Here are 1-3 brief analogies for Reliance (symbol: RS):

• The Grainger of industrial metals.
• The Sysco of industrial metals.

• Metal Products Distribution: Reliance distributes a wide array of metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel.
• Metals Processing Services: The company provides various metals processing services to cater to the specific needs of diverse industries.
• Specialty Metal Manufacturing: Reliance manufactures specialty extruded metals, fabricated parts, and welded components.

Reliance Steel & Aluminum Co. (symbol: RS) sells primarily to other companies (business-to-business). The provided information does not list specific major customer companies by name or their public symbols. Instead, it describes the types of businesses it serves.

Its primary customer base includes:

• Original Equipment Manufacturers (OEMs)
• Small Machine Shops
• Fabricators

These customers operate across a diverse range of industries, including general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

Karla R. Lewis — President and Chief Executive Officer

Karla R. Lewis was appointed President and Chief Executive Officer of Reliance Steel & Aluminum Co. (now Reliance, Inc.) effective January 1, 2023. She joined Reliance in 1992 as the company's first Corporate Controller. She served as Chief Financial Officer from 1999 until January 2021, and was promoted to President in January 2021. Before joining Reliance, she began her career as a public accountant with Ernst & Young. She has been involved in all 76 of Reliance's acquisitions. Ms. Lewis also serves as a director of Goodyear Tire & Rubber Co.

Arthur Ajemyan — Senior Vice President, Chief Financial Officer and Principal Accounting Officer

Arthur Ajemyan became Senior Vice President, Chief Financial Officer in February 2022, after having been promoted from Vice President. He was promoted to Vice President, Chief Financial Officer effective January 15, 2021.

Stephen P. Koch — Executive Vice President, Chief Operating Officer

Stephen P. Koch was promoted to Executive Vice President and Chief Operating Officer in July 2022. Prior to that, he served as Senior Vice President, Operations since April 2010. From July 2007 until he joined Reliance Corporate Operations, Mr. Koch was President of Chapel Steel Corp., a subsidiary of Reliance.

William A. Smith II — Senior Vice President, General Counsel and Corporate Secretary

William A. Smith II was appointed Senior Vice President, General Counsel and Corporate Secretary in May 2015. He joined Reliance following the company's acquisition of Metals USA in April 2013. Prior to joining Metals USA, he served as Senior Vice President, Chief Legal Officer, and Secretary at Metals USA Holdings Corp. from August 2009 to May 2013. He also held roles as Senior Vice President, General Counsel, Secretary, and Director of Corporate Development at Cross Match Technologies, Inc. from July 2005 to August 2008, and was a Partner in the Corporate & Securities practice group at DLA Piper from June 1999 to June 2005.

Michael R. Hynes — Senior Vice President, Operations

Michael R. Hynes was promoted to Senior Vice President, Operations effective July 1, 2022. Previously, he served as president of Phoenix Metals, a wholly-owned subsidiary of Reliance, overseeing a network of 14 metal service center locations across the U.S. Mr. Hynes has 34 years of experience in the metals service center industry, with the last 17 years at Reliance.

Key risks to Reliance Steel & Aluminum Co. (symbol: RS) include:

1. Metal Pricing Volatility and Margin Pressure: Reliance Steel & Aluminum Co. is significantly exposed to the volatility of commodity prices, which can lead to pressure on its profitability margins. While the company has demonstrated resilience in managing these fluctuations, it faces challenges from metal pricing volatility and, at times, excess inventories, contributing to margin compression.

2. Economic Sensitivity and Macroeconomic Uncertainty: As a diversified metal solutions provider, Reliance's business performance is closely tied to the health of the industrial economy and specific end markets like non-residential construction, transportation, and aerospace. Macroeconomic uncertainties or downturns, both domestically and internationally, can impact demand for its products and services.

3. Cost Inflation: The company faces ongoing risks from persistent cost inflation, particularly related to raw material and wage expenses. If these increased costs cannot be fully passed on to customers through pricing, they could dilute profit margins.

Reliance, Inc. (symbol: RS) operates in several large addressable markets, primarily within the United States and Canada, for its diverse range of metal products and processing services. The company serves various industries, including general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.

Key addressable markets for Reliance's main products and services include:

• Metals Service Centers (U.S.): The U.S. metal service center and distributor industry generates approximately $299.3 billion annually.
• Steel (U.S.): The United States steel market size reached USD 141.9 billion in 2025 and is projected to grow to USD 164.9 billion by 2034.
• Aluminum (U.S.): The U.S. aluminum market was valued at USD 14.32 billion in 2024 and is expected to reach USD 21.36 billion by 2032.
• Specialty Steel (Global): The global special steel market size is estimated at USD 242.15 billion in 2025 and is expected to reach USD 283.59 billion by 2030.
• Metal Fabrication (U.S.): The metal fabrication market in the U.S. was valued at US$362.4 billion in 2020 and is projected to exceed US$ 473.7 billion by 2031.
• Aerospace Materials (U.S.): The U.S. aerospace and defense materials market generated a revenue of USD 9,960.2 million in 2023 and is expected to reach USD 13,761.5 million by 2030.
• Construction Materials (U.S.): The U.S. construction materials market was valued at USD 146.8 billion in 2022.

For Reliance Steel & Aluminum Co. (RS), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Sustained Strength in Non-Residential Construction: The non-residential construction sector, Reliance's largest end market by volume, is anticipated to remain robust. This growth is primarily fueled by ongoing data center, manufacturing facility, and infrastructure projects, which drive demand for the company's metal products.
2. Market Share Gains: Reliance has consistently demonstrated its ability to capture market share by outperforming the broader industry in tons sold. This competitive advantage is attributed to the company's deliberate, diversified strategy and its ability to leverage scale and specialized services, pushing its estimated U.S. market share to approximately 17.1% in Q3 2025, up from 14.5% two years prior.
3. Expansion of Value-Added Processing Services: The company is strategically focusing on providing higher-value, processed metal, rather than just selling raw materials. Orders that include specialized processing, such as cutting, bending, and shaping, have increased from 40% to 50% of total orders, which is expected to drive higher gross profit margins and revenue.
4. Strategic Acquisitions: Reliance completed four key acquisitions in 2024 and continues to prioritize a disciplined mergers and acquisitions (M&A) strategy. These acquisitions are aimed at enhancing the company's geographic reach, expanding its value-added capabilities, and strengthening its margin profile, thereby contributing to future revenue growth.
5. Pricing Discipline and Stability in Metal Prices: While metal pricing can be volatile, Reliance's strategic pricing and operational efficiency are expected to support revenue. The company anticipates average selling prices to rise or remain stable in certain product lines, particularly carbon steel and aluminum, positively impacting gross margins and overall profitability.

Share Repurchases

• Reliance repurchased $594.1 million of its common stock in 2025, which reduced outstanding shares by 4%. The company returned $849 million to stockholders through dividends and buybacks in 2025.
• In 2023, the company repurchased $479.5 million of common stock. Total returns to stockholders through dividends and share repurchases reached $718 million in 2023.
• The share repurchase plan was replenished to $1.5 billion effective October 30, 2023, with no set expiration date, and approximately $763 million remained available under this program as of early 2026.

Outbound Investments

• In February 2024, Reliance acquired American Alloy Steel, which had approximately $310 million in annual net sales in 2023, adding specialty carbon steel plate and new fabrication capabilities.
• Also in February 2024, Reliance completed the acquisition of Cooksey Iron & Metal Company, which had approximately $90 million in annual net sales in 2023, to strengthen its presence in the fast-growing Southeastern United States market.
• Other recent acquisitions include Southern Steel Supply in May 2023, and Rotax Metals, Admiral Metals, and New Tech Precision Metals, all in December 2021.

Capital Expenditures

• Reliance's capital expenditures were $328.9 million in 2025. The expected capital expenditure budget for 2026 is $275 million, with total spending including carryover anticipated to be between $300 million and $325 million.
• Over 50% of the capital expenditure budget is dedicated to growth projects.
• The primary focus of these capital expenditures is on investing in advanced value-added processing equipment, upgrading facilities, and expanding into new markets to enhance capabilities and foster organic growth.