1
                                                                    EXHIBIT 20.2


                   [RELIANCE STEEL & ALUMINUM CO. LETTERHEAD]


                    RELIANCE STEEL & ALUMINUM CO. COMPLETES
                       ACQUISITION OF CHATHAM STEEL CORP.

     LOS ANGELES--July 7, 1998--Reliance Steel & Aluminum Co. (NYSE:RS) Tuesday
announced that it has completed the previously announced acquisition of Chatham
Steel Corp., a privately held metals service-center company with headquarters in
Savannah, Ga., for $68 million in cash.

     Chathman will operate as a wholly owned subsidiary of Reliance under its
current management team, led by Arnold Tenenbaum, president.

     Chatham has facilities in Columbia, S.C.; Durham, N.C.; Orlando, Fla.;
Jacksonville, Fla.; and Birmingham, Ala., as well as Savannah. The company's
products include primarily carbon-steel structurals, plate, pipe and tube,
bars, sheet and coil and some stainless steel. Chatham reported revenues of
approximately $166 million for the fiscal year ended Dec. 31, 1997.

     "Chatham is an excellent example of our continued emphasis on profitable
growth through selective, accretive acquisitions," said David H. Hannah,
president of Reliance Steel & Aluminum Co.

     "We look forward to combining our resources with Reliance, which will
enable us to continue to offer our customers the high-quality services that
both Chatham and Reliance are known for," said Tenenbaum.

     Reliance Steel & Aluminum Co., with headquarters in Los Angeles, is one of
the largest metals service-center companies in the United States.

     Through a network of 62 processing and distribution centers (including
American Steel LLC) in 20 states, the company provides value-added
metals-processing services and distributes a full line of more than 60,000
metal products. These products include galvanized, hot-rolled and cold-finished
steel; stainless steel; aluminum; brass; copper; and alloy steel to more than
40,000 customers in various industries.

     --30--

     CONTACT:  Reliance Steel & Aluminum Co., Los Angeles
               David H. Hannah, 213/582-2272
                    or
               Hill and Knowlton Inc.
               Kim P. Feazle, 713/752-1927