RS - Earnings call 4 2023 | Reliance Steel & Aluminum Co.

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Operator

Greetings, and welcome to Reliance, Inc. Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Kim Orlando, ADDO, Investor Relations. Thank you.

You may begin.

Kimberly Orlando

operator. you, Thank thanks conference and Full of for you XXXX Good to to discuss our call results. and Reliance's joining financial morning, all Fourth Year Quarter Officer; Lewis, I by and Officer. Arthur President and President Steve Vice Officer; Koch, Senior Chief and Chief am Operating Executive Karla Chief and joined Ajemyan, President Vice Executive Financial the our website of recording this of section call A investor.reliance.com. will Investors be posted on at

that numbers this it statement forward-looking included our CEO morning, disclosures release. I made and call turn Reliance. issued this reconciliation of note in will to Please The read the and the earnings of non-GAAP over during applies earnings in of statements are all reconciliations release Karla our to the President now part teleconference. the included adjusted Lewis,

Karla Lewis

us and discuss results. Good thank to quarter full joining for you year today and everyone, XXXX fourth our morning,

performance, dive please domain also today's our to new announcement name, of into I by coincide reflect been begin reliance.com. this Before change Inc. To highlighting our website like our has exciting that Reliance, our with name I'd corporate updated to to note announcement,

because metal. Over has so the words steel company name has to and evolved the than limited the years, much of our in more our be perception aluminum retaining corporate Reliance

and are employees levels returns metal companies to of We a stockholders. opportunities committed increasing our of our diversified solutions value customers, and family to providing to to our

of consistently our Reliance has while made our investments peers in excess industry-leading in results. far generating business

with stakeholders Reliance our that long-standing alone. as We as as these best-in-class for believe and name as credibility company. developments have focused we further become stronger a a all differentiate have Reliance more and stands collaborative our diversified, well made of reputation We

model company XX-year future. years values history and the our proud and as business and core are public XX We move remain into we anchored will forward to a of as our

our dedicated increasing and strong for customers our I'd results. of family to team our value thank companies Reliance delivered business focus of challenging to environment. throughout performance consistently their operational providing other keeping safe. like model in recognize levels XXXX financial on our a our each and to maintaining and executing Turning in while resilient

the collective earnings to our margin processing discipline top through These estimated capabilities. our gains profit increased end while in increase of the We history. significant continued due $XX.XX, annual strong to full volumes our highest pricing year our our market value-added per near second our to capital share of efforts share led and of reinvestment sustainable range maintaining XX.X%, and capacity gross

from $XXX.X Reliance operations generated into of cash a business and flow capital billion $X.XX record our invested annual through million expenditures. back

expansion Our fund approximately is X/X calendar new growth and enhance year improve our projects value-added our XXXX and will operating with million, facilities for $XXX that further CapEx upgrade to dedicated capabilities, markets. budget into

XXXX cash chain. carryover from approximately total to our and prior supply be XXXX which the CapEx extended outlay will projects due times expect throughout $XXX million, lead We includes some years

XXXX, We our our priorities to also continue dividends returning stockholders and in $XXX.X repurchases. return execute to capital on through share million

we Reliance position expands addition the standards, companies $XX announced their and delivery our Georgia February well-known a companies. Cooksey Iron we first sales in service in million X reputation growth premium On model. acquisitions quarter based metal to addition In strengthens efforts, direct approximately generated net in center X of of a is welcomed to our Metal XXXX. X, is the rapid Reliance of which family Reliance organic the Tifton, and for Southeastern strong service customer the the & market. in Cooksey in fast-growing and locations with family Cooksey's alignment to with of XXXX,

capabilities. alloy steel leading adds XX, XXXX, we a vessel distributor acquire into round specialty carbon American steel Alloy including and a entered had definitive And agreement plate Alloy to and bar, carbon Steel, American announced on February quality we transaction locations of regulatory pressure that next new days, product material. specialty close as as expected American Alloy's approval well within in closing X XXXX. The is portfolio to generated XX our of to and subject approximately to the conditions. plate fabrication customary net $XXX sales million

companies in continue by We array and are our accretive our of M&A to broad criteria a see to pursue for diversification pipeline, meet and disciplined market geography end those our product, earnings. opportunities and we'll the that enhance immediately well-managed that

with challenging In environment. were our pleased that in achieved summary, operating XXXX results we are a very

including and demand Our business and the market both in model metals present long-standing continuously end improving industry. execution cycles, fluctuations pricing economic throughout resilient enables

In see work many together to us. the we our level of to addition, for as family our creates opportunities continue increasing the on of across front future in of companies capitalize collaboration excitement we

XXXX year for is another milestone Reliance.

celebrate We XXth anniversary anniversary XXth as will public our and our a company.

be and employees. and our we suppliers, Reliance name to captures and of While been investors have always company changing will customers, logo, are who essence our always we the

metal. than more are We

We are of family a companies.

demand for strength. Thank We are call review industrial your who over all our today. I'll trends. pricing will turn now and XXXX Steve, time to the you

Stephen Koch

forefront to and the our and Reliance to strategy. prioritizing Karla, the for everyone. entire my of morning, I Thanks, family good for a to strong year express would also like safety at finish gratitude the

support as customers quick as continue well made rely Our growth deliveries valued on remain who initiatives. and through possible market who for by suppliers our of instrumental our also to cycles us high-quality our to all performance products us was

trends. I'll and now demand our to pricing turn

prior tons Our of X.X% the sold to X.X%. within up our up fourth quarter X.X% to range from expected were period,

in flat-rolled solid automotive compared contributions from nonresidential well construction, as full products. carbon plate, to aerospace, structural the reflecting underlying were activities our including across organic growth up For and as year, tons markets, X.X% demand several key sold XXXX,

in annually, tons well MSCI. We were the by particularly pleased increase share reported X.X% our growing a the we excess captured with market sold by in of XXXX X.X% by

in to as which better steel our Our quarter and of X% stabilized. quarter, $X,XXX sold of prices expected price selling than the aluminum came fourth slightly average from carbon X.X% X% range down third ton per was down

turn our groups, tubing, strong prior the structures, of growth X an products saw markets. sales. the about quarter I'll product X/X of to industry to Next, trends and end and outperformed these experienced Carbon our levels compared our All quarter. year shipment products plate largest key within overview we and fourth steel represented

the year, full construction sales volume For nonresidential by growth plate carbon products in fueled outperformance. structural our strong industry and supported

construction the various and nonresidential first state we long optimistic cautiously the infrastructure, for at are believe to programs And remain under infrastructure term, nonresidential infrastructure industrial will demand. support medium healthy new in reassuring We federal construction, of activity will including quarter in projects XXXX. efforts levels and public continued

approximately in quarter fourth comprising aluminum sequentially volumes with products both stainless fourth represented of XXXX, and of steel XX% to decline and about Aluminum Stainless total our and year-over-year. continued quarter the and stainless XX%. prices sales, products aerospace

our year However, prior as quarter demand. to aerospace fourth XXXX stabilized the of on strengthened shipments products increased prices aluminum compared

optimistic are will for defense demand We of the aerospace and in remain military, space healthy quarter commercial, XXXX. first

market We toll service in as which not the primarily operations, are reflected a our processing our automotive reminder, through sold. tons

business processed the demand compared more from tolling processing investments and last increase on continued market year increased capacity. to Our XXXX automotive in to our X.X% tons

UAW the shipments improved recovered year-over-year as concluded after modestly quarter fourth late in strike quickly demand Our October.

market automotive outlook the quarter positive. for remains first Our

collectively consumer range sales. modestly sectors among industrial by heavy products products others, equipment. through which improved general heavy X/X strength wide Shipments year-over-year, saw represent equipment, market, We a diverse and in in the of of machinery, driven manufacturing including

We in expect of levels healthy broader manufacturing will quarter sector demand the at XXXX. the first remain in

in fourth Sales stabilized but quarter. for sequentially the semiconductor the industry declined year-over-year

us we our confidence anticipate outlook growth as the prospects are and support Act and are justify arising opportunities. about this the our We increase in investments we active excited to long-term anticipated well as the that CHIPS to capacity activities for making give market under continuing further reshoring

results Arthur outlook. release Please over commentary to markets refer I on and financial now the diversification. our earnings for end will review our call turn to product our additional and to

Arthur Ajemyan

Thanks, good and morning, Steve, everyone.

Our XXXX income. and per some a inventory $X.XX $X.XX. non-GAAP of pricing been on lower-than-expected LIFO diluted outperformance. quarter per would in from share our along including a execution these and the effective Better-than-anticipated items, solid further tax to benefit have gross $X.XX, to with higher-than-expected for all fourth earnings earnings management, fronts, Adjusting rate margin profit surpassing at $X.XX, resilience, with guidance contributed share came non-GAAP our

the year margin range, XX.X% fourth quarter maintained gross of the full of for $XX.XX successfully full in outperformed We with We in per earnings in and all declining our billion across sales XXXX. sustainable industry prices second high end results. prevailing both XX.X% XXXX year, finished the and share, XXXX. volumes of products the impact in sales of mitigating in shipment nearly quarter grew both $XX.X and near the historical compared some to levels representing We highest profit our and fourth

XXXX gross long-term processing less performed the were outcomes profit of value-added XXXX. up on Our FIFO particularly as quarter from profit value-added investments are sales we price XX.X% which improved XX between improved replacement carbon effect our LIFO our costs in to products. method, by points inventory of inventory stainless our margin to of excludes value-added to XXXX, declining susceptible we monitor third compression performance, in compared in is in due to alignment the day-to-day basis a basis, which and orders, costs, operating to key margins processing gross steel environment. how roughly capabilities valuation On XX.X% these In XX.X% processing and

gross our LIFO margin in the for fourth prices Our in will earnings and future as inventory volatility $XXX.X gross LIFO the our income recorded profit generate million which currently We reduce million balance of $XXX.X of in method ended of lower million full We metal estimate. with both used margin quarter $XX and in reserve million estimate LIFO million We year, or benefited exceeding earnings income $XXX income our trend profit and a use XXXX. LIFO LIFO and to annual our $XX.X year periods. the sheet, XXXX. of in the of valuation the XXXX be

to will metal for always, quarterly account pricing we and As our inventory trends. expectations actual update cost

to on expenses. Moving

expenses million non-GAAP partially tons by lower which increased over compensation XXXX by from year with or variable offset X.X% from $XX.X were lower resulting last year SG&A incremental incentive-based associated full costs profitability. higher shipped, Our same-store

expenses reminder, to our of by decreased by leverage operating basis, a to and headcount year -- This to quarter expenses our relatively organic same in in rightsizing On partially the compared incentives offset the slightly model last down. increased ton is were profit better per due to normalized compared XXXX. normalizes as a decline As stable incentives growth business. support trends

our gears flow I'll balance now sheet discussion. to and switch cash

company-wide rate in came turn XXXX. our of in compared goal inventory in X.Xx Our X.Xx meeting XXXX, based at on to tons X.Xx

history. our impact strong XXXX, to cash but contributed healthy on flow our gross second helped rate of highest level also the turn of in billion margin, declining prices the only generation not in Our lessen inventory $X.XX profit

For operating in quarter, outstanding. the million $XXX.X in million of share expenditures, shares resulting repurchases, capital $XXX.X common of $XXX.X dividends cash million X.X% $XX.X of fourth cash in flow and funded reduction million a

February our XX, dividend to rate per our Directors of quarterly increased IPO. increase regular XXXX since dividend Board an share, our On annual of marking XXst the $X.XX XX%

cash paid years for We dividends consecutive regular have or reduction XX without suspension.

balance generation announced to billion sheet, repurchase recently us strong and be flow opportunistic. allow $X.X consistent Our authorization cash share

position our We financial enabled business support strong to approximately X are XX% while concurrently proud cash very into to our back XX% to net of flow of our over growth, past the of income us invest years. and the that returning our fact stockholders free has

the will quarter remain Overall, underlying I'll demand quarter market our of first with XXXX. first conclude in we outlook. relatively healthy expect end

We to typical XX% seasonality. to quarter, also the X% with first consistent shipping in volumes sequentially expect increase

quarter to per the for slightly, to first range based increase trends our on the will fourth of X% $X.XX side, on non-GAAP we expectations, the the expect these of stabilizing to up in average products. anticipate our of quarter the selling sold On ton Based for per compared first quarter pricing for diluted earnings X% share pricing many XXXX. we $X.XX price

now in remarks. To open This prepared the Reliance Thank participation. thank like for call to time, close, its this Operator? to concludes our for entire questions. And you at to drive team XXXX. I'd performance we'll your the industry-leading collaborative efforts

Operator

the Our question line Instructions] of Jancic Katja comes Capital [Operator from BMO Markets. first with

Katja Jancic

in at fair Is In would your XQ, say that is and higher? a profit assume a environment, volume it of general, your it sustainable end bit I the at margin gross pricing margin least declining moving your get higher that, to profit sustainable was compressed. in gross range. would

Karla Lewis

morning. for being call thanks Katja, on this the

our intent we're higher. our our profit our doing gross is it continuing as drive gross So more margin profit advanced to we're invest drive to higher to more in customers, processing to continue and more margin able equipment, for

the on intent. XX if profit margin is past improvement. the our our I see margin able it over And being years, look you X a inventory also sustainable. But at method hold We from LIFO will benefit back think to costing our gross with certainly being you more steady sustainable to

We them, continue to continuing our to invest with for customers to is CapEx. which lot do them, a more in opportunity see of we're why with

to and can't add but And to so we to that how intent you but that. Arthur, higher in when you drive ask it all move is know want that, want I our us to quantify continue do we try to but of do much, to higher, anything? do

Arthur Ajemyan

the quarterly margin quarter to has we LIFO down. that could an of on the you we catch-up. bumps on typically or basis And Yes. kind when refer basis, margins, Sure, Katja. certain annual talk up And have as move annual a fourth that sustainable

XX.X were your -- XX%, XX.X%. beg we're So I above still on annual we an pardon, basis,

point resets cost us LIFO sales to well So costs. yes, reminder a effectively make your for taken. And of replacement is that

takes So losses inventory out our results. it from effectively and gains

So operating of results. pricing that's results, from takes the cycles it's at a and least our us volatility out our helps it's better it view. been navigate actually operating -- metric And

Katja Jancic

follow-up profit margin just the this you at was XX.X%. as on this? a maybe Arthur, said, Because gross And year,

level, I What -- raise to to higher XX.X%. be is year, was current end the right? think above level? see would to have this same it range, you last would the the around it at What comfortable of and really you

Karla Lewis

comes, you When Katja, let time know. the we'll

Katja Jancic

remind I aerospace? exposure is us Okay. may. your to One more, you if Can what

Arthur Ajemyan

It's roughly XX%.

Karla Lewis

sales. Of

Arthur Ajemyan

Correct. Sales.

Operator

the Gibbs with Phil line Capital from of KeyBanc Our comes next Markets. question

Philip Gibbs

Did left you you you And to also have what how color CapEx much buyback? be? any on XXXX provide the do expected on

Karla Lewis

Yes.

our CapEx So is current budget approved million. XXXX $XXX

of year. have we probably So times, we of carryover prior from have those completed. that are Because won't initiate this years. projects, do will lead But all

as and we're projects. A last has years. estimating the of cash $XXX lot So current-year -- that growth-related, from it going spend, prior most been million of the door that out a about for is several

new mentioned just our more to I our to capabilities. and continue value with in geographic processing find new greenfields Katja, into to go we As provide broaden ways areas, products customers,

a of our $X.X then see got And Arthur? continue share we do repurchase, to lot opportunity on we've that. to So billion,

Arthur Ajemyan

Correct. $X.X billion, left, yes.

Philip Gibbs

some we're the what levels, is. at figure the up catch-up? accrual not And you trying my I in to in unusually, model, OpEx the least seasonally is quarter, fourth think were which sequentially just typical. baseline Did out have right

Arthur Ajemyan

Yes.

So, There But business shipped. as a in little decline. declined Well, about, yes, we've Normally, over growing talked a good bit it's question. been we of sequentially. X% growth organically the is year-over-year. volumes fourth quarter they

is some is relatively terms at you think So absolute the growth. it, dollars that I increases of look just in if organic And a amount. of sequential small our

Philip Gibbs

in of terms rest unusual nothing the catching from year. up So the of

infrastructure? building probably -- little building bit just more You're a

Arthur Ajemyan

Correct.

Philip Gibbs

I Okay. have did here. in one more

on the the You you a in I mark-to-markets history expect being second did away first these to generally make deals right a deals don't quarter contribute And start given quarter? that couple in accretive speaking, but inventory, given recently. lot of know, just would of

Karla Lewis

one accretive. for are Phil, Well, immediately acquisitions our criteria they're Yes. that of

Reliance's So good, changed that we acquisitions buy hasn't well-run, strategy profitable on businesses.

hopefully, them -- So we listening. and expect they're

them results. to expect based their past be We accretive on immediately

We that reason to welcoming We're would the be to have no that, family. excited think the about not case. them

Philip Gibbs

deals The or revenue in splice these carbon is mixed metals? amongst X largely between

Karla Lewis

in that and close begin make would able closed. at time rolling their February close numbers we go come And to then in to yet then. reminder, we Alloy already that, our carbon. American we'll our primarily the regulatory X, is an just approval, through Cooksey, Yes, -- so And did into announcement that a they not has numbers so they're now. are numbers

Operator

question Seaport Our Englert comes of with Instructions] Research the next Partners. from line Martin [Operator

Martin Englert

the sequential Question high on range. the end guidance volume of at

I generally it I Or release implies where think Could misinterpreting am just would year-on-year? The end you was that positive remarks. market year-on-year that marginally be touch in volumes. with weakness that? that it be and could the down prepared commentary on

Arthur Ajemyan

very asked you a Martin. good No, question,

you in we forward quarter as pull first was As out had quarter flat-rolled the unusually our first we fourth demand the called and from increase rising recall, carbon quarter year, from last it prices. some sequentially strong, may

QX navigated seasonality tons were sequentially declines, as QX from little a were 'XX of from our of year, which then almost perspective. to the going there So a XX%. increased we of rest 'XX, sort atypical of the And

So again unusually that you due when look 'XX. QX perspective, it of QX 'XX at of of is you're strong bit really from see decline, which to going 'XX to QX that little of to a

Karla Lewis

Yes. I it healthy QX our more We XXXX. of see implying weakness. demand would just I want to say we're And buying customers. still sure patterns was make not some in of

Martin Englert

be I guess, would year-on-year noise in underlying -- trend more if the was in markets, and it exhibited demand you XQ that so see negatively there I in fundamental expect, today, comparing you XQ volumes But should year-on-year? was that. these after based the growth seasonal some okay, end remaining what to we in meaning rather atypical expect on on guess, positive following in marginally in comparison on you're volumes and the quarters? Meaning some

Karla Lewis

mean out in certainly going did to they pushing were outperformed shipment made a investments intent job And and strategic. investments the continue profitable That was that's after because that's It smart teams of making what because was there, We the grow to XXXX. We've our in very out our I levels. MSCI that. we've business companies great doing we're of successful and field been in organically. our for.

there. a there still chip, time, of and we all the through reshoring nearshoring, coming good We that think are demand at the underlying tailwinds the infrastructure, think this is out lot We positive. are

out, this there know long quarter see to enough in but excited are a opportunities we're there XXXX, that we that but also been that we this things but about guidance are control, out the business certain expect we've time. give positive can't we in and at only we're we positive we So are

Martin Englert

on the corresponding what each? to XXXX for one in saw sales of I the X of you is them And Can helpful. That's understand very but volumes pending, you the touch acquisitions?

Karla Lewis

but important to Yes. important numbers, Martin, the we're going not I overall, beyond they to tons. mean And disclosed at sales nothing that. won't our we're volumes -- excited family, about it nothing their and businesses, we've time. are it's -- move be that, this But materially additions on

Martin Englert

gross margin comment you the able on Reliance? to Are to profile relative qualitatively

Karla Lewis

it's mean very their I businesses. individual -- talk -- But margins will gross profit profitable -- we're expand some are there to opportunities Yes. companies do unless good about transaction. that we performing material I from that not currently. we a do typically don't we say But they they help excited -- do we where see we are

the the companies Some pricing Reliance and can family processing, we have value-added them think to really bring we help we on of expertise that the work throughout and and discipline.

solid to already levels, not think we but give we're profitability upside their specific there's So numbers. to going

Martin Englert

price volume opportunistically $X.X you million. last share typically could, remarks, term on but XQ million increased highlight quarter-on-quarter If earlier Okay. repurchases how versus prepared to repurchase I That's in today? your helpful. And did the repurchased, in and in looking lower I The repurchases. XQ. one thinking the ahead, of $X.X think one you the more are near is you The average repurchase prices with about both

Karla Lewis

Yes.

our have allocation each in to So And those be position our doesn't The we view we fact a look or opportunistically back -- buckets like all to one ability how of got share any financial holding where -- couple Martin, at We've capital we in try of we're we of repurchases of we our change. don't active all acquisitions buckets. that that. one. announced shares the impact have doesn't that where repurchase another a

timing trades when the to active that consistent the lot we QX, continue right So period. think with during we to stock market, be is which how QX. A on depends expect in it's the

Arthur Ajemyan

remaining And that back and a have our $X.X authorization. on Martin, just billion, authorization $X.X quick to We reminder. we October billion refreshed in

that's some of forward? the number XX% years. was that remarks, provided that prepared guiding over last No. mean roughly historical returns, cash in total Does the X-year So flows figures going we we're our to free on which X

Karla authorization and opportunities we largely the when themselves. on the that at As to opportunistically, kind look the act said, we of that able be have balance the sheet to and cash and flows present

Martin Englert

not bound target the well, you and on framework trended? there the guess, some to or that really Is that return necessarily, as necessarily a opportunity by bound based minimum not the I the last -- have might -- lower set? dividends best any that would Is like years it's X Or be to there lower repurchases?

Karla Lewis

we policies are allocation growth, organic Martin, buckets, opportunistic to capital our all as markets. share selling because in Yes. be whether formal try don't mentioned, dividends, cyclical because just I repurchases. we into it's We of set acquisitions,

best of the we have to want to use us at the we allow is what So flexibility time. to capital do think the

we have stockholders for policies capital company. our any to trying allocator a than established So grow and good our be don't other and that formal reward

Operator

Our next of line question is a Phil follow-up question from Gibbs. the

Philip Gibbs

headlines Just in right what the half in volatility automotive the Because of lot seeing back there now? from are was auto year in a broadly the I market the strike. last speaking, know of you

Karla Lewis

Phil. Yes,

to So price service metal. inspecting, market any that shifting automakers. And as automotive predominantly that delivering, process more we servicing invest where done selling a processing, that the mills do. ownership those great content. we're are we that markets, what the in like toll and servicing companies which at Typically, are aluminum to for job to very through the not been be metal, business risk in that they good And of companies. our there's market our out able do way, us. the metal to more storing taking also processing, We've we the They've do aluminum the take customers continuing

which automotive-related businesses, up X.X%. about processing toll were our in volumes are processing our year, last And XX%

one for basis. that it would few also didn't for though because was strikes, but there erratic customer, little typically and because be hit down. for stoppages a again, of year it partly on it good a one so platform investments a broad It periods the was were a even our certain us, was And during us growth,

too strike wasn't were for lot customers So us. the A of broad-based coming. anticipating our it

so for And them to strike came them worked back quickly a we more build pretty little when prior to try inventory it and with ended. to up that, the

So and we to to to on we're invest continuing capacity impact that. positive a busy. we didn't be automotive increase forward. from And see big continue We're there, going

Philip Gibbs

a modeling clarity. just for then question And

was largely robust in Does income QX. other your that interest the capture pretty cash on The balance? income

Arthur Ajemyan

That's correct, income life but in Phil. the And insurance there's majority vast that income our interest some of is on there, cash.

Philip Gibbs

then more for could And Perfect. you come on you're starting of in looking semis infrastructure. in just is I some 'XX? market to there in know not investments that back? sneak I one Are the if a you've of made years. that good some growth couple spending see last that Or

Karla Lewis

Yes.

the year the mode, for think some smaller up investment in ramping growth, would but with we Texas, I in look They're now. they're the a our facility new production for the in So starting construction XXXX, where business. side kind is now, business project of a is more The of right impacted they're industry negatively little equipment of the than slower. semiconductor side

capacity Texas is Our expansion larger not facility in yet live.

they're in mode. So build still

haven't we of out seen So new yet. investment that anything

QX, the was -- busy, an industry inventory bit still see they're we But really did buildup. semiconductor but a of there in

on upon into side the A the some projects. it, there So because our we're lot And and of improvement. that. positive construction starts customers pace we'll though, dependent XXXX is through to see that that have on start build been some they've working going some the stops been of

Operator

Karla it remarks. question-and-answer to for our to like back session. closing concludes That Lewis I'd hand

Karla Lewis

later today. I'd we our your joining continued BMO to all and everyone, remind Thank and before for again of close for at like month Thanks the to support Florida we there. call, of And many call out that this in to Conference, XXrd everyone you we be you Annual Materials will again, Critical Mining the Metals, see Global hope of Reliance. presenting you

Operator

and you this gentlemen, Thank conclude your does for today's teleconference. Ladies participation.

your disconnect and may time, this wonderful have lines You day. at a

Reliance Steel & Aluminum (RS) 15 Feb 242023 Q4 Earnings call transcript