EXHIBIT 99.1

Exhibit 99.1

Reliance Steel & Aluminum Co. Reports 2007 Third Quarter and
Year-to-Date Results

LOS ANGELES--(BUSINESS WIRE)--Oct. 18, 2007--Reliance Steel &
Aluminum Co. (NYSE:RS) reported today its financial results for the
third quarter and nine months ended September 30, 2007. For the 2007
third quarter, net income was $93.6 million, compared with net income
of $107.5 million for the 2006 third quarter. Earnings per diluted
share were $1.22 for the 2007 third quarter, compared with $1.41 for
the 2006 third quarter. 2007 third quarter sales were $1.81 billion,
an increase of 11.4% compared with 2006 third quarter sales of $1.63
billion. The 2007 third quarter financial results include in cost of
sales a pre-tax LIFO expense amount of $12.5 million, or $.10 per
diluted share, compared with a pre-tax LIFO expense amount of $33.3
million, or $.27 per diluted share in the 2006 third quarter.

For the nine months ended September 30, 2007, net income amounted
to a record $328.0 million, up 17.2% compared with net income of
$279.9 million for the same period in 2006. Earnings per diluted share
were $4.28 for the nine months ended September 30, 2007, compared with
earnings of $3.83 per diluted share for the nine months ended
September 30, 2006. Sales for the 2007 year-to-date period were a
record $5.55 billion, an increase of 33% compared with 2006 nine month
sales of $4.17 billion. The 2007 nine-month financial results include
in cost of sales a pre-tax LIFO expense amount of $45.0 million, or
$.37 per diluted share, compared with a pre-tax LIFO expense amount of
$56.3 million, or $.48 per diluted share in the 2006 year-to-date
period. All share and per share amounts have been adjusted for the
two-for-one common stock split effective July 19, 2006.

David H. Hannah, Chief Executive Officer of Reliance said,
"Considering the overall market factors, we are pleased with the 2007
third quarter results. Demand for our products was relatively steady
for a third quarter with volume off as we expected only about 4% from
our record 2007 second quarter amounts. We managed our receivables and
inventory well, which, when combined with our operating profits,
resulted in very strong cash flow. Gross profit management in an
environment of falling prices is always a challenge. The significant
and rapid drop in stainless steel prices resulting from the drop in
nickel surcharges complicated the situation even further. This
scenario caused our gross profit to decline 2% from the prior quarter,
about double what we estimated for our third quarter earnings per
share guidance."

"Effective July 1, 2007, we completed the acquisition of Clayton
Metals, Inc., headquartered in Wood Dale, IL, with three additional
service centers in California, North Carolina and New Jersey.
Clayton's sales were $123 million for their year ended December 31,
2006. Effective October 1, 2007, we completed the acquisition of the
outstanding capital stock of Metalweb plc, headquartered in
Birmingham, England with three additional service centers located in
London, Manchester and Oxford, England. Metalweb was established in
2001 and specializes in the processing and distribution of primarily
aluminum products for non-structural aerospace components and general
engineering parts used in high-end industrial applications. Metalweb's
net sales for the fiscal year ended May 31, 2007 were approximately
$53 million. Metalweb operates as a subsidiary of Reliance. "This
transaction brings an additional global presence to Reliance and marks
our first metals service center based in the United Kingdom," said
Hannah.

"We still expect record sales and earnings for 2007. Our strong
operating results, cash flow and solid balance sheet with net
debt-to-total capital of 36.7% will continue to provide opportunities
for future growth. We are proud of our performance and believe that
our proven ability to grow both internally and by successful accretive
acquisitions through varying market conditions will result in
continued strong operating results going forward. We expect demand may
soften further in the fourth quarter due to the normal seasonal
holiday slowdown as well as cautious buying from our customers,
leading us to anticipate relatively flat pricing. As a result, we
currently estimate earnings per diluted share for the 2007 fourth
quarter in a range of $.95 to $1.05," Hannah concluded.

Also during the quarter, the Company purchased 1,673,467 shares of
its common stock at an average cost of $49.10 per share under the
Stock Repurchase Plan. As of September 30, 2007, the Company had
repurchased a total of 12,750,017 shares of its common stock at an
average cost of $12.93 per share, since the Stock Repurchase Plan was
first adopted in December 1994. Repurchased shares are redeemed and
treated as authorized but unissued shares. At September 30, 2007 there
were 10,326,533 shares of the Company's common stock authorized for
repurchase under the Plan.

On July 18, 2007, the Board of Directors declared a regular
quarterly cash dividend of $.08 per share of common stock. The 2007
third quarter dividend was paid on September 14, 2007 to shareholders
of record August 24, 2007. 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 third quarter and
nine months results for the period ended September 30, 2007. All
interested parties are invited to listen to the web cast on October
18, 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
November 18, 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, South Korea and the United Kingdom,
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, the Fortune 2007
"100 Fastest Growing Companies" List, 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 Nine Months
Ended September 30, Ended September 30,
------------------------- -------------------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
Income Statement
Data:
Net sales $ 1,812,092 $ 1,626,208 $ 5,550,018 $ 4,173,416
Gross profit 439,964 432,069 1,409,913 1,122,127
Operating
profit(1) 170,943 192,478 588,193 494,453
EBITDA(2) 190,010 209,258 642,565 538,523
EBIT(2) 170,219 192,747 585,113 493,391
Pre-tax income 149,702 173,393 524,871 451,395
Net income 93,565 107,505 328,045 279,865
EPS - diluted(3) $ 1.22 $ 1.41 $ 4.28 $ 3.83
Weighted average
shares
outstanding --
diluted(3) 76,476,928 76,016,596 76,613,307 72,985,065
Gross margin 24.3% 26.6% 25.4% 26.9%
Operating profit
margin(1) 9.4% 11.8% 10.6% 11.8%
EBITDA margin(2) 10.5% 12.9% 11.6% 12.9%
EBIT margin(2) 9.4% 11.9% 10.5% 11.8%
Pre-tax margin 8.3% 10.7% 9.5% 10.8%
Net margin 5.2% 6.6% 5.9% 6.7%
Cash dividends per
share(3) $ .08 $ .06 $ .24 $ .16




September 30, December 31,
2007 2006
--------------- --------------
Balance Sheet Data:
Current assets $ 1,956,666 $ 1,675,389
Working capital 1,317,548 1,124,650
Net fixed assets 795,973 742,672
Total assets 4,151,071 3,614,173
Current liabilities 639,118 550,739
Long-term debt(4) 1,244,208 1,088,051
Shareholders' equity 2,023,993 1,746,398
Capital expenditures (year-to-date) 88,350 108,742
Net debt-to-total capital(5) 36.7% 37.6%
Return on equity(6) 23.1% 27.3%
Current ratio 3.1 3.0
Book value per share(3) $ 27.12 $ 23.07
Cash flow from operations per share(3),
(7) $ 7.37 $ 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 $4,657
and $4,956 as of September 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


September 30, December 31,
2007 2006
-------------- -------------
(Unaudited)
Current assets:
Cash and cash equivalents $ 106,003 $ 57,475


Accounts receivable, less allowance for
doubtful accounts of $19,665 at
September 30, 2007 and $16,755 at
December 31, 2006, respectively 807,798 666,273
Inventories 1,007,349 904,318
Prepaid expenses and other current
assets 20,820 22,179
Income taxes receivable 14,696 25,144
-------------- -------------
Total current assets 1,956,666 1,675,389
Property, plant and equipment, at cost:
Land 117,879 108,022
Buildings 415,263 385,851
Machinery and equipment 631,364 565,951
Accumulated depreciation (368,533) (317,152)
-------------- -------------
795,973 742,672

Goodwill 937,446 784,871
Intangible assets, net 402,000 354,195
Cash surrender value of life insurance
policies, net 43,861 41,190
Other assets 15,125 15,856
-------------- -------------
Total assets $ 4,151,071 $ 3,614,173
============== =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 402,796 $ 340,356
Accrued expenses 59,589 36,481
Accrued compensation and retirement
costs 82,571 92,905
Accrued insurance costs 36,123 34,475
Deferred income taxes 23,721 23,706
Current maturities of long-term debt 33,684 22,257
Current maturities of capital lease
obligations 634 559
-------------- -------------
Total current liabilities 639,118 550,739
Long-term debt 1,239,551 1,083,095
Capital lease obligations 4,657 4,956
Long-term retirement costs and other
long-term liabilities 55,854 46,111
Deferred income taxes 186,369 181,628
Minority interest 1,529 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 --
74,618,149 at September 30, 2007 and
75,702,046 at December 31, 2006,
respectively, stated capital
638,420 701,690
Retained earnings 1,362,230 1,046,339
Accumulated other comprehensive
income/(loss) 23,343 (1,631)
-------------- -------------
Total shareholders' equity 2,023,993 1,746,398
-------------- -------------
Total liabilities and shareholders'
equity $ 4,151,071 $ 3,614,173
============== =============




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


Three Months Nine Months
Ended September 30, Ended September 30,
-----------------------------------------------
2007 2006 2007 2006
----------- ----------- ----------- -----------

Net sales $ 1,812,092 $ 1,626,208 $ 5,550,018 $ 4,173,416
Other income, net 2,063 1,987 4,770 3,641
----------- ----------- ----------- -----------
1,814,155 1,628,195 5,554,788 4,177,057
Costs and expenses:
Cost of sales
(exclusive of
depreciation and
amortization shown
below) 1,372,128 1,194,139 4,140,105 3,051,289
Warehouse, delivery,
selling, general
and administrative 252,017 224,798 772,118 587,245
Depreciation and
amortization 19,791 16,511 57,452 45,132
Interest 20,517 19,354 60,242 41,996
----------- ----------- ----------- -----------
1,664,453 1,454,802 5,029,917 3,725,662
----------- ----------- ----------- -----------

Income from continuing
operations before
income taxes 149,702 173,393 524,871 451,395

Provision for income
taxes 56,137 65,888 196,826 171,530
----------- ----------- ----------- -----------
Net income $ 93,565 $ 107,505 $ 328,045 $ 279,865
=========== =========== =========== ===========


Earnings per share:
Income from continuing
operations - diluted $ 1.22 $ 1.41 $ 4.28 $ 3.83
=========== =========== =========== ===========
Weighted average
shares outstanding -
diluted 76,476,928 76,016,596 76,613,307 72,985,065
=========== =========== =========== ===========

Income from continuing
operations - basic $ 1.24 $ 1.42 $ 4.32 $ 3.87
=========== =========== =========== ===========
Weighted average
shares outstanding -
basic 75,609,783 75,451,585 75,896,299 72,315,779
=========== =========== =========== ===========

Cash dividends per
share $ .08 $ .06 $ .24 $ .16
=========== =========== =========== ===========

Reconciliation of EBIT and EBITDA
Income from continuing
operations before
income taxes $ 149,702 $ 173,393 $ 524,871 $ 451,395
Interest expense 20,517 19,354 60,242 41,996
----------- ----------- ----------- -----------
EBIT 170,219 192,747 585,113 493,391
Depreciation expense 17,004 14,793 49,602 40,429
Amortization expense 2,787 1,718 7,850 4,703
----------- ----------- ----------- -----------
EBITDA $ 190,010 $ 209,258 $ 642,565 $ 538,523
=========== =========== =========== ===========




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

Nine Months Ended
September 30,
----------------------
2007 2006
---------- ----------


Operating activities:
Net income $ 328,045 $ 279,865
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 57,452 45,132
Debt premium amortization -- (1,779)
Deferred income taxes (2,333) (1,297)
Gain on sales of machinery and equipment (1,115) (990)
Minority interest 283 227
Stock based compensation expense 7,569 4,336
Excess tax benefits from stock based
compensation (6,062) (1,769)
Decrease in cash surrender value of life
insurance policies 464 494
Changes in operating assets and liabilities
(excluding effect of businesses acquired):
Accounts receivable (66,632) (130,298)
Inventories 16,454 (172,732)
Prepaid expenses and other assets 15,586 9,593
Accounts payable and accrued expenses 34,976 (19,253)
---------- ----------
Net cash provided by operating activities 384,687 11,529

Investing activities:
Purchases of property, plant and equipment (88,350) (84,720)
Acquisitions of metals service centers and net
asset purchases of metals service centers, net
of cash acquired (257,640) (559,393)
Proceeds from sales of property and equipment 2,833 2,956
Tax distributions made related to a prior
acquisition (634) (894)
Net investment in life insurance policies (262) (279)
Proceeds from redemption of life insurance
policies 134 489
---------- ----------
Net cash used in investing activities (343,919) (641,841)

Financing activities:
Proceeds from borrowings 648,554 993,316
Principal payments on long-term debt and short-
term borrowings (558,155) (368,123)
Payments to former minority shareholders -- (1,291)
Dividends paid (18,216) (11,608)
Excess tax benefits from stock based
compensation 6,062 1,769
Exercise of stock options 11,047 2,852
Issuance of common stock 281 222
Common stock repurchase (82,167) --
---------- ----------
Net cash provided by financing activities 7,406 617,137
Effect of exchange rate changes on cash 354 194
---------- ----------
Increase/(decrease) in cash and cash equivalents 48,528 (12,981)
Cash and cash equivalents at beginning of period 57,475 35,022
---------- ----------
Cash and cash equivalents at end of period $ 106,003 $ 22,041
========== ==========

Supplemental cash flow information:

Interest paid during the period $ 45,395 $ 24,997
Income taxes paid during the period $ 183,734 $ 155,221

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