RELIANCE STEEL & ALUMINUM EXHIBIT 99.1

Exhibit 99.1



Reliance Steel & Aluminum Co. Reports Record
2006 Third Quarter and Nine-Months Results



LOS ANGELES--(BUSINESS WIRE)--Oct. 19, 2006--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
third quarter and nine months ended September 30, 2006. Net income was
a record $107.5 million, or $1.41 earnings per diluted share for the
2006 third quarter. This compares with net income of $49.4 million, or
$.75 earnings per diluted share for the 2005 third quarter. 2006 third
quarter sales were a record $1.6 billion, an increase of 87% compared
with 2005 third quarter sales of $870.1 million. The 2006 third
quarter financial results include in cost of sales a pre-tax LIFO
expense amount of $33.3 million, or $.27 per diluted share, compared
with a pre-tax LIFO expense amount of $4.0 million, or $.04 per
diluted share recorded in the 2005 third quarter.

All per share amounts have been adjusted for the two-for-one
common stock split effective July 19, 2006. The 2006 third quarter
results include Yarde Metals, Inc. that was acquired on August 1, 2006
and Earle M. Jorgensen Company that was acquired on April 3, 2006,
that included the issuance of approximately nine million shares of
common stock, for a 15% increase in diluted shares outstanding.

For the nine-months ended September 30, 2006, net income amounted
to a record $279.9 million, up 93% compared with net income of $144.8
million for the same period in 2005. Earnings per diluted share were
$3.83 for the nine-months ended September 30, 2006, compared with
earnings of $2.19 per diluted share for the nine-months ended
September 30, 2005. Sales for the 2006 year-to-date period were a
record $4.2 billion, an increase of 67% compared with 2005 nine-month
sales of $2.5 billion. The 2006 nine-month financial results include
in cost of sales a pre-tax LIFO expense amount of $56.3 million, or
$.48 per diluted share, compared with a pre-tax LIFO expense amount of
$16.5 million, or $.15 per diluted share in the 2005 year-to-date
period.

David H. Hannah, Chief Executive Officer of Reliance said, "Demand
and pricing for our products continued at a healthy pace during the
third quarter. The aerospace, energy and non-residential construction
markets stood out as the most improved from the prior year. Our August
1, 2006 acquisition of Yarde Metals, Inc. also favorably affected our
financial results."

"We are optimistic regarding the current operating environment
despite some softening in the prices for some of our products. As
usual for the fourth quarter, we also expect some normal seasonal
slowdown in purchasing by our customers. Additionally, we estimate
higher than previously anticipated LIFO expense for the final quarter
of the year. As a result, we currently estimate earnings per diluted
share for the 2006 fourth quarter in a range of $1.15 to $1.20," said
Hannah.

On August 1, 2006, Reliance completed the acquisition of Yarde
Metals, Inc., a metals service center company headquartered in
Southington, CT, and its second largest acquisition in terms of
revenues. The Company paid $100 million in cash and assumed
approximately $102 million of net debt for all of the outstanding
common stock of Yarde Metals, Inc. The acquisition was immediately
accretive to Reliance's earnings. Current management and employees
remained in place with Tracy Yarde Smith serving as President of Yarde
Metals, Inc., a wholly owned subsidiary of Reliance.

Yarde Metals, Inc. 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.

The regular quarterly cash dividend of $.06 per share of common
stock was paid on September 15, 2006 to shareholders of record August
25, 2006, representing a 20% increase over the previous rate of $.05
per share, after giving effect to the two-for-one stock split on July
19, 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 third quarter and
year-to-date financial results for the period ended September 30,
2006. All interested parties are invited to listen to the web cast on
October 19, 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
November 19, 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 160 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 Fortune 100 Fastest Growing
Companies List and the 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 Nine Months
Ended September 30, Ended September 30,
------------------------- ------------------------
2006 2005 2006 2005
----------- ------------- ------------ -----------
Income Statement
Data:
Net sales $1,626,208 $870,124 $4,173,416 $2,498,373
Gross profit 432,069 228,728 1,122,127 666,899
Operating profit(1) 192,573 87,842 494,680 259,860
EBITDA(2) 209,258 98,058 538,523 287,724
EBIT(2) 192,747 86,521 493,391 252,918
Pre-tax income 173,393 79,738 451,395 233,628
Net income 107,505 49,437 279,865 144,849
EPS - diluted(3) $1.41 $.75 $3.83 $2.19
Weighted average
shares outstanding
-Diluted(3) 76,016,596 66,332,166 72,985,065 66,125,898
Gross margin 26.6% 26.3% 26.9% 26.7%
Operating profit
margin(1) 11.8% 10.1% 11.9% 10.4%
EBITDA margin(2) 12.9% 11.3% 12.9% 11.5%
EBIT margin(2) 11.9% 9.9% 11.8% 10.1%
Pre-tax margin 10.7% 9.2% 10.8% 9.4%
Net margin 6.6% 5.7% 6.7% 5.8%
Cash dividends per
share(3) $.06 $.05 $.16 $.14

September 30, December 31,
2006 2005
------------- ------------
Balance Sheet Data:
Current assets $1,810,731 $847,348
Working capital 1,145,545 513,529
Net fixed assets 736,180 479,719
Total assets 3,732,685 1,769,070
Current liabilities 665,186 333,819
Long-term debt(4) 1,158,099 306,790
Shareholders' equity 1,673,191 1,029,865
Capital expenditures 84,720 53,740
Net debt-to-total
capital(5) 42.4% 23.8%
Return on equity(6) 28.2% 25.0%
Current ratio 2.7 2.5
Book value per
share(3) $22.17 $15.56
Cash flow from
operations per
share(3, 7) $1.66 $4.11

(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) All periods have been adjusted to reflect the two-for-one stock
split effected in the form of a 100% stock dividend that was declared
on May 17, 2006 and distributed on July 19, 2006 to shareholders of
record on July 5, 2006.

(4) Long-term debt includes capital lease obligations of $5,098 and
$5,515 as of September 30, 2006 and December 31, 2005, respectively.

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

(6) 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.

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



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

ASSETS

September 30, December 31,
2006 2005
-------------- ------------
Current assets: (Unaudited)
Cash and cash equivalents $22,041 $35,022
Accounts receivable, less allowance for
doubtful accounts of $18,507 at
September 30, 2006 and $10,511 at
December 31, 2005, respectively 746,007 369,931
Inventories 987,505 387,385
Prepaid expenses and other current assets 19,554 19,009
Deferred income taxes 35,624 36,001
-------------- ------------
Total current assets 1,810,731 847,348
Property, plant and equipment, at cost:
Land 107,148 60,207
Buildings 386,075 281,986
Machinery and equipment 547,087 403,403
Accumulated depreciation (304,130) (265,877)
-------------- ------------
736,180 479,719

Goodwill 759,665 384,730
Intangible assets 351,659 44,384
Cash surrender value of life insurance
policies, net 38,223 7,299
Deferred income taxes 9,363 --
Other assets 26,864 5,590
-------------- ------------
Total assets $3,732,685 $1,769,070
============== ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $377,736 $184,443
Accrued expenses 51,827 19,234
Accrued compensation and retirement costs 82,409 52,354
Accrued insurance costs 35,413 23,372
Income taxes payable 17,055 4,141
Deferred income taxes 3,835 214
Current maturities of long-term debt 96,358 49,525
Current maturities of capital leases 553 536
-------------- ------------
Total current liabilities 665,186 333,819
Long-term debt 1,153,001 301,275
Capital lease obligations 5,098 5,515
Long-term retirement costs 35,739 15,660
Deferred income taxes 199,303 65,808
Minority interest 1,167 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
- --75,460,946 at September 30, 2006 and
66,217,998 at December 31, 2005,
respectively, stated capital 695,703 325,010
Retained earnings 974,557 704,530
Accumulated other comprehensive income 2,931 325
-------------- ------------
Total shareholders' equity 1,673,191 1,029,865
-------------- ------------
Total liabilities and shareholders' equity $3,732,685 $1,769,070
============== ============

All share information, except for authorized shares, has been adjusted
to reflect the two-for-one stock split effected in the form of a 100%
stock dividend that was declared on May 17, 2006 and distributed on
July 19, 2006 to shareholders of record on July 5, 2006.


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,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Net sales $1,626,208 $870,124 $4,173,416 $2,498,373
Other income, net 1,987 1,345 3,641 2,709
----------- ----------- ----------- -----------
1,628,195 871,469 4,177,057 2,501,082

Costs and expenses:
Cost of sales
(exclusive of
depreciation and
amortization shown
below) 1,194,139 641,396 3,051,289 1,831,474
Warehouse, delivery,
selling, general and
administrative 224,703 130,260 587,018 375,613
Depreciation and
amortization 16,511 11,537 45,132 34,806
Interest expense 19,354 6,783 41,996 19,290
----------- ----------- ----------- -----------
1,454,707 789,976 3,725,435 2,261,183
Income before minority
interest and income
taxes 173,488 81,493 451,622 239,899
Minority interest (95) (1,755) (227) (6,271)
----------- ----------- ----------- -----------
Income from continuing
operations before
income taxes 173,393 79,738 451,395 233,628
Provision for income
taxes 65,888 30,301 171,530 88,779
----------- ----------- ----------- -----------
Net income $107,505 $49,437 $279,865 $144,849
=========== =========== =========== ===========

Earnings per share:
Income from continuing
operations - diluted $1.41 $.75 $3.83 $2.19
=========== =========== =========== ===========
Weighted average shares
outstanding -
diluted 76,016,596 66,332,166 72,985,065 66,125,898
=========== =========== =========== ===========
Income from continuing
operations - basic $1.42 $.75 $3.87 $2.20
=========== =========== =========== ===========
Weighted average shares
outstanding -
basic 75,451,585 65,933,804 72,315,779 65,777,452
=========== =========== =========== ===========
Cash dividends per
share $.06 $.05 $.16 $.14
=========== =========== =========== ===========


Reconciliation of EBIT and EBITDA

Income from continuing
operations before
income taxes $173,393 $79,738 $451,395 $233,628
Interest expense 19,354 6,783 41,996 19,290
----------- ----------- ----------- -----------
EBIT $192,747 $86,521 $493,391 $252,918
----------- ----------- ----------- -----------
Depreciation expense 14,793 10,626 40,429 31,426
Amortization expense 1,718 911 4,703 3,380
----------- ----------- ----------- -----------
EBITDA $209,258 $98,058 $538,523 $287,724
=========== =========== =========== ===========

All share information has been adjusted to reflect the two-for-one
stock split effected in the form of a 100% stock dividend that was
declared on May 17, 2006 and distributed on July 19, 2006 to
shareholders of record on July 5, 2006.


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

Nine Months Ended
September 30,
-------------------
2006 2005
--------- ---------


Operating activities:
Net income $279,865 $144,849
Adjustments to reconcile net income to net cash
provided by operating activities:

Depreciation and amortization 45,132 34,806
Debt premium amortization (1,779) --
Deferred income taxes (1,297) --
(Gain)/Loss on sales of property and equipment (990) 30
Minority interest 227 6,271
Stock based compensation expense 4,336 --
Tax benefit of stock options exercised -- 2,130
Excess tax benefits from stock based
compensation (1,769) --
Decrease/(Increase) in cash surrender value of
life insurance policies 494 (135)
Changes in operating assets and liabilities
(excluding effect of businesses acquired):
Accounts receivable (130,298) (39,786)
Inventories (172,732) 8,928
Prepaid expenses and other assets 9,593 (2,303)
Accounts payable and accrued expenses (19,253) 10,378
--------- ---------
Net cash provided by operating activities 11,529 165,168

Investing activities:
Purchases of property, plant and equipment, net (84,720) (34,314)
Acquisitions of metals service centers and net
asset purchases of metals service centers, net of
cash acquired (559,393) (94,383)
Tax distributions made related to a prior
acquisition (894) --
Proceeds from sales of property and equipment 2,956 1,191
Proceeds from redemption of life insurance policies 489 --
Premiums paid on life insurance policies (279) --
--------- ---------
Net cash used in investing activities (641,841) (127,506)

Financing activities:
Proceeds from borrowings 993,316 372,000
Principal payments on long-term debt and short-term
borrowings (368,123) (402,381)
Payments to minority shareholders (1,291) (7,159)
Dividends paid (11,608) (9,220)
Excess tax benefits from stock based compensation 1,769 --
Exercise of stock options 2,852 7,748
Issuance of common stock 222 246
--------- ---------
Net cash provided by (used in) financing activities 617,137 (38,766)
Effect of exchange rate changes on cash 194 (136)
--------- ---------
Decrease in cash and cash equivalents (12,981) (1,240)
Cash and cash equivalents at beginning of period 35,022 11,659
--------- ---------
Cash and cash equivalents at end of period $22,041 $10,419
========= =========

Supplemental cash flow information:
Interest paid during the period $24,997 $16,710
Income taxes paid during the period $155,221 $86,148

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
713-610-9937
213-576-2428
kfeazle@rsac.com
investor@rsac.com