Reliance, Inc. (NYSE: RS)

Reliance operates a network of companies providing diversified metal solutions and is the largest metals service center company in North America based on revenues, with 2025 net sales of $14.29 billion. The company distributes a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. It processes and delivers these materials to meet customer specifications across a wide range of industries.

Reliance generates revenue primarily through the sale and processing of metal products sourced from mills and distributed to end users. Its core activities involve purchasing raw metals, providing value-added processing services such as cutting, leveling, sawing, machining and electropolishing, and delivering finished products to fabricators, manufacturers and other industrial customers. The company serves more than 125,000 customers across diverse sectors including consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics, semiconductor fabrication, industrial machinery and heavy industry.

The company operates through the following segments: metals service centers.

• Metals service centers: This segment encompasses the acquisition, processing and distribution of carbon steel, aluminum, stainless steel, alloy and other metal products from mills to meet customer specifications. Reliance provides a wide variety of processing services ranging from cutting, leveling or sawing to more complex processes such as machining or electropolishing. The segment operates under numerous trade names including Acero Prime, Admiral Metals Servicenter Company, Incorporated, Affiliated Metals, Alaska Steel Company, Aleaciones Especiales de Mexico, All Metal Services (Malaysia) Sdn. Bhd., All Metal Services France, All Metal Services Limited (United Kingdom), All Metals, Allegheny Steel Distributors, American Alloy Steel, American Metals, American Steel, AMI Metals, AMI Metals Europe SRL (Belgium), AMI Metals France, SAS, AMI Metals UK Limited, Best Manufacturing, Inc., Bralco Metals, CCC Steel, Central Plains Steel Co., Chapel Steel Canada, Ltd., Chapel Steel Corp., Chatham Steel Corporation, Clayton Metals, Inc., Continental Alloys & Services (Malaysia) Sdn. Bhd., Continental Alloys & Services Limited (UK), Continental Alloys & Services Middle East FZE (Dubai), Continental Alloys & Services Pte. Ltd. (Singapore), Cooksey Steel Company, Crest Steel Corporation, Custom Fab Company, Delta Steel, Diamond Manufacturing, DuBose National Energy Fasteners & Machined Parts, Inc., DuBose National Energy Services, Inc., Durrett Sheppard Steel Co., Inc., Earle M. Jorgensen, Earle M. Jorgensen (Canada), East Tennessee Steel Supply Company, Encore Metals, Feralloy, Feralloy PDM Steel Service, Feralloy Processing Company, Ferguson Perforating Company, FerrouSouth, Fox Metals and Alloys, Inc., Fry Steel Company, GH Metal Solutions, Good Metals Company, Gregor Technologies, Hagerty Steel & Aluminum Company, Haskins Steel Company, IMS Steel Co., Indiana Pickling and Processing Company (56%-owned), Infra-Metals, Infra-Metals / IMS Steel / Georgia Steel Company, i-Solutions, KMS, Lampros Steel, Liebovich Steel & Aluminum Company, LSI Plate, Lynch Metals, McKey Perforating Co., Metals USA, Metalweb Limited, MidWest Materials, National Specialty Alloys, Northern Illinois Steel Supply Co., Nu-Tech Precision Metals Inc., Olympic Metals, Oregon Feralloy Partners (40%-owned), Pacific Metal Company, PDM Steel Service Centers, Perforated Metals Plus, Phoenix Metals Company, Plate Sales, Port City Metal Services, Precision Flamecutting and Steel, Inc., Precision Strip Inc., Reliance Metalcenter, Reliance Metalcenter Asia Pacific Pte. Ltd. (Singapore), Reliance Steel Company, Rotax Metals, Service Steel Aerospace, Siskin Steel, Smith Pipe & Steel Company, Southern Steel Supply, Steel Bar, Sugar Steel, Team Tube, The Richardson Trident Company, LLC, The Steel Store, Tube Service Co., Tubular Steel, United Pipe & Steel Corp., Valex, Valex Korea Co., Ltd. (96%-owned), Valex Semiconductor Materials (Zhejiang) Co., Ltd., Viking Materials, Inc. and Yarde Metals.

Reliance holds a leading position in the highly fragmented North American metals service center industry, with its 2025 U. S. tons sold representing approximately 17% of the industry total according to MSCI reporting, up from 15% in 2024. The company competes with numerous regional and local service centers, national distributors and mills, but differentiates itself through its scale, broad product inventory, extensive processing capabilities and decentralized operating structure. Its competitive advantages include strong customer service, quick turnaround times, significant purchasing power from domestic mills and the ability to pass on raw material cost increases to customers in the spot market.

Reliance serves more than 125,000 customers across a wide variety of industries, including consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics, semiconductor fabrication, industrial machinery and heavy industry. The company's customer base includes small machine shops and fabricators that frequently place small, just-in-time orders, as well as larger original equipment manufacturers. In 2025, over 90% of sales orders came from repeat customers and the largest single customer accounted for only 0.6% of net sales, reflecting a highly diversified and unconcentrated customer base.