RELIANCE STEEL & ALUMINUM CO EXHIBIT 99.1

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports Record 2006 Fiscal Year Results;
Net Income up 73%


LOS ANGELES--(BUSINESS WIRE)--Feb. 15, 2007--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
fiscal year and fourth quarter ended December 31, 2006. For the fiscal
year ended December 31, 2006, net income amounted to a record $354.5
million, up 73% compared with net income of $205.4 million for the
same period in 2005. Earnings per diluted share were a record $4.82
for the year ended December 31, 2006, compared with earnings of $3.10
per diluted share for the year ended December 31, 2005. Sales for the
2006 fiscal year were also a record at $5.7 billion, an increase of
71% compared with 2005 fiscal year sales of $3.4 billion. The 2006
fiscal year financial results include in cost of sales a pre-tax LIFO
expense amount of $94.1 million, or $.79 per diluted share, compared
with a pre-tax LIFO expense amount of $16.6 million, or $.15 per
diluted share in the 2005 period.

All share and per share amounts have been adjusted for the
two-for-one common stock split effective July 19, 2006. The 2006
financial results include positive contributions to sales and earnings
from the Company's 2006 acquisitions, primarily Yarde Metals, Inc.
that was acquired on August 1, 2006 and Earle M. Jorgensen Company
that was acquired on April 3, 2006. The Jorgensen acquisition included
the issuance of approximately nine million shares of Reliance's common
stock, representing a 14% increase in diluted shares outstanding.

For the 2006 fourth quarter, net income was $74.6 million, up 23%
compared with net income of $60.6 million for the 2005 fourth quarter.
Earnings per diluted share were $.98 for the 2006 fourth quarter and
$.91 for the 2005 fourth quarter. 2006 fourth quarter sales were $1.6
billion, an increase of 81% compared with 2005 fourth quarter sales of
$868.7 million. The 2006 fourth quarter financial results include in
cost of sales a pre-tax LIFO expense amount of $37.9 million, or $.31
per diluted share, compared with a pre-tax LIFO expense amount of
$91,000 recorded in the 2005 fourth quarter.

David H. Hannah, Chief Executive Officer of Reliance said, "We are
very pleased with our fiscal year 2006 results. All of our end markets
were strong with a very favorable operating environment throughout our
network of facilities. We completed four acquisitions during 2006,
including the acquisition of Earle M. Jorgensen Company on April 3,
2006 that was our largest acquisition to-date and our first
acquisition of a public company. The purchase price consisted of
approximately 50% common stock and 50% cash. We also acquired Yarde
Metals, Inc. on August 1, 2006, our second largest acquisition. The
combined sales of Jorgensen and Yarde contributed $1.6 billion to our
2006 revenues.

"We have completed three additional acquisitions in January and
February of 2007 that further increase our product and geographic
diversification. We acquired Crest Steel Corporation with 2006
revenues of approximately $133 million and Industrial Metals and
Surplus, Inc. with 2006 revenues of approximately $105 million, on
January 2, 2007. Crest has facilities in California and Arizona and
processes and distributes carbon steel products including flat-rolled,
plate, bars and structurals. Industrial Metals is located in Georgia
and specializes in the processing and distribution of carbon steel
structurals, flat-rolled and ornamental iron products. We acquired the
Encore Group of metals service centers located mainly in Western
Canada as of February 1, 2007. Encore, with 2006 revenues of
approximately C$259 million, specializes in the processing and
distribution of alloy and carbon bar and tube, as well as stainless
steel sheet, plate and bar and carbon steel flat-rolled products that
serve, among others, the robust energy, oil and gas industries,"
Hannah said.

"We experienced the normal seasonal slowdown during the 2006
fourth quarter. However, gross profit margins were slightly below our
earlier expectations due to some inventory de-stocking that resulted
in added competitive pressures. Also, our LIFO expense during the
quarter was substantially higher than we anticipated, despite the fact
that we reduced our inventories during that time. Stainless steel
prices continued to increase from their historical highs in the third
quarter which we did not expect to happen, resulting in the
significant LIFO expense of $37.9 million, or $.31 per diluted share
in the fourth quarter, exceeding our earlier estimate by $19.1
million, or $.16 per diluted share," said Hannah.

"In November of 2006, we replaced our $700 million credit facility
with a $1.1 billion five-year, unsecured syndicated credit facility
that provides increased availability of funds and more favorable
pricing. This facility may be increased to up to $1.6 billion at our
request with approval from the lenders. We used funds from the
increased line to purchase approximately $250 million of the Jorgensen
9.75% senior secured notes in a tender offer. We then issued $600
million of senior unsecured notes and used the proceeds to pay down
the borrowings under our credit facility. This included $350 million
of 10 year notes at 6.20% and $250 million of 30 year notes at 6.85%.
The notes are investment grade rated Baa3 by Moody's and BBB- by
Standard & Poor's. These activities lowered our cost of capital and
significantly increased our availability to fund our working capital
and general corporate needs, including acquisitions, capital
expenditures, debt repayments, dividend payments and stock
repurchases," Hannah stated.

"We are optimistic regarding 2007 business conditions. We
generally see continued growth in the markets we serve, but at a
slower rate than in 2006. Pricing should be relatively stable with
steel trending upwards and aluminum slightly softer as the year
progresses. Our 2006 and 2007 acquisitions to-date should increase
2007 revenues by about $1 billion compared to 2006, assuming no
significant changes in the operating environment. As a result, we
expect record sales and earnings again in 2007 and currently estimate
earnings per diluted share for the 2007 first quarter in a range of
$1.25 to $1.35," Hannah concluded.

On February 14, 2007, the Board of Directors declared a 33%
increase in the regular quarterly cash dividend to $.08 per share of
common stock. The 2007 first quarter dividend is payable on March 30,
2007 to shareholders of record March 9, 2007. The Company has paid
regular quarterly dividend payments for 47 consecutive years.

Reliance will host a conference call that will be broadcast live
over the Internet (listen only mode) regarding the fourth quarter and
fiscal year financial results for the period ended December 31, 2006.
All interested parties are invited to listen to the web cast on
February 15, 2007 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 15, 2007 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 180 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 100,000 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
125,000 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 2007 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 Twelve Months
Ended December 31, Ended December 31,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Income Statement
Data:
Net sales $ 1,569,192 $ 868,678 $ 5,742,608 $ 3,367,051
Gross profit 389,095 251,152 1,511,222 918,051
Operating
profit(1) 139,565 107,780 634,245 367,640
EBITDA(2) 156,775 117,341 695,298 405,065
EBIT(2) 139,433 105,516 632,824 358,434
Pre-tax income 119,737 99,584 571,132 333,212
Net income 74,642 60,588 354,507 205,437
EPS - diluted(3) $ 0.98 $ 0.91 $ 4.82 $ 3.10
Weighted average
shares
outstanding -
Diluted(3) 76,053,725 66,765,624 73,599,681 66,194,724
Gross profit
margin 24.8% 28.9% 26.3% 27.3%
Operating profit
margin(1) 8.9% 12.4% 11.0% 10.9%
EBITDA margin(2) 10.0% 13.5% 12.1% 12.0%
EBIT margin(2) 8.9% 12.1% 11.0% 10.6%
Pre-tax margin 7.6% 11.5% 9.9% 9.9%
Net margin 4.8% 7.0% 6.2% 6.1%
Cash dividends per
share(3) $ .06 $ .05 $ .22 $ .19

December 31, December 31,
2006 2005
---------------- ---------------
Balance Sheet Data:
Current assets $ 1,675,389 $ 847,348
Working capital 1,124,650 513,529
Net fixed assets 742,672 479,719
Total assets 3,614,173 1,769,070
Current liabilities 550,739 333,819
Long-term debt(4) 1,088,051 306,790
Shareholders' equity 1,746,398 1,029,865
Capital expenditures 108,742 53,740
Net debt-to-total capital(5) 37.6% 23.8%
Return on equity(6) 27.3% 25.0%
Current ratio 3.0 2.5
Book value per share(3) $ 23.07 $ 15.56
Cash flow from operations per
share(3) $ 2.59 $ 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 $4,956 and
$5,515 as of December 31, 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 and stock options issued to fund an acquisition on
April 3, 2006.

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

ASSETS
December 31, December 31,
2006 2005
---------------- ---------------
Current assets:
Cash and cash equivalents $ 57,475 $ 35,022
Accounts receivable, less allowance
for doubtful accounts of $16,755
at December 31, 2006 and $10,511
at December 31, 2005 666,273 369,931
Inventories 904,318 387,385
Prepaid expenses and other current
assets 22,179 19,009
Deferred income taxes -- 36,001
Income taxes receivable 25,144 --
---------------- ---------------
Total current assets 1,675,389 847,348
Property, plant and equipment, at
cost:
Land 108,022 60,207
Buildings 385,851 281,986
Machinery and equipment 565,951 403,403
Accumulated depreciation (317,152) (265,877)
---------------- ---------------
742,672 479,719

Goodwill 784,871 384,730
Intangible assets, net 354,195 44,384
Cash surrender value of life
insurance policies, net 41,190 7,299
Other assets 15,856 5,590
---------------- ---------------
Total assets $ 3,614,173 $ 1,769,070
================ ===============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 340,356 $ 188,584
Accrued expenses 36,481 19,234
Accrued compensation and retirement
costs 92,905 52,354
Accrued insurance costs 34,475 23,372
Deferred income taxes 23,706 214
Current maturities of long-term
debt 22,257 49,525
Current maturities of capital
leases 559 536
---------------- ---------------
Total current liabilities 550,739 333,819
Long-term debt 1,083,095 301,275
Capital lease obligations 4,956 5,515
Long-term retirement costs and other
long-term liabilities 46,111 15,660
Deferred income taxes 181,628 65,808
Minority interest 1,246 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 --
75,702,046 at December 31, 2006
and 66,217,998 at December 31,
2005, respectively, stated
capital 701,690 325,010
Retained earnings 1,046,339 704,530
Accumulated other comprehensive
(loss)/income (1,631) 325
---------------- ---------------
Total shareholders' equity 1,746,398 1,029,865
---------------- ---------------
Total liabilities and shareholders'
equity $ 3,614,173 $ 1,769,070
================ ===============

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

Three Months Twelve Months
Ended December 31, Ended December 31,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------

Net sales $ 1,569,192 $ 868,678 $ 5,742,608 $ 3,367,051
Other income, net 2,127 962 5,768 3,671
------------ ------------ ------------ ------------
1,571,319 869,640 5,748,376 3,370,722

Costs and
expenses:
Cost of sales
(exclusive of
depreciation
and
amortization
shown below) 1,180,097 617,526 4,231,386 2,449,000
Warehouse,
delivery,
selling,
general and
administrative 234,368 132,292 821,386 507,905
Depreciation and
amortization 17,342 11,825 62,474 46,631
Interest expense 19,696 5,932 61,692 25,222
------------ ------------ ------------ ------------
1,451,503 767,575 5,176,938 3,028,758
Income before
minority interest
and income taxes 119,816 102,065 571,438 341,964
Minority interest (79) (2,481) (306) (8,752)
------------ ------------ ------------ ------------
Income from
continuing
operations before
income taxes 119,737 99,584 571,132 333,212
Provision for
income taxes 45,095 38,996 216,625 127,775
------------ ------------ ------------ ------------
Net income $ 74,642 $ 60,588 $ 354,507 $ 205,437
============ ============ ============ ============

Earnings per
share:
Income from
continuing
operations -
diluted $ .98 $ .91 $ 4.82 $ 3.10
============ ============ ============ ============

Weighted average
shares
outstanding -
diluted 76,053,725 66,765,624 73,599,681 66,194,724
============ ============ ============ ============
Income from
continuing
operations -
basic $ .99 $ .92 $ 4.85 $ 3.12
============ ============ ============ ============

Weighted average
shares
outstanding -
basic 75,562,384 66,144,896 73,134,102 65,870,068
============ ============ ============ ============
Cash dividends per
share $ .06 $ .05 $ .22 $ .19
============ ============ ============ ============



Reconciliation of EBIT and EBITDA

Income from
continuing
operations before
income taxes $ 119,737 $ 99,584 $ 571,132 $ 333,212
Interest expense 19,696 5,932 61,692 25,222
------------ ------------ ------------ ------------
EBIT 139,433 105,516 632,824 358,434
------------ ------------ ------------ ------------
Depreciation
expense 15,162 11,080 55,591 42,506
Amortization
expense 2,180 745 6,883 4,125
------------ ------------ ------------ ------------
EBITDA $ 156,775 $ 117,341 $ 695,298 $ 405,065
============ ============ ============ ============

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

Twelve Months Ended
December 31,
--------------------------------
2006 2005
---------------- ---------------
Operating activities:
Net income $ 354,507 $ 205,437
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 62,474 46,631
Debt premium amortization (2,149) --
Deferred income taxes 7,295 (1,059)
Gain on sales of property and
equipment (723) --
Gain on debt extinguishment (2,264) --
Minority interest 306 8,751
Stock based compensation expense 6,060 --
Tax benefit of stock options
exercised -- 3,476
Excess tax benefits from stock
based compensation (3,447) --
Increase in cash surrender value
of life insurance policies (582) --
Changes in operating assets and
liabilities (excluding effect of
businesses acquired):
Accounts receivable (50,565) (15,391)
Inventories (89,414) (11,345)
Prepaid expenses and other
assets 6,569 (2,624)
Accounts payable and accrued
expenses (97,103) 38,343
---------------- ---------------
Net cash provided by operating
activities 190,964 272,219

Investing activities:
Purchases of property, plant and
equipment, net (108,742) (53,740)
Acquisitions of metals service
centers and net asset purchases of
metals service centers, net of
cash acquired (542,604) (94,377)
Tax distributions made related to a
prior acquisition (894) --
Proceeds from sales of property and
equipment 3,487 1,485
Proceeds from redemption of life
insurance policies 1,415 --
Net investment in life insurance
policies (3,096) --
---------------- ---------------
Net cash used in investing activities (650,434) (146,632)

Financing activities:
Proceeds from borrowings 2,547,316 393,000
Principal payments on long-term
debt and short-term borrowings (2,063,656) (486,511)
Debt issue costs (8,170) --
Payments to former minority
shareholders (1,291) (7,159)
Net refunds from letters of credit 12,919 --
Dividends paid (16,145) (12,530)
Excess tax benefits from stock
based compensation 3,446 --
Exercise of stock options 7,115 10,811
Issuance of common stock 222 246
---------------- ---------------
Net cash provided by (used in)
financing activities 481,756 (102,143)
Effect of exchange rate changes on
cash 167 (81)
---------------- ---------------
Increase in cash and cash equivalents 22,453 23,363
Cash and cash equivalents at
beginning of period 35,022 11,659
---------------- ---------------
Cash and cash equivalents at end of
period $ 57,475 $ 35,022
================ ===============

Supplemental cash flow information:
Interest paid during the period $ 70,306 $ 25,309
Income taxes paid during the period $ 213,234 $ 118,909

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