Directors declared a
two-for-one stock split, in the form of a 100% stock dividend on the
Company's common stock and a 20% increase in the dividend rate. The
common stock split issued one additional share of common stock for
each share held by shareholders of record on July 5, 2006. The
additional shares were distributed on July 19, 2006. Reliance's total
common shares outstanding increased from approximately 37.7 million to
75.4 million. Beginning with the 2006 third quarter dividend payment,
the Company's regular quarterly cash dividend will be adjusted to $.06
per share of common stock, representing a 20% increase over the
current rate of $.05 per share, after giving effect to the two-for-one
stock split.
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, 2006. All
interested parties are invited to listen to the web cast on July 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
August 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 37
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 Six Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Income Statement Data:
Net sales $1,559,222 $816,342 $2,547,208 $1,628,249
Gross profit 419,873 222,235 690,058 438,171

Operating profit(1) 179,993 88,241 302,107 172,018
EBITDA(2) 194,897 97,423 329,265 189,666
EBIT(2) 178,097 85,316 300,644 166,397
Pre-tax income 161,164 79,110 278,002 153,890
Net income 100,505 49,049 172,360 95,412
EPS - diluted $2.65 $1.48 $4.83 $2.89
Weighted average
shares outstanding --
diluted 37,937,496 33,086,102 35,715,940 33,023,552
Gross margin 26.9% 27.2% 27.1% 26.9%
Operating profit
margin(1) 11.5% 10.8% 11.9% 10.6%
EBITDA margin(2) 12.5% 11.9% 12.9% 11.6%
EBIT margin(2) 11.4% 10.5% 11.8% 10.2%
Pre-tax margin 10.3% 9.7% 10.9% 9.5%
Net margin 6.4% 6.0% 6.8% 5.9%
Cash dividends per
share $.10 $.09 $.20 $.18

June 30, December 31,
2006 2005
------------ ------------
Balance Sheet Data:
Current assets $1,612,466 $847,348
Working capital 1,010,001 513,529
Net fixed assets 709,897 479,719
Total assets 3,460,694 1,769,070
Current liabilities 602,465 333,819
Long-term debt(3) 1,041,326 306,790
Shareholders' equity 1,567,831 1,029,865
Capital expenditures 59,694 53,740
Net debt-to-total capital(4) 40.8% 23.8%
Return on equity(5) 25.2% 25.0%
Current ratio 2.7 2.5
Book value per share $41.57 $31.11
Cash flow from operations per share(6) $3.24 $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 $5,238 and
$5,515 as of June 30, 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 net income and
beginning shareholders' equity, adjusted for $360.5 million of
common stock issued to fund an acquisition on April 3, 2006.

(6) 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,
2006 2005
----------- -----------
(Unaudited)
Current assets:
Cash and cash equivalents $10,104 $35,022
Accounts receivable, less allowance for
doubtful
accounts of $17,717 at June 30, 2006 and
$10,511
at December 31, 2005, respectively 683,566 369,931
Inventories 861,125 387,385
Prepaid expenses and other current assets 22,015 19,009
Deferred income taxes 35,656 36,001
----------- -----------
Total current assets 1,612,466 847,348
Property, plant and equipment, at cost:
Land 106,237 60,207
Buildings 371,561 281,986
Machinery and equipment 520,817 403,403
Accumulated depreciation (288,718) (265,877)
----------- -----------
709,897 479,719

Goodwill 723,450 384,730
Intangible assets 325,237 44,384
Cash surrender value of life insurance
policies, net 55,836 7,299
Deferred income taxes 9,363 --
Other assets 24,445 5,590
----------- -----------
Total assets $3,460,694 $1,769,070
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Accounts payable $377,250 $184,443
Accrued expenses 56,016 19,234
Accrued compensation and retirement costs 67,432 52,354
Accrued insurance costs 33,770 23,372
Income taxes payable 17,059 4,141
Deferred income taxes 3,835 214
Current maturities of long-term debt 46,556 49,525
Current maturities of capital lease
obligations 547 536
----------- -----------
Total current liabilities 602,465 333,819
Long-term debt 1,036,088 301,275
Capital lease obligations 5,238 5,515
Long-term retirement costs 35,851 15,660
Deferred income taxes 212,149 65,808
Minority interest 1,072 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 -- 37,718,598
at
June 30, 2006 and 33,108,999 at
December 31, 2005 respectively, stated
capital 693,760 325,010
Retained earnings 871,393 704,530
Accumulated other comprehensive income 2,678 325
----------- -----------
Total shareholders' equity 1,567,831 1,029,865
----------- -----------
Total liabilities and shareholders' equity $3,460,694 $1,769,070
=========== ===========



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
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------

Net sales $1,559,222 $816,342 $2,547,208 $1,628,249
Other income, net 376 699 1,654 1,364
----------- ----------- ----------- -----------
1,559,598 817,041 2,548,862 1,629,613
Costs and expenses:
Cost of sales
(exclusive of
depreciation and
amortization shown
below) 1,139,349 594,107 1,857,150 1,190,078
Warehouse, delivery,
selling, general
and administrative 225,267 123,571 362,315 245,353
Depreciation and
amortization 16,800 12,107 28,621 23,269
Interest 16,933 6,206 22,642 12,507
----------- ----------- ----------- -----------
1,398,349 735,991 2,270,728 1,471,207
----------- ----------- ----------- -----------

Income before minority
interest and income
taxes 161,249 81,050 278,134 158,406
Minority interest (85) (1,940) (132) (4,516)
----------- ----------- ----------- -----------
Income from continuing
operations before
income taxes 161,164 79,110 278,002 153,890
Provision for income
taxes 60,659 30,061 105,642 58,478
----------- ----------- ----------- -----------

Net income $100,505 $49,049 $172,360 $95,412
=========== =========== =========== ===========


Earnings per share:
Income from continuing
operations - diluted $2.65 $1.48 $4.83 $2.89
=========== =========== =========== ===========
Weighted average
shares outstanding -
diluted 37,937,496 33,086,102 35,715,940 33,023,552
=========== =========== =========== ===========

Income from continuing
operations - basic $2.68 $1.49 $4.87 $2.90
=========== =========== =========== ===========
Weighted average
shares outstanding -
basic 37,557,719 32,915,847 35,360,945 32,848,990
=========== =========== =========== ===========

Cash dividends per
share $.10 $.09 $.20 $.18
=========== =========== =========== ===========

Reconciliation of EBIT and EBITDA

Income from continuing
operations before
income taxes $161,164 $79,110 $278,002 $153,890
Interest expense 16,933 6,206 22,642 12,507
----------- ----------- ----------- -----------
EBIT 178,097 85,316 300,644 166,397
Depreciation and
amortization expense 16,800 12,107 28,621 23,269
----------- ----------- ----------- -----------
EBITDA $194,897 $97,423 $329,265 $189,666
=========== =========== =========== ===========



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

Six Months Ended
June 30,
---------------------
2006 2005
----------- ---------


Operating activities:
Net income $172,360 $95,412
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 28,621 23,269
Debt premium amortization (892) --
Deferred income taxes (1,244) (14)
(Gain)/Loss on sales of machinery and
equipment (401) 2
Minority interest 132 4,516
Stock based compensation expense 2,712 --
Tax benefit of stock options exercised -- 1,509
Excess tax benefits from stock based
compensation (1,584) --
Increase in cash surrender value of life
insurance policies (6,293) (56)
Changes in operating assets and liabilities:
Accounts receivable (118,886) (32,039)
Inventories (126,208) (19,886)
Prepaid expenses and other assets (8,372) (541)
Accounts payable and accrued expenses (17,112) 11,129
----------- ---------
Net cash (used in) provided by operating
activities (77,167) 83,301

Investing activities:
Purchases of property, plant and equipment, net (59,694) (21,060)
Acquisitions of metals service centers and net
asset purchases
of metals service centers, net of cash acquired (343,924) --
Proceeds from sales of property and equipment 2,247 1,129
Premiums paid on life insurance policies (238) --
----------- ---------
Net cash used in investing activities (401,609) (19,931)

Financing activities:
Proceeds from borrowings 693,316 187,000
Principal payments on long-term debt and short-
term borrowings (235,591) (240,250)
Payments to minority shareholders (1,291) (6,170)
Dividends paid (7,081) (5,923)
Excess tax benefits from stock based compensation 1,584 --
Exercise of stock options 2,533 6,203
Issuance of common stock 222 246
----------- ---------
Net cash provided by (used in) financing
activities 453,692 (58,894)
Effect of exchange rate changes on cash 166 75
----------- ---------
(Decrease)/Increase in cash and cash equivalents (24,918) 4,551
Cash and cash equivalents at beginning of period 35,022 11,659
----------- ---------
Cash and cash equivalents at end of period $10,104 $16,210
=========== =========

Supplemental cash flow information:

Interest paid during the period $27,802 $12,372
Income taxes paid during the period $95,999 $57,994

Non-cash investing and financing activities:

Issuance of common stock and stock options in
connection with acquisition of metals service
center $360,453 $--
Issuance of common stock to employee retirement
savings plan $2,830 $--




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