EXHIBIT 99.1

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports Record 2007 Second Quarter
Results

Net Income up 22%

LOS ANGELES--(BUSINESS WIRE)--July 19, 2007--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
second quarter and six months ended June 30, 2007. For the 2007 second
quarter, net income was a record $122.8 million, up 22% compared with
net income of $100.5 million for the 2006 second quarter. Earnings per
diluted share were a record $1.59 for the 2007 second quarter,
compared with $1.32 for the 2006 second quarter. 2007 second quarter
sales were a record $1.90 billion, an increase of 22% compared with
2006 second quarter sales of $1.56 billion. The 2007 second quarter
financial results include in cost of sales a pre-tax LIFO expense
amount of $13.75 million, or $.11 per diluted share, compared with a
pre-tax LIFO expense amount of $18.0 million, or $.15 per diluted
share in the 2006 second quarter. All share and per share amounts have
been adjusted for the two-for-one common stock split effective July
19, 2006.

For the six months ended June 30, 2007, net income amounted to a
record $234.5 million, up 36% compared with net income of $172.4
million for the same period in 2006. Earnings per diluted share were
$3.06 for the six months ended June 30, 2007, compared with earnings
of $2.41 per diluted share for the six months ended June 30, 2006.
Sales for the 2007 year-to-date period were a record $3.74 billion, an
increase of 47% compared with 2006 six month sales of $2.55 billion.
The 2007 six month financial results include in cost of sales a
pre-tax LIFO expense amount of $32.5 million, or $.26 per diluted
share, compared with a pre-tax LIFO expense amount of $23.0 million,
or $.20 per diluted share in the 2006 year-to-date period.

David H. Hannah, Chief Executive Officer of Reliance, said, "We
are proud to announce our record 2007 second quarter results. Customer
demand and pricing for our products remain at relatively healthy
levels in the markets where we operate although demand is down a bit
from last year's levels for some of our products.

"Earlier this month, we completed the acquisition of the
outstanding capital stock of Clayton Metals, Inc. headquartered in
Wood Dale, Illinois. Clayton Metals was founded in 1976 and
specializes primarily in the processing and distribution of aluminum,
stainless steel and red metal flat-rolled products, custom extrusions
and aluminum circles through its four metals service center locations.
Clayton Metal's net sales for the twelve months ended December 31,
2006 were about $123 million. Clayton Metals operates as a wholly
owned subsidiary of Reliance. The addition of Clayton Metals to our
Reliance family provides further diversification of our business by
bringing new products and customers to important geographic areas,"
said Hannah.

"We ended the quarter with a strong balance sheet and net
debt-to-total capital of 37.6%. Additionally, our operating cash flow
was up 40% to $99.5 million compared with the 2007 first quarter of
$70.8 million. We are optimistic regarding business conditions and
opportunities in our industry. We expect demand to soften somewhat in
the third quarter only due to the normal seasonal summer slowdown, and
expect pricing on some of our products to continue to soften slightly.
As a result, we currently estimate earnings per diluted share for the
2007 third quarter in a range of $1.30 to $1.35," Hannah concluded.

On April 18, 2007, the Board of Directors declared a regular
quarterly cash dividend of $.08 per share of common stock. The 2007
second quarter dividend was paid on June 22 to shareholders of record
June 1. The Company has paid regular quarterly dividends for 47
consecutive years.

Reliance will host a conference call that will be broadcast live
over the Internet (listen only mode) regarding the second quarter and
six months results for the period ended June 30, 2007. All interested
parties are invited to listen to the web cast on July 19, 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
August 19, 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 2007 "Fortune 500" List and the Fortune
"100 Fastest Growing Companies" List and the Fortune 2007 List of
"America's Most Admired Companies" 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 Annual Report on Form 10-K for the year ended December
31, 2006 and other 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,
----------------------- -----------------------
2007 2006 2007 2006
----------- ----------- ----------- -----------
Income Statement Data:
Net sales $1,896,036 $1,559,222 $3,737,926 $2,547,208
Gross profit 497,497 419,873 969,949 690,058
Operating profit(1) 216,497 179,908 417,250 301,975
EBITDA(2) 235,281 194,897 452,555 329,265
EBIT(2) 216,071 178,097 414,894 300,644
Pre-tax income 196,456 161,164 375,169 278,002
Net income 122,784 100,505 234,480 172,360
EPS - diluted(3) $1.59 $1.32 $3.06 $2.41
Weighted average 77,181,651 75,874,992 76,691,529 71,431,880
shares outstanding --
diluted(3)
Gross margin 26.2% 26.9% 25.9% 27.1%
Operating profit
margin(1) 11.4% 11.5% 11.2% 11.9%
EBITDA margin(2) 12.4% 12.5% 12.1% 12.9%
EBIT margin(2) 11.4% 11.4% 11.1% 11.8%
Pre-tax margin 10.4% 10.3% 10.0% 10.9%
Net margin 6.5% 6.4% 6.3% 6.8%
Cash dividends per
share(3) $.08 $.05 $.16 $.10




June 30, December 31,
2007 2006
----------- ------------
Balance Sheet Data:
Current assets $2,035,513 $1,675,389
Working capital 1,354,852 1,124,650
Net fixed assets 781,798 742,672
Total assets 4,176,580 3,614,173
Current liabilities 680,661 550,739
Long-term debt(4) 1,246,524 1,088,051
Shareholders' equity 2,005,465 1,746,398
Capital expenditures (year-to-date) 58,645 108,742
Net debt-to-total capital(5) 37.6% 37.6%
Return on equity(6) 23.9% 27.3%
Current ratio 3.0 3.0
Book value per share(3) $26.29 $23.07
Cash flow from operations per share(3, 7) $5.74 $2.59





(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 $4,808 and
$4,956 as of June 30, 2007 and December 31, 2006, 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. The 2006 calculation adjusted
beginning shareholders' equity for $360.5 million of common stock
and stock options 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

June 30, December 31,
2007 2006
-------------- ------------
(Unaudited)
Current assets:
Cash and cash equivalents $ 74,950 $ 57,475
Accounts receivable, less allowance for
doubtful accounts of $19,720 at June
30, 2007 and $16,755 at December 31,
2006, respectively 837,936 666,273
Inventories 1,100,470 904,318
Prepaid expenses and other current
assets 22,157 22,179
Income taxes receivable -- 25,144
-------------- ------------
Total current assets 2,035,513 1,675,389
Property, plant and equipment, at cost:
Land 110,435 108,022
Buildings 407,469 385,851
Machinery and equipment 612,201 565,951
Accumulated depreciation (348,307) (317,152)
-------------- ------------
781,798 742,672

Goodwill 918,076 784,871
Intangible assets, net 382,836 354,195
Cash surrender value of life insurance
policies, net 44,319 41,190
Other assets 14,038 15,856
-------------- ------------
Total assets $4,176,580 $3,614,173
============== ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 455,950 $ 340,356
Accrued expenses 51,542 36,481
Accrued compensation and retirement
costs 80,282 92,905
Accrued insurance costs 36,812 34,475
Income taxes payable 1,918 --
Deferred income taxes 19,693 23,706
Current maturities of long-term debt 33,840 22,257
Current maturities of capital lease
obligations 624 559
-------------- ------------
Total current liabilities 680,661 550,739
Long-term debt 1,241,716 1,083,095
Capital lease obligations 4,808 4,956
Long-term retirement costs and other long-
term liabilities 54,576 46,111
Deferred income taxes 187,904 181,628
Minority interest 1,450 1,246
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
--76,281,228 at June 30, 2007 and
75,702,046 at December 31, 2006,
respectively, stated capital
717,447 701,690
Retained earnings 1,274,574 1,046,339
Accumulated other comprehensive
income/(loss) 13,444 (1,631)
-------------- ------------
Total shareholders' equity 2,005,465 1,746,398
-------------- ------------
Total liabilities and shareholders' equity $4,176,580 $3,614,173
============== ============




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

Three Months Six Months
Ended June 30, Ended June 30,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------

Net sales $1,896,036 $1,559,222 $3,737,926 $2,547,208
Other income, net 2,333 376 2,707 1,654
---------- ---------- ---------- ----------
1,898,369 1,559,598 3,740,633 2,548,862
Costs and expenses:
Cost of sales (exclusive
of depreciation and
amortization shown
below) 1,398,539 1,139,349 2,767,977 1,857,150
Warehouse, delivery,
selling, general and
administrative 264,549 225,352 520,101 362,447
Depreciation and
amortization 19,210 16,800 37,661 28,621
Interest 19,615 16,933 39,725 22,642
---------- ---------- ---------- ----------
1,701,913 1,398,434 3,365,464 2,270,860
---------- ---------- ---------- ----------

Income from continuing
operations before income
taxes 196,456 161,164 375,169 278,002

Provision for income taxes 73,672 60,659 140,689 105,642
---------- ---------- ---------- ----------
Net income $122,784 $100,505 $234,480 $172,360
========== ========== ========== ==========


Earnings per share:
Income from continuing
operations - diluted $1.59 $1.32 $3.06 $2.41
========== ========== ========== ==========
Weighted average shares
outstanding - diluted 77,181,651 75,874,992 76,691,529 71,431,880
========== ========== ========== ==========

Income from continuing
operations - basic $1.61 $1.34 $3.08 $2.44
========== ========== ========== ==========
Weighted average shares
outstanding - basic 76,219,670 75,115,438 76,041,932 70,721,890
========== ========== ========== ==========

Cash dividends per share $.08 $.05 $.16 $.10
========== ========== ========== ==========




Reconciliation of EBIT and EBITDA

Income from continuing operations
before income taxes $196,456 $161,164 $375,169 $278,002
Interest expense 19,615 16,933 39,725 22,642
-------- -------- -------- --------
EBIT 216,071 178,097 414,894 300,644
Depreciation expense 16,451 14,613 32,598 25,636
Amortization expense 2,759 2,187 5,063 2,985
-------- -------- -------- --------
EBITDA $235,281 $194,897 $452,555 $329,265
======== ======== ======== ========




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

Six Months Ended
June 30,
---------------------
2007 2006
---------- ----------


Operating activities:
Net income $ 234,480 $ 172,360
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 37,661 28,621
Debt premium amortization -- (892)
Deferred income taxes (5,519) (1,244)
Gain on sales of machinery and equipment (1,022) (401)
Minority interest 204 132
Stock based compensation expense 4,680 2,712
Excess tax benefits from stock based
compensation (5,929) (1,584)
(Increase)/decrease in cash surrender value
of life insurance policies (77) 352
Changes in operating assets and liabilities
(excluding effect of businesses acquired):
Accounts receivable (114,824) (118,886)
Inventories (95,029) (126,208)
Prepaid expenses and other assets 31,521 (8,372)
Accounts payable and accrued expenses 84,093 (23,757)
---------- ----------
Net cash provided by (used in) operating
activities 170,239 (77,167)

Investing activities:
Purchases of property, plant and equipment (58,645) (59,694)
Acquisitions of metals service centers and net
asset purchases of metals service centers, net
of cash acquired (217,712) (343,924)
Proceeds from sales of property and equipment 2,572 2,247
Net investment in life insurance policies (262) (238)
---------- ----------
Net cash used in investing activities (274,047) (401,609)

Financing activities:
Proceeds from borrowings 542,850 693,316
Principal payments on long-term debt and short-
term borrowings (426,601) (235,591)
Payments to former minority shareholders -- (1,291)
Dividends paid (12,174) (7,081)
Excess tax benefits from stock based
compensation 5,929 1,584
Exercise of stock options 10,796 2,533
Issuance of common stock 281 222
---------- ----------
Net cash provided by financing activities 121,081 453,692
Effect of exchange rate changes on cash 202 166
---------- ----------
Increase/(decrease) in cash and cash equivalents 17,475 (24,918)
Cash and cash equivalents at beginning of period 57,475 35,022
---------- ----------
Cash and cash equivalents at end of period $ 74,950 $ 10,104
========== ==========

Supplemental cash flow information:

Interest paid during the period $ 33,861 $ 27,802
Income taxes paid during the period $ 111,957 $ 95,999

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 or 213-576-2428
kfeazle@rsac.com
investor@rsac.com