RELIANCE, INC., 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Cover Abstract      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Securities Act File Number 001-13122    
Entity Registrant Name RELIANCE, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-1142616    
Entity Address, Address Line One 16100 N. 71st Street, Suite 400    
Entity Address, City or Town Scottsdale    
Entity Address, State or Province AZ    
Entity Address, Postal Zip Code 85254    
City Area Code 480    
Local Phone Number 564-5700    
Title of 12(b) Security Common Stock, $0.001 par value    
Trading Symbol RS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 15,790,000,000
Entity Common Stock, Shares Outstanding   52,972,079  
Entity Central Index Key 0000861884    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Los Angeles, California    
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENT OF INCOME      
Net sales $ 13,835.0 $ 14,805.9 $ 17,025.0
Costs and expenses:      
Cost of sales (exclusive of depreciation and amortization shown below) 9,728.4 10,258.6 11,773.7
Warehouse, delivery, selling, general and administrative 2,666.2 2,562.4 2,504.2
Depreciation and amortization 268.7 245.4 240.2
Impairment 11.7    
Total costs and expenses 12,675.0 13,066.4 14,518.1
Operating income 1,160.0 1,739.5 2,506.9
Other (income) expense:      
Interest expense 40.3 40.1 62.3
Other (income) expense, net (20.2) (41.3) 14.2
Income before income taxes 1,139.9 1,740.7 2,430.4
Income tax provision 261.9 400.6 586.2
Net income 878.0 1,340.1 1,844.2
Less: net income attributable to noncontrolling interests 2.8 4.2 4.1
Net income attributable to Reliance $ 875.2 $ 1,335.9 $ 1,840.1
Earnings per share attributable to Reliance stockholders:      
Basic (in dollars per share) $ 15.7 $ 22.9 $ 30.39
Diluted (in dollars per share) $ 15.56 $ 22.64 $ 29.92
Shares used in computing earnings per share:      
Basic (in shares) 55,746 58,328 60,559
Diluted (in shares) 56,246 59,015 61,495
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME      
Net income $ 878.0 $ 1,340.1 $ 1,844.2
Other comprehensive (loss) income:      
Foreign currency translation (loss) gain (44.0) 8.3 (28.8)
Pension and postretirement benefit adjustments, net of tax 5.5 1.3 11.4
Total other comprehensive (loss) income (38.5) 9.6 (17.4)
Comprehensive income 839.5 1,349.7 1,826.8
Less: comprehensive income attributable to noncontrolling interests 2.8 4.2 4.1
Comprehensive income attributable to Reliance $ 836.7 $ 1,345.5 $ 1,822.7
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 318.1 $ 1,080.2
Accounts receivable, less allowance for credit losses of $23.2 at December 31, 2024 and $24.9 at December 31, 2023 1,342.0 1,472.4
Inventories 2,026.8 2,043.2
Prepaid expenses and other current assets 148.2 140.4
Income taxes receivable 60.4 35.6
Total current assets 3,895.5 4,771.8
Property, plant and equipment, net 2,544.9 2,248.4
Operating lease right-of-use assets 275.2 231.6
Goodwill 2,161.8 2,111.1
Intangible assets, net 1,007.2 981.1
Cash surrender value of life insurance policies, net 46.0 43.8
Other long-term assets 91.2 92.5
Total assets 10,021.8 10,480.3
Current liabilities:    
Accounts payable 361.9 410.3
Accrued expenses 144.4 118.5
Accrued compensation and retirement benefits 195.2 213.9
Accrued insurance costs 50.4 44.4
Current maturities of long-term debt 399.7 0.3
Current maturities of operating lease liabilities 61.4 56.2
Total current liabilities 1,213.0 843.6
Long-term debt 742.8 1,141.9
Operating lease liabilities 214.2 178.9
Long-term retirement benefits 26.9 25.1
Other long-term liabilities 56.8 64.0
Deferred income taxes 537.5 494.0
Total liabilities 2,791.2 2,747.5
Commitments and contingencies
Equity:    
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized Issued and outstanding shares-53,715 at December 31, 2024 and 57,271 at December 31, 2023 0.1 0.1
Retained earnings 7,334.7 7,798.9
Accumulated other comprehensive loss (115.2) (76.7)
Total Reliance stockholders' equity 7,219.6 7,722.3
Noncontrolling interests 11.0 10.5
Total equity 7,230.6 7,732.8
Total liabilities and equity $ 10,021.8 $ 10,480.3
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS    
Accounts receivable, allowance for credit losses $ 23.2 $ 24.9
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, Authorized shares 5,000,000 5,000,000
Preferred stock, issued shares 0 0
Preferred stock, outstanding shares 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, Authorized shares 200,000,000 200,000,000
Common stock, Issued shares 53,715,000 57,271,000
Common stock, outstanding shares 53,715,000 57,271,000
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 878.0 $ 1,340.1 $ 1,844.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 268.7 245.4 240.2
Impairment 11.7    
Provision for credit losses 2.2 3.5 3.4
Deferred income tax provision (benefit) 36.4 16.2 (6.7)
Stock-based compensation expense 56.8 65.0 65.3
Net loss (gain) on life insurance policies and deferred compensation plan assets 5.8 (0.5) 22.4
Other 4.3 (0.3) 4.8
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 167.4 95.6 105.7
Inventories 116.8 (41.5) 58.9
Prepaid expenses and other assets 27.2 37.3 17.4
Accounts payable and other liabilities (145.5) (89.5) (237.0)
Net cash provided by operating activities 1,429.8 1,671.3 2,118.6
Investing activities:      
Acquisitions, net of cash acquired (364.6) (24.0)  
Purchases of property, plant and equipment (430.6) (468.8) (341.8)
Proceeds from sales of property, plant and equipment 4.7 11.1 10.9
Other (13.2) (2.2) (17.6)
Net cash used in investing activities (803.7) (483.9) (348.5)
Financing activities:      
Net short-term debt repayments   (2.2) (2.2)
Proceeds from long-term debt borrowings 663.0    
Principal payments on long-term debt (663.3) (506.1) (0.3)
Cash dividends and dividend equivalents (249.7) (238.1) (217.1)
Share repurchases (1,093.7) (479.5) (630.3)
Taxes paid related to net share settlement of restricted stock units (42.8) (54.1) (39.7)
Other 10.1 (2.3) (3.0)
Net cash used in financing activities (1,376.4) (1,282.3) (892.6)
Effect of exchange rate changes on cash and cash equivalents (11.8) 1.7 (4.6)
(Decrease) increase in cash and cash equivalents (762.1) (93.2) 872.9
Cash and cash equivalents at beginning of year 1,080.2 1,173.4 300.5
Cash and cash equivalents at end of year 318.1 1,080.2 1,173.4
Supplemental cash flow information:      
Interest paid during the year 37.8 41.8 59.7
Income taxes paid during the year, net $ 244.9 $ 386.3 $ 692.4
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Reliance Stockholders'
Common Stock and Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Non-controlling Interests
Total
Balance at Dec. 31, 2021   $ 0.1 $ 6,155.3 $ (68.9) $ 7.2 $ 6,093.7
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     1,840.1     1,840.1
Cash dividends     (211.9)      
Dividend equivalents paid on vested restricted stock units     (5.2)      
Other comprehensive (loss) income       (17.4)   (17.4)
Comprehensive income         4.1 (4.1)
Capital contribution         0.3  
Dividends paid         (3.1)  
Stock-based compensation   65.3        
Taxes paid related to net share settlement of restricted stock units   (0.8) (38.9)      
Repurchase of common shares   (64.5) (565.8)      
Balance at Dec. 31, 2022 $ 7,087.4 0.1 7,173.6 (86.3) 8.5 7,095.9
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     1,335.9     1,335.9
Cash dividends     (233.2)      
Dividend equivalents paid on vested restricted stock units     (4.9)      
Other comprehensive (loss) income       9.6   9.6
Comprehensive income         4.2 (4.2)
Dividends paid         (2.2)  
Stock-based compensation   65.0        
Taxes paid related to net share settlement of restricted stock units   (17.0) (37.1)      
Repurchase of common shares   (48.0) (431.5)      
Excise tax on repurchase of common shares     (3.9)      
Balance at Dec. 31, 2023 7,722.3 0.1 7,798.9 (76.7) 10.5 7,732.8
Increase (Decrease) in Stockholders' Equity            
Net income attributable to Reliance     875.2     875.2
Cash dividends     (245.4)      
Dividend equivalents paid on vested restricted stock units     (4.3)      
Other comprehensive (loss) income       (38.5)   (38.5)
Comprehensive income         2.8 (2.8)
Acquisition         0.3  
Dividends paid         (2.6)  
Stock-based compensation   56.8        
Taxes paid related to net share settlement of restricted stock units   (25.7) (17.1)      
Repurchase of common shares   (31.1) (1,062.6)      
Excise tax on repurchase of common shares     (10.0)      
Balance at Dec. 31, 2024 $ 7,219.6 $ 0.1 $ 7,334.7 $ (115.2) $ 11.0 $ 7,230.6
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY                
Cash dividends declared per common share (in dollars per share) $ 1.2 $ 1.1 $ 1 $ 0.875 $ 0.6875 $ 4.4 $ 4 $ 3.5
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

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Principles of Consolidation

​

In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout the financial statements. The accompanying financial statements include the accounts of Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) and its subsidiaries (collectively “Reliance”, “the Company”, “we”, “our” or “us”). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting.

​

We have recast certain prior period amounts in the statements of equity and Note 6—“Property, Plant and Equipment, Net”, to conform to the current presentation.

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Business

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As a global diversified metal solutions provider, we operate a network of 320 locations in 41 U.S. states and 10 foreign countries (Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, the United Arab Emirates and the United Kingdom) at December 31, 2024 that provides value-added metals processing services and distributes a full line of more than 100,000 metal products.

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Accounting Estimates

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The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as allowances for credit losses, net realizable values of inventories, fair values and/or impairment of goodwill and other indefinite-lived intangible assets and long-lived assets, the amount of unrecognized tax benefits and other contingencies; the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from those estimates.

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Accounts Receivable and Concentrations of Credit Risk

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Trade receivables are typically non-interest bearing and are recorded at amortized cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a collect on delivery basis. Past due status of customer accounts is determined based on how recently payments have been received in relation to payment terms granted. Credit is generally extended based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. The allowance for credit losses reflects the expected losses on our trade receivables and is determined based on customer-specific facts and the consideration of historical loss information, current conditions and reasonable and supportable forecasts using a loss-rate approach. Amounts are written-off against the allowance in the period we determine the receivable is uncollectible.

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Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base, with limited exposure to any single customer account, and various industries into which our products are sold. We do not consider ourselves to have any significant concentrations of credit risk.

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Inventories

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The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. This method of valuation is subject to year-to-year fluctuations in cost of material sold, which is influenced by the inflation or deflation existing within the metal wholesaling industry as well as fluctuations in our product mix and on-hand inventory levels.

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Fair Values of Financial Instruments

​

Fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities and current maturities of operating lease liabilities approximate carrying values due to the short period of time to maturity. Fair values of long-term debt, which have been determined based on borrowing rates currently available to us or to other companies with comparable credit ratings, for loans with similar terms or maturity, approximate the carrying amounts in the consolidated financial statements, with the exception of our publicly traded senior unsecured notes with aggregate face values of $1.15 billion as of December 31, 2024 and 2023, respectively. The aggregate fair values of these senior unsecured notes based on quoted market prices were $1.09 billion and $1.07 billion at December 31, 2024 and 2023, respectively, compared to their aggregate carrying values of $1.14 billion. The estimated fair values of our senior unsecured notes are based on Level 2 inputs, including benchmark yields, reported trades and broker/dealer quotes. Fair values of our other financial instruments, which include deferred compensation plan assets held within grantor trusts, are comprised of marketable securities that are generally based on quoted market prices for identical instruments that trade in active markets.

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Cash Equivalents

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We consider all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. We maintain cash and cash equivalents with high credit quality financial institutions. The Company, by policy, limits the amount of credit exposure to any one financial institution.

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Goodwill and Other Indefinite-Lived Intangible Assets

​

Goodwill is the excess of purchase price over the fair value of identified assets and liabilities of businesses acquired. Other indefinite-lived intangible assets include amounts allocated to the trade names of businesses acquired. Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment at least annually.

​

We test for impairment of goodwill and intangible assets deemed to have indefinite lives annually and, between annual tests, whenever significant events or changes occur based on an assessment of qualitative factors to determine if it is more likely than not that the fair value is less than the carrying value. We have one operating segment and one reporting unit for goodwill impairment purposes. We calculate the fair value of the reporting unit using our market capitalization or the discounted cash flow method, as necessary, and compare the fair value to the carrying value of the reporting unit to determine if impairment exists. We perform our annual impairment evaluations of goodwill and other indefinite-lived intangible assets on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. We recorded an $11.2 million impairment loss on a trade name intangible asset with an indefinite life in 2024. No impairment losses were recognized related to other intangible assets with indefinite lives in 2023 and 2022. See Note 8—“Intangible Assets, Net” for further details of our impairment loss.

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Long-Lived Assets

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Property, plant and equipment is recorded at cost (or at fair value for assets acquired in connection with business combinations) and the provision for depreciation of these assets is generally computed on the straight-line method at rates designed to distribute the cost of assets over the useful lives, estimated as follows: buildings, including leasehold improvements, over five to 50 years and machinery and equipment over three to 20 years.

​

Intangible assets with finite useful lives are amortized over their useful lives. We periodically review the recoverability of our property, plant and equipment and intangible assets subject to amortization whenever events or changes in

circumstances indicate that the carrying amount of such assets may not be recoverable. We recognized $0.5 million of impairment losses for property, plant and equipment in 2024. We didn’t recognize any impairment losses for long-lived assets in 2023 and 2022.

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Leases

​

We determine if an arrangement is a lease at inception. Our lease agreements generally contain only lease components. Our lease payments are generally fixed with certain leases containing variable payments related to the Consumer Price Index (“CPI”) annual adjustments.

​

Right-of-use assets and lease liabilities are recognized on the balance sheet at the present value of the future lease payments at the lease commencement date. Certain of our lease terms include periods under renewal options when it is reasonably certain we will exercise that option. We generally include optional renewal periods when determining our lease terms and future lease payments. The interest rate used to determine the present value of future lease payments is our incremental borrowing rate that is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

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Operating lease cost is recognized on a straight-line basis over the lease term.

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Revenue Recognition

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We recognize revenue when control of metal products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and value-added taxes collected from customers are excluded from our reported sales. There are no significant judgments or estimates made to determine the amount or timing of our reported revenues. The amount of transaction price associated with unperformed performance obligations is not significant as of December 31, 2024 and 2023.

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Metal Sales

​

We have minimal long-term contract sales with our customers as we primarily transact in the spot market under fixed price sales orders. The majority of our metal product sales orders generally have only one performance obligation: sale of processed or unprocessed metal product. Control of the metal products we sell transfers to our customers upon delivery for orders with free on board (“FOB”) destination terms or upon shipment for orders with FOB shipping point terms. Shipping and handling charges to our customers are included in net sales. We account for all shipping and handling of our products as fulfillment activities and not as a promised good or service. Costs incurred in connection with the shipping and handling of our products are typically included in operating expenses whether we use a third-party carrier or our own trucks. In 2024, 2023 and 2022, shipping and handling costs included in Warehouse, delivery, selling, general and administrative (“SG&A”) expenses were $550.5 million, $525.9 million and $509.7 million, respectively. Shipment and delivery of our orders generally occur on the same day due to the close proximity of our customers and our metals service center locations.

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Toll Processing and Logistics

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Toll processing services relate to the processing of customer-owned metal. Logistics services primarily include transportation and storage services for metal we toll process. Revenue for these services is recognized over time as the toll processing or logistics services are performed. The toll processing services are generally short-term in nature with the service being performed in less than one day.

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Seasonality

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Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by

the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.

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Stock-Based Compensation

​

All of our stock-based compensation plans are considered equity plans. The fair value of stock awards and restricted stock units is determined based on the fair value of our common stock on the grant date. The fair value of stock awards and restricted stock units is expensed on a straight-line basis over their respective vesting periods, net of forfeitures when they occur. Stock-based compensation expense was $56.8 million, $65.0 million and $65.3 million in 2024, 2023 and 2022, respectively, and is included in the Warehouse, delivery, selling, general and administrative caption of our consolidated statements of income.

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Environmental Remediation Costs

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We accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from insurance policies and other parties are recorded as assets when their receipt is deemed probable. We are not aware of any environmental remediation obligations that would materially affect our operations, financial position or cash flows. See Note 17—“Commitments and Contingencies” for further discussion of our environmental remediation matters.

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Income Taxes

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We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax reporting bases of assets and liabilities using the enacted tax rates expected to be in effect when such differences are realized or settled. The effect on deferred taxes from a change in tax rates is recognized in income in the period that includes the enactment date of the change. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred tax assets and liabilities. We evaluate on a quarterly basis whether, based on all available evidence, it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.

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We perform a comprehensive review of our uncertain tax positions on a quarterly basis. Tax benefits are recognized when it is more likely than not that a tax position will be sustained upon examination. The benefit from a position that has surpassed the more-likely-than-not threshold is measured as the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.

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Foreign Currencies

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The currency effects of translating into U.S. dollars the financial statements of our foreign subsidiaries, which typically use the local currency of the countries in which they are located, are included in the Accumulated other comprehensive loss caption in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income in the Other (income) expense, net caption and amounted to gains of $1.9 million in 2024, and losses of $1.3 million and $6.2 million in 2023 and 2022, respectively.

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Governmental Assistance

​

In 2024, economic development bonds (“EDB”) issued by the Development Authority of Haralson County, Georgia were used to receive certain 13-year real and personal property tax abatements in Haralson County for the construction of

one of our metals service centers, included in the property, plant and equipment, net caption in the accompanying consolidated balance sheet at December 31, 2024. We are both EDB bondholders and the lessee of the property purchased with the EDB proceeds. The EDB assets and financial liabilities are equal and are reported net in the consolidated balance sheet. As of December 31, 2024, the assets and liabilities associated with the EDBs were $37.3 million.

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Impact of Recently Issued Accounting Standards—Adopted

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Segment Reporting—In November 2023, the Financial Accounting Standards Board (“FASB”) issued changes that require disclosure of significant expenses and other segment items included in the measure of segment profitability that the chief operating decision maker uses to assess segment performance and make decisions about resource allocation. We adopted the changes for the year ended December 31, 2024, on a retrospective basis. See Note 19—“Segment Information.”

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Impact of Recently Issued Accounting Standards—Not Yet Adopted

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Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes will be effective for our fiscal years beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact these changes will have on our income tax disclosures.

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Disaggregation of Income Statement Expenses—In November 2024, the FASB issued changes to expand the disclosure requirements for specific expense categories. The changes require disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. These changes will be effective beginning with our 2027 fiscal year and subsequent interim periods, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Acquisitions  
Acquisitions

Note 2. Acquisitions

​

On February 1, 2024, we acquired, with cash on hand, Cooksey Iron & Metal Company (“Cooksey Steel”), a metals service center that processes and distributes finished steel products, including tubing, beams, plates and bars. Headquartered in Tifton, Georgia, Cooksey Steel operates three locations, servicing a diverse range of customers.

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On April 1, 2024, we acquired American Alloy Steel, Inc. (“American Alloy”) with cash on hand. American Alloy, headquartered in Houston, Texas, operates five metals service centers and a plate fabrication business in the U.S. American Alloy is a distributor of specialty carbon and alloy steel plate and round bar, including pressure vessel quality (PVQ) material.

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On April 1, 2024, we acquired, with cash on hand, Mid-West Materials, Inc. (“MidWest Materials”), a flat-rolled steel service center that primarily services North American original equipment manufacturers. Headquartered in Perry, Ohio, MidWest Materials provides steel products including hot-rolled, high strength hot-rolled, coated, and cold-rolled products that are sold into the trailer manufacturing, agriculture, metal fabrication, and building products markets.

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On August 16, 2024, with cash on hand, we completed the acquisition of certain assets of the FerrouSouth division of Ferragon Corporation (“FerrouSouth”). FerrouSouth is a toll processing operation headquartered in Iuka, Mississippi, which provides flat-roll steel processing, logistics and warehousing services.

​

Included in our net sales for the year ended December 31, 2024 were combined net sales of $286.2 million from our 2024 acquisitions.

​

Our 2024 acquisitions have increased our capacity and enhanced our product, customer and geographic diversification. We have not diversified outside our core business of providing metal distribution and processing solutions since our inception.

​

The preliminary allocations of the purchase prices for our 2024 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows:

​

​

​

​

​

​

​

​

​

​

   

(in millions)

Cash

​

​

​

$

5.6

Accounts receivable

​

​

​

​

44.9

Inventories

​

​

​

​

109.9

Prepaid expenses and other current assets

​

​

​

​

1.0

Property, plant and equipment

​

​

​

​

107.5

Operating lease right-of-use assets

​

​

​

​

19.2

Goodwill

​

​

​

​

56.0

Intangible assets subject to amortization

​

​

​

​

39.5

Intangible assets not subject to amortization

​

​

​

​

41.4

Total assets acquired

​

​

​

​

425.0

Deferred income taxes

​

​

​

​

6.7

Operating lease liabilities

​

​

​

​

15.1

Other current and long-term liabilities

​

​

​

​

32.7

Total liabilities assumed

​

​

​

​

54.5

Noncontrolling interest

​

​

​

​

0.3

Net assets acquired

​

​

​

$

370.2

​

The completion of the purchase price allocations for our 2024 acquisitions are pending the completion of certain purchase price adjustments based on various pre-acquisition period income tax returns.

​

Summary purchase price allocation information for all acquisitions

​

All of the acquisitions discussed in this note have been accounted for under the acquisition method of accounting and, accordingly, each purchase price has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. The accompanying consolidated statements of income include the revenues and expenses of each acquisition since its respective acquisition date. The consolidated balance sheets reflect the allocations of each acquisition’s purchase price as of December 31, 2024. The measurement periods for purchase price allocations do not exceed 12 months from the acquisition date.

​

As part of the purchase price allocations for the 2024 acquisitions, we allocated $41.4 million to the trade names acquired. We determined that each of the trade names acquired in connection with these acquisitions had indefinite lives since their economic lives are expected to approximate the life of each company acquired. We recorded other identifiable intangible assets related to customer relationships for the 2024 acquisitions of $39.3 million with weighted average lives of 13.1 years and non-compete agreements of $0.2 million with lives of 5.0 years. The goodwill arising from our 2024 acquisitions predominantly consists of expected strategic benefits, including enhanced financial and operational scale, as well as expansion of acquired product and processing know-how across our enterprise. Goodwill of $31.4 million from our 2024 acquisitions is expected to be deductible for income tax purposes.

​

Unaudited pro forma financial information for all acquisitions

​

The unaudited pro forma summary financial results present the consolidated results of operations as if our 2024 acquisitions had occurred as of January 1, 2023, after the effect of certain adjustments, including lease cost fair value adjustments, amortization of inventory step-down to fair value adjustments included in cost of sales, depreciation and amortization of certain identifiable property, plant and equipment and intangible assets.

​

Pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the 2024 acquisitions been made as of January 1, 2023, or of any potential results which may occur in the future.

​

Pro forma sales were $13,943.5 million for 2024 and pro forma net income and earnings per share were comparable with our 2024 consolidated results.

​

​

​

​

​

Year Ended December 31,

​

2023

​

(in millions, except per share amounts)

Pro forma:

​

​

Net sales

$

15,312.8

Net income attributable to Reliance

$

1,361.7

Earnings per share attributable to Reliance stockholders:

​

​

Basic

$

23.35

Diluted

$

23.07

​
v3.25.0.1
Joint Ventures and Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
Joint Ventures and Noncontrolling Interests  
Joint Ventures and Noncontrolling Interests

Note 3. Joint Ventures and Noncontrolling Interests

​

The equity method of accounting is used where our investment in voting stock gives us the ability to exercise significant influence over the investee, generally 20% to 50%. The financial results of investees are generally consolidated when the ownership interest is greater than 50%.

​

Operations that are majority owned by us are as follows: American Alloys North Inc. in which our recently acquired,  wholly-owned subsidiary, American Alloys, has a 60% ownership interest; Indiana Pickling and Processing Company in which our wholly-owned subsidiary, Feralloy Corporation, has a 56% ownership interest; and Valex Corp.’s operations in South Korea, in which our wholly-owned subsidiary, Valex Corp., has a 96% ownership interest. The results of these majority-owned operations are consolidated in our financial results. The portion of the earnings related to the noncontrolling shareholder interests has been reflected in the Net income attributable to noncontrolling interests caption in the accompanying consolidated statements of income.

​
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventories  
Inventories

Note 4. Inventories

​

Our inventories are primarily stated on the LIFO method, which is not in excess of market. We use the LIFO method of inventory valuation because it results in a better matching of costs and revenues. The cost of inventories stated on the first-in, first-out (“FIFO”) method is not in excess of net realizable value.

​

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2024

    

2023

​

​

​

​

(in millions)

LIFO inventories—cost on FIFO method

​

​

​

$

2,033.4

​

$

2,087.3

Cost on FIFO method higher than LIFO value

​

​

​

​

(434.9)

​

​

(579.3)

Inventories—stated on LIFO method

​

​

​

​

1,598.5

​

​

1,508.0

Inventories—stated on FIFO method

​

​

​

​

428.3

​

​

535.2

​

​

​

​

$

2,026.8

​

$

2,043.2

​

The changes in the LIFO inventory valuation reserve were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

LIFO inventory valuation reserve income

$

144.4

​

$

164.5

​

$

76.6

​

Cost decreases for the majority of our products were the primary cause of the LIFO inventory valuation reserve adjustment resulting in credits, or income for all periods presented. There were insignificant liquidations of LIFO inventory quantities for all years presented.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenues  
Revenues

​

Note 5. Revenues

​

The following table presents our sales disaggregated by product and service:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Carbon steel

$

7,575.6

​

$

8,071.8

​

$

9,487.7

Aluminum

​

2,294.4

​

​

2,456.4

​

​

2,658.7

Stainless steel

​

2,068.8

​

​

2,336.7

​

​

2,877.4

Alloy

​

637.7

​

​

704.9

​

​

741.0

Toll processing and logistics

​

623.7

​

​

610.6

​

​

554.2

Copper and brass

​

311.2

​

​

304.6

​

​

336.7

Miscellaneous and eliminations

​

323.6

​

​

320.9

​

​

369.3

Total

$

13,835.0

​

$

14,805.9

​

$

17,025.0

​
v3.25.0.1
Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment, Net  
Property, Plant and Equipment, Net

Note 6. Property, Plant and Equipment, Net

​

Property, plant and equipment, net consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2024

    

2023

​

​

​

​

(in millions)

Land

​

​

​

$

297.2

​

$

281.7

Buildings

​

​

​

​

1,689.2

​

​

1,510.9

Machinery and equipment

​

​

​

​

2,643.2

​

​

2,435.5

Construction in progress

​

​

​

​

297.0

​

​

264.9

Property, plant and equipment, gross

​

​

​

​

4,926.6

​

​

4,493.0

Less: accumulated depreciation

​

​

​

​

(2,381.7)

​

​

(2,244.6)

Property, plant and equipment, net

​

​

​

$

2,544.9

​

$

2,248.4

​

As of December 31, 2024, 2023 and 2022, noncash investing activity included $7.3 million, $15.2 million and $6.3 million of capital expenditures, respectively, included in accounts payable and accrued expenses.
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill  
Goodwill

Note 7. Goodwill

​

The changes in the carrying amount of goodwill are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2023

​

​

​

​

​

​

$

2,105.9

Acquisition

​

​

​

​

​

​

​

2.5

Effect of foreign currency translation

​

​

​

​

​

​

​

2.7

Balance at December 31, 2023

​

​

​

​

​

​

​

2,111.1

Acquisitions

​

​

​

​

​

​

​

58.1

Effect of foreign currency translation

​

​

​

​

​

​

​

(7.4)

Balance at December 31, 2024

​

​

​

​

​

​

$

2,161.8

​

We had no accumulated impairment losses related to goodwill at December 31, 2024 and 2023.
v3.25.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net  
Intangible Assets, Net

Note 8. Intangible Assets, Net

​

Intangible assets, net, consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

Weighted Average

​

Gross

​

​

​

​

Gross

​

​

​

​

Amortizable

​

Carrying

​

Accumulated

​

Carrying

​

Accumulated

​

Life in Years

   

Amount

   

Amortization

   

Amount

   

Amortization

​

​

​

(in millions)

Intangible assets subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Customer lists/relationships

13.9

​

$

753.4

​

$

(559.6)

​

$

716.0

​

$

(520.5)

Backlog of orders

7.9

​

​

21.0

​

​

(8.2)

​

​

22.9

​

​

(6.0)

Other

9.3

​

​

10.2

​

​

(9.6)

​

​

10.0

​

​

(9.5)

​

​

​

​

784.6

​

​

(577.4)

​

​

748.9

​

​

(536.0)

Intangible assets not subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names

​

​

​

800.0

​

​

—

​

​

768.2

​

​

—

​

​

​

$

1,584.6

​

$

(577.4)

​

$

1,517.1

​

$

(536.0)

​

Changes in the carrying amount of intangible assets, net are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2023

​

​

​

​

​

​

$

1,019.6

Acquisition

​

​

​

​

​

​

​

3.9

Amortization expense

​

​

​

​

​

​

​

(43.8)

Effect of foreign currency translation

​

​

​

​

​

​

​

1.4

Balance at December 31, 2023

​

​

​

​

​

​

​

981.1

Acquisitions

​

​

​

​

​

​

​

80.9

Amortization expense

​

​

​

​

​

​

​

(42.6)

Impairment

​

​

​

​

​

​

​

(11.2)

Other

​

​

​

​

​

​

​

2.2

Effect of foreign currency translation

​

​

​

​

​

​

​

(3.2)

Balance at December 31, 2024

​

​

​

​

​

​

$

1,007.2

​

See Note 2—“Acquisitions” for further discussion of intangible assets recorded in the preliminary purchase price allocations of our 2024 acquisitions.

​

We recognized an impairment loss of $11.2 million in 2024 related to the write-off of the carrying amount of a trade name intangible asset pursuant to its discontinued use resulting from an operational restructuring.

​

The following is a summary of estimated future amortization expense:

​

​

​

​

​

​

​

​

​

​

   

(in millions)

2025

​

​

​

$

39.0

2026

​

​

​

​

29.5

2027

​

​

​

​

28.9

2028

​

​

​

​

27.4

2029

​

​

​

​

25.3

Thereafter

​

​

​

​

57.1

​

​

​

​

$

207.2

​
v3.25.0.1
Cash Surrender Value of Life Insurance Policies, Net
 12 Months Ended
Dec. 31, 2024
Cash Surrender Value of Life Insurance Policies, Net  
Cash Surrender Value of Life Insurance Policies, Net

Note 9. Cash Surrender Value of Life Insurance Policies, Net

​

The cash surrender value of all life insurance policies held by us, net of loans and related accrued interest, was $46.0 million and $43.8 million as of December 31, 2024 and 2023, respectively.

​

Our wholly owned subsidiary, Earle M. Jorgensen Company (“EMJ”), is the owner and beneficiary of life insurance policies on all former nonunion employees of a predecessor company, including certain current employees of EMJ. These policies, by providing payments to EMJ upon the death of covered individuals, were designed to provide cash to EMJ in order to repurchase shares held by employees in EMJ’s former employee stock ownership plan and shares held individually by employees upon the termination of their employment. Reliance is also the beneficiary of key person life insurance policies held by a grantor trust for the benefit of participants of the Reliance, Inc. Supplemental Executive Retirement Plan.

​

Cash surrender value increases by a portion of premiums paid and from interest and investment earnings and decreases by cost of insurance charges, investment losses and interest on policy loans, as applicable.

​

Annually, we borrow against the cash surrender value of policies to pay a portion of the premiums and accrued interest owed on loans against those policies. We borrowed $80.8 million, $75.6 million and $73.1 million, respectively, against the cash surrender value of certain policies, which was used to partially pay premiums and accrued interest owed of $103.0 million, $96.5 million and $93.0 million in 2024, 2023 and 2022, respectively. The interest rate on outstanding borrowings under the EMJ life insurance policies is fixed at 11.76% and the portion of the policy cash surrender value that the borrowings relate to earns interest and dividend income at 11.26%. The unborrowed portion of the policy cash surrender value earns income at a rate commensurate with certain risk-free U.S. Treasury bond yields but not less than 4.0%. All other life insurance policies earn investment income or incur losses based on the performance of the underlying investments held by the policies.

​

We received proceeds from the redemption of life insurance policies of $8.6 million, $12.5 million and $7.3 million in 2024, 2023 and 2022, respectively.

​

As of December 31, 2024 and 2023, loans and accrued interest outstanding on EMJ’s life insurance policies were $962.9 million and $897.9 million, respectively.

​

Payments for premiums and interest owed on policy loans, net of proceeds from policy borrowings and redemptions are included as other investing activities in the accompanying consolidated statements of cash flows.

​

Income earned on our life insurance policies and redemptions, interest expense on borrowings against cash surrender values and cost of insurance charges are included in the Other (income) expense, net caption in the accompanying consolidated statements of income as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Investment income from life insurance policies

$

(101.4)

​

$

(97.5)

​

$

(85.2)

Interest expense on life insurance policy loans

​

103.5

​

​

98.4

​

​

91.6

Life insurance policy cost of insurance

​

17.6

​

​

16.9

​

​

15.7

Income from life insurance policy redemptions

​

(8.1)

​

​

(11.7)

​

​

(6.6)

Life insurance policy expense, net

$

11.6

​

$

6.1

​

$

15.5

​
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt  
Debt

Note 10. Debt

​

Debt consisted of the following:

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

2024

   

2023

​

(in millions)

Unsecured revolving credit facility maturing September 10, 2029

$

—

​

$

—

Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025

​

400.0

​

​

400.0

Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030

​

500.0

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036

​

250.0

​

​

250.0

Other notes

​

1.1

​

​

1.4

Total

​

1,151.1

​

​

1,151.4

Less: unamortized discount and debt issuance costs

​

(8.6)

​

​

(9.2)

Less: amounts due within one year

​

(399.7)

​

​

(0.3)

Total long-term debt

$

742.8

​

$

1,141.9

​

The weighted average effective interest rate on the Company’s outstanding borrowings as of December 31, 2024 and 2023 was 3.02%.

​

Unsecured Credit Facility

​

On September 10, 2024, we entered into a $1.5 billion unsecured five-year Second Amended and Restated Credit Agreement (“Credit Agreement”) that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of December 31, 2024, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.00% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.10% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty.

​

As of December 31, 2024 and 2023, we had no outstanding borrowings on the revolving credit facility. We had $1.1 million and $1.4 million of letters of credit outstanding under the revolving credit facility as of December 31, 2024 and December 31, 2023, respectively.

​

Senior Unsecured Notes

​

Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest.

​

Other Notes, Revolving Credit and Letter of Credit/Letters of Guarantee Facilities

​

A wholly owned subsidiary in China has a revolving credit facility with a credit limit of $7.5 million as of December 31, 2024 with no outstanding balance as of December 31, 2024 and 2023.

​

Various industrial revenue bonds had combined outstanding balances of $1.1 million and $1.4 million as of December 31, 2024 and 2023, respectively, bearing interest at variable rates and have maturities through 2027.

​

We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. A total of $29.2 million and $40.9 million were outstanding under this facility as of December 31, 2024 and 2023, respectively.

​

Covenants

​

The Credit Agreement and the indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant in our Credit Agreement at December 31, 2024.

​

Debt Maturities

​

The following is a summary of aggregate maturities of long-term debt for each of the next five years and thereafter:

​

​

​

​

​

​

​

​

​

​

   

(in millions)

2025

​

​

​

$

400.3

2026

​

​

​

​

0.4

2027

​

​

​

​

0.4

2028

​

​

​

​

—

2029

​

​

​

​

—

Thereafter

​

​

​

​

750.0

​

​

​

​

$

1,151.1

​
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

Note 11. Leases

​

Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices, storage and data centers. We also lease various office spaces. Our leases of facilities and other spaces expire at various times through 2045, and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases; we have an insignificant amount of recognized finance right-of-use assets and obligations.

​

The following is a summary of our lease cost:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Operating lease cost

$

75.1

​

$

68.8

​

$

68.2

Variable fees and other(1)

​

30.9

​

​

28.6

​

​

23.2

Total lease cost

$

106.0

​

$

97.4

​

$

91.4

(1)Includes variable lease payments and costs of short-term leases.

​

​

Supplemental cash flow and balance sheet information is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Supplemental cash flow information:

​

​

​

​

​

​

​

​

Cash payments for operating leases                 

$

74.8

​

$

95.2

​

$

86.9

Right-of-use assets obtained in exchange for operating lease obligations

$

87.7

​

$

74.7

​

$

52.4

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

​

2024

​

2023

Other lease information:

​

​

​

​

​

​

​

​

Weighted average remaining lease term—operating leases

​

​

​

​

6.3 years

​

​

5.8 years

Weighted average discount rate—operating leases

​

​

​

​

4.6%

​

​

4.3%

​

Maturities of operating lease liabilities as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions)

2025

​

​

​

​

​

​

$

72.5

2026

​

​

​

​

​

​

​

60.1

2027

​

​

​

​

​

​

​

48.7

2028

​

​

​

​

​

​

​

39.8

2029

​

​

​

​

​

​

​

32.3

Thereafter

​

​

​

​

​

​

​

67.9

Total operating lease payments

​

​

​

​

​

​

​

321.3

Less: imputed interest

​

​

​

​

​

​

​

(45.7)

Total operating lease liabilities

​

​

​

​

​

​

$

275.6

​
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

Note 12. Income Taxes

​

Reliance and its subsidiaries file numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. We are no longer subject to U.S. federal tax examinations for years before 2021 and state and local tax examinations before 2020. Significant components of the provision for income taxes attributable to continuing operations were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Current:

​

​

​

​

​

​

​

​

Federal

$

156.2

​

$

277.0

​

$

418.9

State

​

39.9

​

​

73.8

​

​

112.9

Foreign

​

29.4

​

​

33.6

​

​

61.1

​

​

225.5

​

​

384.4

​

​

592.9

Deferred:

​

​

​

​

​

​

​

​

Federal

​

31.7

​

​

18.0

​

​

(3.7)

State

​

5.9

​

​

0.3

​

​

(2.0)

Foreign

​

(1.2)

​

​

(2.1)

​

​

(1.0)

​

​

36.4

​

​

16.2

​

​

(6.7)

​

$

261.9

​

$

400.6

​

$

586.2

​

​

Components of U.S. and international income before income taxes were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

U.S.

$

1,021.3

​

$

1,579.4

​

$

2,199.2

International

​

118.6

​

​

161.3

​

​

231.2

Income before income taxes

$

1,139.9

​

$

1,740.7

​

$

2,430.4

​

The reconciliation of income tax at the U.S. federal statutory tax rate to income tax expense is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2024

​

   

2023

​

   

2022

​

Income tax at U.S. federal statutory tax rate

​

21.0

%

​

21.0

%

​

21.0

%

State income tax, net of federal tax effect

​

3.1

​

​

3.4

​

​

3.5

​

Foreign earnings taxed at higher (lower) rates

​

0.3

​

​

(0.1)

​

​

0.5

​

Net effect of life insurance policies

​

(1.6)

​

​

(1.1)

​

​

(0.6)

​

Other, net

​

0.2

​

​

(0.2)

​

​

(0.3)

​

Effective tax rate

​

23.0

%

​

23.0

%

​

24.1

%

​

Significant components of our deferred tax assets and liabilities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

   

2024

   

2023

​

​

​

​

(in millions)

Deferred tax assets:

​

​

​

​

​

​

​

​

Allowance for credit losses

​

​

​

$

6.5

​

$

6.8

Inventory costs capitalized for tax purposes

​

​

​

​

13.1

​

​

13.1

Accrued expenses not currently deductible for tax

​

​

​

​

33.0

​

​

32.0

Stock-based compensation

​

​

​

​

10.4

​

​

12.7

Net operating loss carryforwards

​

​

​

​

1.5

​

​

2.5

Tax credits carryforwards

​

​

​

​

0.4

​

​

0.4

Total deferred tax assets

​

​

​

​

64.9

​

​

67.5

Deferred tax liabilities:

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

​

​

(224.3)

​

​

(208.4)

Goodwill and other intangible assets

​

​

​

​

(351.9)

​

​

(342.8)

LIFO inventories

​

​

​

​

(20.7)

​

​

(6.3)

Other

​

​

​

​

(5.5)

​

​

(4.0)

Total deferred tax liabilities

​

​

​

​

(602.4)

​

​

(561.5)

Net deferred tax liabilities

​

​

​

$

(537.5)

​

$

(494.0)

​

The Company believes it is more likely than not that it will generate sufficient future taxable income to realize its deferred tax assets.

​

Unrecognized Tax Benefits

​

We are under audit by various state jurisdictions for years 2020 through 2022, but do not anticipate any material adjustments from these examinations.

​

Reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Unrecognized tax benefits at January 1

$

1.2

​

$

1.4

​

$

1.9

Increases (decreases) in tax positions for prior years

​

0.2

​

​

(0.2)

​

​

0.8

Increases in tax positions for current year

​

—

​

​

0.6

​

​

—

Settlements

​

—

​

​

(0.2)

​

​

(0.8)

Lapse of statute of limitations

​

(0.5)

​

​

(0.4)

​

​

(0.5)

Unrecognized tax benefits at December 31

$

0.9

​

$

1.2

​

$

1.4

​

As of December 31, 2024, $0.9 million of unrecognized tax benefits would impact the effective tax rate if recognized. Accrued interest and penalties, net of applicable tax effect, related to uncertain tax positions were $0.2 million and $0.1 million as of December 31, 2024 and 2023, respectively. Although the timing, settlement or closure of audits is not certain, we do not anticipate our unrecognized tax benefits will increase or decrease significantly over the next twelve months.
v3.25.0.1
Stock-Based Compensation Plans
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation Plans  
Stock-Based Compensation Plans

Note 13. Stock-Based Compensation Plans

​

We make annual grants of long-term equity incentive awards to officers and key employees under our Second Amended and Restated 2015 Incentive Award Plan in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that each have approximately 3-year vesting periods. We also grant the non-management members of our Board of Directors fully vested stock awards under our Directors Equity Plan. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date.

​

At December 31, 2024, an aggregate of 1,412,203 shares were authorized for future grant under our various stock-based compensation plans. Awards that expire or are canceled without delivery of shares of our common stock and shares withheld related to net share settlements of vested restricted stock units generally become available for issuance under the plans. As RSUs and PSUs vest, we issue new shares of Reliance common stock.

​

Restricted Stock Units

​

We granted to key employees equity awards consisting of RSUs and PSUs in aggregate amounts as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RSUs Vesting

​

​

​

​

​

​

​

​

​

​

December 1,

​

​

​

​

​

​

​

​

Grant Date

​

and

​

​

​

​

​

   

RSU and PSU

​

Fair Value

​

PSUs Vesting

​

   

RSUs

   

PSUs

   

Aggregate Units

   

Per Unit

   

December 31,

2024

​

101,056

​

70,522

​

171,578

​

$

289.19

​

2026

2023

​

109,683

​

84,129

​

193,812

​

$

247.90

​

2025

2022

​

192,798

​

112,451

​

305,249

​

$

187.31

​

2024

​

Each RSU and PSU includes a service-based condition and consists of a right to receive shares of our common stock and dividend equivalent rights, subject to forfeiture, equal to the accrued cash or stock dividends where the record date for such dividends is after the grant date but before the award is settled. The RSUs provide the right to receive one share of our common stock and cliff vest on December 1 upon satisfaction of an approximately 3-year service-based condition. The PSUs include performance goals and the right to receive a maximum of two shares of our common stock and vest only upon the satisfaction of the service-based condition and certain performance targets for 3-year periods ending December 31.

​

​

A summary of the status of our unvested RSUs and PSUs as of December 31, 2024 and changes during the year then ended is as follows:

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

​

RSU and PSU

​

Fair Value

​

​

Aggregate Units

​

Per Unit

Unvested at January 1, 2024

​

437,239

​

$

213.06

Granted

​

171,578

​

​

289.19

Vested

​

(233,982)

​

​

186.89

Cancelled or forfeited

​

(47,818)

​

​

238.85

Unvested at December 31, 2024

​

327,017

​

$

267.96

Shares reserved for future grants (all plans)

​

1,412,203

​

​

​

​

The fair values as of the respective vesting dates of RSUs and PSUs vested during 2024, 2023 and 2022 were $90.2 million, $123.8 million and $147.2 million, respectively. PSUs granted in 2022 totaling 66,922 units that vested on December 31, 2024 were settled in February 2025 through the issuance of 133,844 shares of our common stock.

​

Stock Awards

​

In 2024, 2023 and 2022, we granted 3,542, 4,305 and 6,136 stock awards, in total, respectively, to the non-employee members of the Board of Directors that were fully vested on the grant date. The fair values of the stock awards granted in 2024, 2023 and 2022, were $296.56 per share, $243.61 per share and $182.41 per share, respectively, determined based on the closing price of our common stock on the respective grant dates.

​

Unrecognized Compensation Cost and Tax Benefits

​

As of December 31, 2024, there was $61.4 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 1.6 years.

​

The tax benefit realized from our stock-based compensation plans in 2024, 2023 and 2022 was $15.3 million, $7.7 million and $8.0 million, respectively.
v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
Employee Benefits  
Employee Benefits

Note 14. Employee Benefits

​

Defined Contribution Plans

​

Effective in 1998, the Reliance, Inc. Master 401(k) Plan (the “Master 401(k) Plan”) was established, which combined several of the various 401(k) and profit-sharing plans of the Company and its subsidiaries into one plan. Salaried and certain hourly employees of the Company and its participating subsidiaries are covered under the Master 401(k) Plan. Eligibility occurs after 30 days of service and the Company contribution vests at 25% per year. We have other defined contribution plans that include the Precision Strip Retirement and Savings Plan and plans at certain domestic and foreign subsidiaries that have not merged their plans into the Master 401(k) Plan as of December 31, 2024 (collectively, the “Other Defined Contribution Plans”).

​

We also sponsor the Reliance, Inc. Employee Stock Ownership Plan, a tax-qualified noncontributory employee stock ownership plan, for certain salaried and hourly employees of the Company. The plan is closed to new enrollees and the Company is not currently making annual contributions to the plan.

​

Supplemental Executive Retirement Plans

​

Effective January 1996, we adopted the Reliance, Inc. Supplemental Executive Retirement Plan (“Reliance SERP”), which is a nonqualified pension plan that provides postretirement pension benefits to certain key officers of the Company. The Reliance SERP is administered by the Compensation Committee of the Board. Benefits are based upon the employees’ earnings. We recognized settlement losses of $2.3 million in the year ended December 31, 2022 related to the payment of benefits under the Reliance SERP.

​

Life insurance policies were purchased for most individuals covered by the Reliance SERP and held within a grantor trust. See Note 9—“Cash Surrender Value of Life Insurance Policies, Net” for further discussion of our life insurance policies. Separate supplemental executive retirement plans exist for certain wholly owned subsidiaries of the Company (together with the Reliance SERP, the “SERPs”), each of which provides postretirement pension benefits to certain former key employees. All SERPs have been frozen to new participants since 2009.

​

Deferred Compensation Plan

​

In December 2008, the Reliance Deferred Compensation Plan (the “DCP”) was established for certain officers and key employees of the Company. Account balances from various compensation plans of subsidiaries were contributed and consolidated into this new deferred compensation plan. Plan participants may contribute a portion of their eligible compensation to the plan and Reliance currently makes contributions to the plan for certain participants.

​

An irrevocable grantor trust is in place to which we may contribute assets for the purpose of funding the DCP. Although we may not use the assets of the grantor trust for any purpose other than meeting our obligations under the DCP, the assets of the grantor trust remain subject to the claims of our creditors. The aggregate fair value of the marketable securities held by the grantor trust as of December 31, 2024 and 2023 were $46.1 million and $51.0 million, respectively, and the amount of our obligations to the participants under the DCP on those dates were also $46.1 million and $51.0 million, respectively. The grantor trust assets and our liability under the DCP are included in the Other long-term assets and Other long-term liabilities captions of our consolidated balance sheets. The Company expects to contribute $0.8 million to the plan during 2025.

​

Multiemployer Plans

​

Certain of our union employees participate in plans collectively bargained and maintained by multiple employers and a labor union. We do not recognize on our balance sheet any amounts relating to these plans. For 2024, 2023 and 2022 our contributions to these plans were $5.5 million, $5.4 million and $5.4 million, respectively. Some of the plans we participate in are in endangered, critical or critical and declining status and have adopted rehabilitation plans. If we were to withdraw our participation from these plans, we would be required to recognize a liability on our balance sheet and the amount could be significant. During the year ended December 31, 2024, we recognized liabilities of $4.8 million for our withdrawal from certain multiemployer pension plans.

​

Defined Benefit Plan

​

Our wholly owned subsidiary, EMJ, maintains a qualified defined benefit pension plan (the “DB Plan”) for certain union employees. The plan generally provides benefits of stated amounts for each year of service or provides benefits based on the participant’s hourly wage rate and years of service. The plan permits the sponsor, at any time, to amend or terminate the plan.

​

​

We use a December 31 measurement date for our plans. The following is a summary of the status of the funding of the SERPs and the DB Plan:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

2024

   

2023

   

2024

   

2023

​

(in millions)

​

(in millions)

Change in benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at beginning of year

$

20.2

​

$

18.8

​

$

60.0

​

$

55.0

Service cost

​

0.4

​

​

0.3

​

​

1.5

​

​

1.3

Interest cost

​

0.8

​

​

0.9

​

​

2.8

​

​

2.7

Actuarial (gain) loss(1)

​

(0.8)

​

​

1.0

​

​

(4.9)

​

​

1.0

Benefits paid

​

(0.8)

​

​

(0.8)

​

​

(2.9)

​

​

(2.5)

Plan amendment

​

—

​

​

—

​

​

—

​

​

2.5

Benefit obligation at end of year

$

19.8

​

$

20.2

​

$

56.5

​

$

60.0

​

​

​

​

​

​

​

​

​

​

​

​

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

Fair value of plan assets at beginning of year

​

N/A

​

​

N/A

​

$

63.8

​

$

56.7

Actual return on plan assets

​

N/A

​

​

N/A

​

​

4.7

​

​

9.6

Benefits paid

​

N/A

​

​

N/A

​

​

(2.9)

​

​

(2.5)

Fair value of plan assets at end of year

​

N/A

​

​

N/A

​

$

65.6

​

$

63.8

​

​

​

​

​

​

​

​

​

​

​

​

Funded status:

​

​

​

​

​

​

​

​

​

​

​

Funded status of the plans

$

(19.8)

​

$

(20.2)

​

$

9.1

​

$

3.8

​

​

​

​

​

​

​

​

​

​

​

​

Items not yet recognized as component of net periodic pension expense:

​

​

​

​

​

​

​

​

​

​

​

Unrecognized net actuarial losses (gains)

$

1.9

​

$

2.9

​

$

(10.6)

​

$

(4.7)

Unamortized prior service cost

​

—

​

​

—

​

​

4.0

​

​

4.8

​

$

1.9

​

$

2.9

​

$

(6.6)

​

$

0.1

(1)Actuarial gains in 2024 for the DB Plan were primarily due to the actual return on plan assets exceeding the expected return on plan assets and increases in the discount rate used to measure the obligations.

​

As of December 31, 2024 and 2023, the following amounts were recognized on the balance sheet:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

2024

   

2023

   

2024

   

2023

​

(in millions)

​

(in millions)

Amounts recognized in the statement of financial position:

​

​

​

​

​

​

​

​

​

​

​

Noncurrent assets

$

—

​

$

—

​

$

9.1

​

$

3.8

Current liabilities

​

(0.8)

​

​

(0.8)

​

​

—

​

​

—

Noncurrent liabilities

​

(19.0)

​

​

(19.4)

​

​

—

​

​

—

Accumulated other comprehensive loss (gain)

​

1.9

​

​

2.9

​

​

(6.6)

​

​

0.1

Net amount recognized

$

(17.9)

​

$

(17.3)

​

$

2.5

​

$

3.9

​

The accumulated benefit obligation for the SERPs was $19.0 million and $18.2 million as of December 31, 2024 and 2023, respectively.

​

Details of net periodic benefit cost related to the SERPs, and the DB Plan are presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

(in millions)

​

(in millions)

Service cost

$

0.4

​

$

0.3

​

$

0.4

​

$

1.5

​

$

1.3

​

$

2.0

Interest cost

​

0.8

​

​

0.9

​

​

0.7

​

​

2.8

​

​

2.7

​

​

2.0

Expected return on plan assets

​

—

​

​

—

​

​

—

​

​

(3.8)

​

​

(3.3)

​

​

(4.2)

Settlement loss

​

—

​

​

—

​

​

2.3

​

​

—

​

​

—

​

​

—

Prior service cost

​

—

​

​

—

​

​

—

​

​

0.8

​

​

0.5

​

​

0.5

Amortization of net loss

​

0.2

​

​

—

​

​

0.6

​

​

—

​

​

—

​

​

—

​

$

1.4

​

$

1.2

​

$

4.0

​

$

1.3

​

$

1.2

​

$

0.3

​

Net periodic benefit cost related to the SERPs, and the DB Plan is presented in our consolidated statements of income, as summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

(in millions)

​

(in millions)

Amounts recognized in the statement of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse, delivery, selling, general and administrative expense

$

0.4

​

$

0.3

​

$

0.4

​

$

1.5

​

$

1.3

​

$

2.0

Other expense (income), net

​

1.0

​

​

0.9

​

​

3.6

​

​

(0.2)

​

​

(0.1)

​

​

(1.7)

​

$

1.4

​

$

1.2

​

$

4.0

​

$

1.3

​

$

1.2

​

$

0.3

​

Assumptions used to determine net periodic benefit cost are detailed below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

​

Year Ended December 31,

​

Year Ended December 31,

​

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

 

Weighted average assumptions to determine net cost:

​

​

​

​

​

​

​

​

​

​

​

​

Discount rate

4.35

%

4.58

%

2.17

%

4.80

%

5.00

%

2.70

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

N/A

​

6.00

%

6.00

%

6.00

%

Rate of compensation increase

6.00

%

6.00

%

6.00

%

N/A

​

N/A

​

N/A

​

​

Assumptions used to determine the benefit obligation are detailed below:

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

​

December 31,

​

December 31,

​

​

2024

   

2023

   

2024

   

2023

 

Weighted average assumptions to determine benefit obligations:

​

​

​

​

​

​

​

​

Discount rate

4.92

%

4.35

%

5.50

%

4.80

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

6.00

%

6.00

%

Rate of compensation increase

4.50

%

6.00

%

N/A

​

N/A

​

​

Summary Disclosures—SERPs and DB Plan

​

The following is a summary of benefit payments under the SERPs and the DB Plan, which reflect expected future employee service, as appropriate, expected to be paid in the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

   

SERPs

   

DB Plan

​

​

​

​

(in millions)

2025

​

​

​

$

0.8

​

$

2.9

2026

​

​

​

​

0.8

​

​

3.2

2027

​

​

​

​

1.2

​

​

3.4

2028

​

​

​

​

0.6

​

​

3.6

2029

​

​

​

​

0.6

​

​

3.8

2030-2034

​

​

​

​

21.7

​

​

20.5

​

Company contributions of $0.8 million are expected during 2024 to the SERPs and none for the DB Plan.

​

Plan Assets and Investment Policy

​

Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long term. The investment goal is a return on assets that is at least equal to the assumed actuarial rate of return over the long-term within reasonable and prudent levels of risk. We establish our estimated long-term return on plan assets assumption considering various factors including the targeted asset allocation percentages, historic returns and expected future returns. The plan assets are largely comprised of commingled funds which are allocated across return-seeking assets (50%-70%) and liability-hedging assets (30%-50%). Asset allocation targets are reviewed periodically with investment advisors to determine the appropriate investment strategies for acceptable risk levels.

​

The fair value measurements of the investments held by our DB Plan fall within the following levels of the fair value hierarchy as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 1

    

Level 2

    

Level 3

    

Total

​

(in millions)

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Interest bearing cash

$

0.1

​

$

—

​

$

—

​

$

0.1

Mutual funds(1)

​

1.9

​

​

—

​

​

—

​

​

1.9

Total assets in the fair value hierarchy

​

2.0

​

​

—

​

​

—

​

​

2.0

Commingled funds measured at NAV(2)

​

—

​

​

—

​

​

—

​

​

63.6

Total investments at fair value

$

2.0

​

$

—

​

$

—

​

$

65.6

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

Common stock(3)

$

37.8

​

$

—

​

$

—

​

$

37.8

U.S. government, state and agency

​

—

​

​

8.3

​

​

—

​

​

8.3

Corporate debt securities(4)

​

—

​

​

3.8

​

​

—

​

​

3.8

Mutual funds(1)

​

13.4

​

​

—

​

​

—

​

​

13.4

Interest bearing cash

​

0.5

​

​

—

​

​

—

​

​

0.5

Total investments at fair value

$

51.7

​

$

12.1

​

$

—

​

$

63.8

(1)Mutual funds held are registered with the United States Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held are deemed to be actively traded.
(2)Investments in commingled funds are measured at fair value using NAV as a practical expedient. The fair value of these assets is excluded from the fair value hierarchy and is presented in the tables above to permit reconciliation of the investments classified with the fair value hierarchy to the total investments at fair value.
(3)Comprised primarily of securities of large domestic and foreign companies. Valued at the closing price reported on the active market on which the individual securities are traded on national exchanges.
(4)Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing values on a combination of inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

​

Contributions to Reliance Sponsored Retirement Plans

​

Our expense for Reliance-sponsored retirement plans was as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Master 401(k) Plan

$

32.7

​

$

29.3

​

$

28.1

Precision Strip Retirement and Savings Plan

​

11.6

​

​

10.9

​

​

9.2

DCP

​

0.8

​

​

2.4

​

​

2.0

Other Defined Contribution Plans

​

2.2

​

​

2.0

​

​

2.0

DB Plan

​

1.3

​

​

1.2

​

​

0.3

SERPs

​

1.4

​

​

1.2

​

​

4.0

​

$

50.0

​

$

47.0

​

$

45.6

​
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity  
Equity

Note 15. Equity

​

Common Stock

​

We have paid regular quarterly cash dividends on our common stock for 65 consecutive years. Our Board of Directors increased the quarterly dividend from $0.6875 to $0.875 per share in February 2022, to $1.00 per share in February 2023, to $1.10 per share in February 2024 and to $1.20 per share in February 2025. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

​

Shares Outstanding

​

Issued and outstanding common shares were as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in thousands)

Issued and outstanding common shares, beginning balance

​

57,271

​

​

58,787

​

​

61,806

Issued to settle RSUs and PSUs, net of withheld shares

​

309

​

​

362

​

​

506

Repurchased

​

(3,865)

​

​

(1,878)

​

​

(3,525)

Issued and outstanding common shares, ending balance

​

53,715

​

​

57,271

​

​

58,787

​

Share Repurchases

​

On October 22, 2024, our Board of Directors amended our share repurchase program to replenish the repurchase authorization to $1.5 billion. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

​

Our share repurchase activity for the past three years consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

   

Per Share

   

Amount

​

​

(in thousands)

​

​

​

​

(in millions)

2024

​

3,865

​

$

282.98

​

$

1,093.7

2023

​

1,878

​

$

255.30

​

$

479.5

2022

​

3,525

​

$

178.81

​

$

630.3

​

The table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $42.8 million, $54.1 million and $39.7 million for 2024, 2023 and 2022, respectively. Additionally, our share repurchases exclude excise tax due under the Inflation Reduction Act of 2022.

​

In 2025, we repurchased an additional 743,262 shares at an average cost of $273.37, for a total of $203.2 million, resulting in $1.15 billion remaining available for repurchase as of February 25, 2025.

​

Preferred Stock

​

We are authorized to issue 5,000,000 shares of preferred stock, par value $0.001 per share. No shares of our preferred stock are issued and outstanding. Our restated articles of incorporation provide that shares of preferred stock may be issued from time to time in one or more series by the Board. The Board can fix the preferences, conversion and other rights, voting powers, restrictions and limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred stockholders may supersede the rights of common stockholders.

​

Accumulated Other Comprehensive Loss

​

Accumulated other comprehensive loss included the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension and

​

​

​

Foreign Currency

​

Postretirement Benefit

​

Accumulated Other

​

Translation

​

Plan Adjustments,

​

Comprehensive

​

Loss

   

Net of Tax

   

Loss

​

​

​

​

(in millions)

​

​

​

Balance as of January 1, 2024

$

(75.7)

​

$

(1.0)

​

$

(76.7)

Current-year change

​

(44.0)

​

​

5.5

​

​

(38.5)

Balance as of December 31, 2024

$

(119.7)

​

$

4.5

​

$

(115.2)

​

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or recognized as a non-operating gain or loss as result of plan settlements.

​

Pension and postretirement benefit adjustments are net of deferred tax liability of $1.0 million as of December 31, 2024 and deferred tax asset of $0.7 million as of December 31, 2023. As our pension and postretirement benefit plan obligations are settled, the related income tax effect is released from accumulated other comprehensive loss and included in our income tax provision.
v3.25.0.1
Other (Income) Expense, Net
 12 Months Ended
Dec. 31, 2024
Other (Income) Expense, Net.  
Other (Income) Expense, Net

Note 16. Other (Income) Expense, Net

​

Significant components of Other (income) expense, net are as follows:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Interest income

$

(20.7)

​

$

(35.2)

​

$

(9.3)

(Income) loss on deferred compensation plan assets

​

(5.8)

​

​

(6.6)

​

​

6.9

Life insurance policy expense, net

​

11.6

​

​

6.1

​

​

15.5

Foreign currency transaction (gains) losses

​

(1.9)

​

​

1.3

​

​

6.2

All other, net

​

(3.4)

​

​

(6.9)

​

​

(5.1)

​

$

(20.2)

​

$

(41.3)

​

$

14.2

​
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

Note 17. Commitments and Contingencies

​

Purchase Commitments

​

As of December 31, 2024, we had commitments to purchase minimum quantities of certain metals products, which we entered into to secure material for corresponding long-term sales commitments with our customers. The total amount of the minimum commitments based on current pricing is estimated at approximately $276.2 million, with amounts in 2025, 2026 and thereafter being $193.4 million, $57.2 million and $25.6 million, respectively.

​

Collective Bargaining Agreements

​

As of December 31, 2024, approximately 1,920, or 12%, of our total employees were covered by 56 collective bargaining agreements at 48 of our different locations, which expire at various times over the next five years. Approximately 4% of our employees are covered by 21 different collective bargaining agreements that will expire during 2025, if not renewed.

​

Environmental Contingencies

​

We are subject to extensive and changing federal, state, local and foreign laws and regulations designed to protect the environment, including those relating to the use, handling, storage, discharge and disposal of hazardous substances and the remediation of environmental contamination. Our operations use minimal amounts of such substances.

​

We believe we are in material compliance with environmental laws and regulations; however, we are from time to time involved in administrative and judicial proceedings and inquiries relating to environmental matters. Some of our owned or leased properties are located in industrial areas with histories of heavy industrial use. We may incur some environmental liabilities because of the location of these properties. In addition, we are currently involved with an environmental remediation project related to activities at former manufacturing operations of EMJ, our wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

​

Legal Matters

​

From time to time, we are named as a defendant in legal actions. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share  
Earnings Per Share

Note 18. Earnings Per Share

​

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions, except number of shares which are reflected in thousands and per share amounts)

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Reliance

$

875.2

​

$

1,335.9

​

$

1,840.1

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

Weighted average shares outstanding

​

55,746

​

​

58,328

​

​

60,559

Dilutive effect of stock-based awards

​

500

​

​

687

​

​

936

Weighted average diluted shares outstanding

​

56,246

​

​

59,015

​

​

61,495

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Reliance stockholders:

​

​

​

​

​

​

​

​

Basic

$

15.70

​

$

22.90

​

$

30.39

Diluted

$

15.56

​

$

22.64

​

$

29.92

​

The computations of diluted earnings per share using the treasury stock method for 2024, 2023 and 2022 do not include 30,183, 51,409 and 83,857 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.

v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information  
Segment Information

Note 19. Segment Information

​

We have one operating and reportable segment—metals service centers. Reliance derives revenue primarily in the United States and manages its business activities on a consolidated basis.

​

Reliance is organized as a network of metals service centers under a decentralized operating structure. Reliance provides metal solutions from this network under its operating strategies that include organic growth and acquisitions that enhance the metals service center network’s diversification of products, geographies and customers.

​

The metals service centers segment primarily operates in the spot market, distributing a full line of over 100,000 metals products, about half of which include value-added processing services to meet customer specifications, from a network of 320 locations.

​

The following is a summary of our sales by product and service (gross sales as a % of total sales) for each of the three years ended December 31:

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Carbon steel

53

%

53

%

54

%

Aluminum

16

​

16

​

15

​

Stainless steel

14

​

15

​

17

​

Alloy

5

​

5

​

4

​

Toll processing and logistics

4

​

4

​

3

​

Copper and brass

2

​

2

​

2

​

Miscellaneous

6

​

5

​

5

​

Total

100

%

100

%

100

%

​

The accounting policies of the metals service center segment are the same as those described in Note 1—“Summary of Significant Accounting Policies.”

​

The Company's chief operating decision maker (“CODM”) is the chief executive officer.

​

The CODM assesses performance for the metals service center segment and makes capital allocation decisions, which generally includes both growth and shareholder returns, using net income. Our organic growth activities relate to capital expenditures and our inorganic growth activities are comprised of acquisitions. Our shareholder returns include share repurchases and quarterly dividends which we have paid for 65 consecutive years.

​

The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

​

The measure of segment profit and loss is net income reported on the accompanying consolidated income statements.

​

Information about our segment revenue, profit or loss, significant expenses and other quantitative profit or loss information is presented below:

​

​

​

​

​

​

​

​

​

​

​

Metals Service Centers Segment

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Revenues

$

13,835.0

​

$

14,805.9

​

$

17,025.0

Less:

​

​

​

​

​

​

​

​

Cost of sales (exclusive of depreciation and amortization shown below)

​

9,728.4

​

​

10,258.6

​

​

11,773.7

Compensation expense

​

1,614.8

​

​

1,557.8

​

​

1,537.3

Other segment items(a)

​

1,031.2

​

​

963.3

​

​

981.1

Depreciation and amortization expense

​

268.7

​

​

245.4

​

​

240.2

Impairment

​

11.7

​

​

—

​

​

—

Interest expense

​

40.3

​

​

40.1

​

​

62.3

Income tax provision

​

261.9

​

​

400.6

​

​

586.2

Segment net income

​

878.0

​

​

1,340.1

​

​

1,844.2

Reconciliation

​

​

​

​

​

​

​

​

Adjustments and reconciling items

​

—

​

​

—

​

​

—

Consolidated net income

$

878.0

​

$

1,340.1

​

$

1,844.2

​

​

​

​

​

​

​

​

​

Other Segment Disclosures:

​

​

​

​

​

​

​

​

Purchases of property, plant and equipment

$

430.6

​

$

468.8

​

$

341.8

(a)Other segment items included in Segment net income mainly includes warehousing and delivery related expenses, which include among others, 3rd party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.

​

The following table summarizes consolidated financial information of our U.S. and foreign operations:

​

​

​

​

​

​

​

​

​

​

​

United States

   

Foreign Countries

   

Total

​

(in millions)

Year Ended December 31, 2024:

​

​

​

​

​

​

​

​

Net sales

$

12,933.9

​

$

901.1

​

$

13,835.0

Long-lived assets

​

5,708.9

​

​

417.4

​

​

6,126.3

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

Net sales

​

13,786.8

​

​

1,019.1

​

​

14,805.9

Long-lived assets

​

5,288.4

​

​

420.1

​

​

5,708.5

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

Net sales

​

15,978.6

​

​

1,046.4

​

​

17,025.0

Long-lived assets

​

5,051.9

​

​

391.4

​

​

5,443.3

​
v3.25.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2024
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

RELIANCE, INC.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

(in millions)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additions

​

​

​

​

Amounts

​

​

​

​

​

Balance at

​

Charged to

​

​

​

​

Charged to

​

Balance at

​

​

Beginning

​

Costs and

​

​

​

​

Other

​

End of

​

   

of Year

   

Expenses

   

Deductions(1)

   

Accounts

   

Year

Year Ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

24.9

​

$

2.2

​

$

4.9

​

$

1.0

​

$

23.2

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

26.1

​

$

3.5

​

$

4.7

​

$

—

​

$

24.9

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

$

26.7

​

$

3.4

​

$

4.0

​

$

—

​

$

26.1

(1)Uncollectible accounts written off.

​

See accompanying report of independent registered public accounting firm.
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

​

Reliance has implemented processes for assessing, identifying and managing material risks from cybersecurity threats, which are integrated into the Company’s overall enterprise risk management systems and processes. The Company’s cybersecurity risk program is largely based on the U.S. National Institute for Standards and Technology (“NIST”) cybersecurity framework and other applicable industry frameworks. The Company regularly assesses the threat landscape and takes a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and containment. The Company has also engaged third parties in connection with the assessment and advancement of its cybersecurity risk management processes. We undertake regular vulnerability scanning, periodic penetration testing and maturity assessments with the support of third parties; vulnerabilities are subsequently addressed based on risk/benefit analyses.

​

To support our preparedness, we have constituted a Cybersecurity Review Committee (“CRC”) and adopted a written incident response plan (“IRP”). The CRC is comprised of cross-functional personnel including Reliance’s Chief Information Officer (“CIO”),  Chief Financial Officer (“CFO”), General Counsel and Vice President, Enterprise Risk. In the event of a cybersecurity incident, our CRC refers to our IRP and existing management internal controls processes. Pursuant to these prescribed processes, designated personnel are responsible for assessing the severity of the incident and any associated threats, containing and resolving the incident as quickly as possible, managing any damage to the Company’s systems and networks, minimizing the impact on the Company’s stakeholders, analyzing and executing upon reporting obligations, escalating information about the incident to senior management and potentially representatives from the Board, as appropriate, and performing post-incident analysis and program enhancements, as needed. We perform tabletop exercises to test our incident response procedures, identify cybersecurity gaps and vulnerabilities and improvement opportunities and exercise team preparedness.

​

Reliance mandates regular cybersecurity training for employees and applicable contractors designed to provide employees and contractors with a baseline understanding of cybersecurity fundamentals to prevent security breaches and safely identify potential threats. The training covers various cyberattack methodologies, including insider attacks, phishing and other forms of social engineering, and other email attacks, malware attacks, data protection, data handling, password protections, cloud and internet security and cybersecurity fundamentals for mobile devices. We take a risk-based approach with respect to our use and oversight of third-party service providers, using a number of means to assess cyber risks related to our third-party service providers, including vendor questionnaires, conducting due diligence in connection with onboarding new vendors, and negotiating for cybersecurity-related terms in vendor agreements as appropriate. We also seek to collect and assess cybersecurity audit reports and other supporting documentation when available.

​

​

Cybersecurity Risks

​

Like other complex corporations, Reliance is the target of cyber-attacks from time to time, which have to date been immaterial individually and in the aggregate to our business strategy, results of operations or financial condition. There can be no assurance that any future cybersecurity incidents will not be material to our business. For additional information about risks related to cybersecurity, please see the risk factor set forth under the caption Item 1A. “Risk Factors" the Risk Factor captioned “We rely on information management systems and any damage, interruption or compromise of our information technology management systems, networks or data could disrupt and harm our business.”

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Reliance has implemented processes for assessing, identifying and managing material risks from cybersecurity threats, which are integrated into the Company’s overall enterprise risk management systems and processes. The Company’s cybersecurity risk program is largely based on the U.S. National Institute for Standards and Technology (“NIST”) cybersecurity framework and other applicable industry frameworks. The Company regularly assesses the threat landscape and takes a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and containment. The Company has also engaged third parties in connection with the assessment and advancement of its cybersecurity risk management processes. We undertake regular vulnerability scanning, periodic penetration testing and maturity assessments with the support of third parties; vulnerabilities are subsequently addressed based on risk/benefit analyses.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

​

Roles and Responsibilities

​

Cybersecurity is an important element of our risk management processes and an area of particular focus for Reliance’s Board of Directors and management. The Company’s CIO serves as single point of communication and coordination for protecting the Company and its digital information. The CIO performs an initial assessment of each reported cyber incident and escalates all non-trivial cybersecurity incidents and risks to the CRC. The CRC is primarily responsible for assessing and managing material risks from cybersecurity threats and is comprised of a cross-functional team including the CIO, as well as senior representatives from the Company’s risk management, finance and legal functions. The CIO has 15 years of experience in managing of cybersecurity.

​

The Board, acting through its committee structure, is responsible for overseeing management’s implementation and execution of the enterprise risk management processes and for coordinating the outcome of reviews by Committees in their respective risk areas. Although each Committee is responsible for overseeing the management of certain risks, the Board is regularly informed by the Committees about these risks. This helps enable the Board and the Committees to coordinate risk oversight and the relationships among the various risks faced by the Company, including cybersecurity risk. Directors with experience overseeing and managing risk management processes play a critical role in the Board’s oversight of our enterprise risk management processes.

​

The Board has designated the Audit Committee to be responsible for oversight of cybersecurity risk. The Audit Committee receives regular reports from the CRC and the CIO that may discuss topics such as prior assessments, cybersecurity trends, prior cybersecurity events, and planned enhancements. In addition, the Audit Committee also receives regular periodic reports regarding information technology general controls in connection with its oversight of internal control over financial reporting. The Chair of the Audit Committee regularly briefs the Board on these matters. 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives regular reports from the CRC and the CIO that may discuss topics such as prior assessments, cybersecurity trends, prior cybersecurity events, and planned enhancements. In addition, the Audit Committee also receives regular periodic reports regarding information technology general controls in connection with its oversight of internal control over financial reporting. The Chair of the Audit Committee regularly briefs the Board on these matters.
Cybersecurity Risk Role of Management [Text Block]

Roles and Responsibilities

​

Cybersecurity is an important element of our risk management processes and an area of particular focus for Reliance’s Board of Directors and management. The Company’s CIO serves as single point of communication and coordination for protecting the Company and its digital information. The CIO performs an initial assessment of each reported cyber incident and escalates all non-trivial cybersecurity incidents and risks to the CRC. The CRC is primarily responsible for assessing and managing material risks from cybersecurity threats and is comprised of a cross-functional team including the CIO, as well as senior representatives from the Company’s risk management, finance and legal functions. The CIO has 15 years of experience in managing of cybersecurity.

​

The Board, acting through its committee structure, is responsible for overseeing management’s implementation and execution of the enterprise risk management processes and for coordinating the outcome of reviews by Committees in their respective risk areas. Although each Committee is responsible for overseeing the management of certain risks, the Board is regularly informed by the Committees about these risks. This helps enable the Board and the Committees to coordinate risk oversight and the relationships among the various risks faced by the Company, including cybersecurity risk. Directors with experience overseeing and managing risk management processes play a critical role in the Board’s oversight of our enterprise risk management processes.

​

The Board has designated the Audit Committee to be responsible for oversight of cybersecurity risk. The Audit Committee receives regular reports from the CRC and the CIO that may discuss topics such as prior assessments, cybersecurity trends, prior cybersecurity events, and planned enhancements. In addition, the Audit Committee also receives regular periodic reports regarding information technology general controls in connection with its oversight of internal control over financial reporting. The Chair of the Audit Committee regularly briefs the Board on these matters. 
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Cybersecurity Review Committee
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO has 15 years of experience in managing of cybersecurity
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

To support our preparedness, we have constituted a Cybersecurity Review Committee (“CRC”) and adopted a written incident response plan (“IRP”). The CRC is comprised of cross-functional personnel including Reliance’s Chief Information Officer (“CIO”),  Chief Financial Officer (“CFO”), General Counsel and Vice President, Enterprise Risk. In the event of a cybersecurity incident, our CRC refers to our IRP and existing management internal controls processes. Pursuant to these prescribed processes, designated personnel are responsible for assessing the severity of the incident and any associated threats, containing and resolving the incident as quickly as possible, managing any damage to the Company’s systems and networks, minimizing the impact on the Company’s stakeholders, analyzing and executing upon reporting obligations, escalating information about the incident to senior management and potentially representatives from the Board, as appropriate, and performing post-incident analysis and program enhancements, as needed. We perform tabletop exercises to test our incident response procedures, identify cybersecurity gaps and vulnerabilities and improvement opportunities and exercise team preparedness.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Principles of Consolidation

Principles of Consolidation

​

In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout the financial statements. The accompanying financial statements include the accounts of Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) and its subsidiaries (collectively “Reliance”, “the Company”, “we”, “our” or “us”). Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting.

​

We have recast certain prior period amounts in the statements of equity and Note 6—“Property, Plant and Equipment, Net”, to conform to the current presentation.

Business

Business

​

As a global diversified metal solutions provider, we operate a network of 320 locations in 41 U.S. states and 10 foreign countries (Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, the United Arab Emirates and the United Kingdom) at December 31, 2024 that provides value-added metals processing services and distributes a full line of more than 100,000 metal products.

​
Accounting Estimates

Accounting Estimates

​

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, such as allowances for credit losses, net realizable values of inventories, fair values and/or impairment of goodwill and other indefinite-lived intangible assets and long-lived assets, the amount of unrecognized tax benefits and other contingencies; the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from those estimates.
Accounts Receivable and Concentrations of Credit Risk

Accounts Receivable and Concentrations of Credit Risk

​

Trade receivables are typically non-interest bearing and are recorded at amortized cost. Sales to our recurring customers are generally made on open account terms while sales to occasional customers may be made on a collect on delivery basis. Past due status of customer accounts is determined based on how recently payments have been received in relation to payment terms granted. Credit is generally extended based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. The allowance for credit losses reflects the expected losses on our trade receivables and is determined based on customer-specific facts and the consideration of historical loss information, current conditions and reasonable and supportable forecasts using a loss-rate approach. Amounts are written-off against the allowance in the period we determine the receivable is uncollectible.

​

Concentrations of credit risk with respect to trade receivables are limited due to the geographically diverse customer base, with limited exposure to any single customer account, and various industries into which our products are sold. We do not consider ourselves to have any significant concentrations of credit risk.
Inventories

​

Inventories

​

The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. This method of valuation is subject to year-to-year fluctuations in cost of material sold, which is influenced by the inflation or deflation existing within the metal wholesaling industry as well as fluctuations in our product mix and on-hand inventory levels.
Fair Values of Financial Instruments

Fair Values of Financial Instruments

​

Fair values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities and current maturities of operating lease liabilities approximate carrying values due to the short period of time to maturity. Fair values of long-term debt, which have been determined based on borrowing rates currently available to us or to other companies with comparable credit ratings, for loans with similar terms or maturity, approximate the carrying amounts in the consolidated financial statements, with the exception of our publicly traded senior unsecured notes with aggregate face values of $1.15 billion as of December 31, 2024 and 2023, respectively. The aggregate fair values of these senior unsecured notes based on quoted market prices were $1.09 billion and $1.07 billion at December 31, 2024 and 2023, respectively, compared to their aggregate carrying values of $1.14 billion. The estimated fair values of our senior unsecured notes are based on Level 2 inputs, including benchmark yields, reported trades and broker/dealer quotes. Fair values of our other financial instruments, which include deferred compensation plan assets held within grantor trusts, are comprised of marketable securities that are generally based on quoted market prices for identical instruments that trade in active markets.

Cash Equivalents

Cash Equivalents

​

We consider all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. We maintain cash and cash equivalents with high credit quality financial institutions. The Company, by policy, limits the amount of credit exposure to any one financial institution.

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and Other Indefinite-Lived Intangible Assets

​

Goodwill is the excess of purchase price over the fair value of identified assets and liabilities of businesses acquired. Other indefinite-lived intangible assets include amounts allocated to the trade names of businesses acquired. Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment at least annually.

​

We test for impairment of goodwill and intangible assets deemed to have indefinite lives annually and, between annual tests, whenever significant events or changes occur based on an assessment of qualitative factors to determine if it is more likely than not that the fair value is less than the carrying value. We have one operating segment and one reporting unit for goodwill impairment purposes. We calculate the fair value of the reporting unit using our market capitalization or the discounted cash flow method, as necessary, and compare the fair value to the carrying value of the reporting unit to determine if impairment exists. We perform our annual impairment evaluations of goodwill and other indefinite-lived intangible assets on November 1 of each year. No impairment of goodwill was determined to exist in any of the years presented. We recorded an $11.2 million impairment loss on a trade name intangible asset with an indefinite life in 2024. No impairment losses were recognized related to other intangible assets with indefinite lives in 2023 and 2022. See Note 8—“Intangible Assets, Net” for further details of our impairment loss.
Long-Lived Assets

Long-Lived Assets

​

Property, plant and equipment is recorded at cost (or at fair value for assets acquired in connection with business combinations) and the provision for depreciation of these assets is generally computed on the straight-line method at rates designed to distribute the cost of assets over the useful lives, estimated as follows: buildings, including leasehold improvements, over five to 50 years and machinery and equipment over three to 20 years.

​

Intangible assets with finite useful lives are amortized over their useful lives. We periodically review the recoverability of our property, plant and equipment and intangible assets subject to amortization whenever events or changes in

circumstances indicate that the carrying amount of such assets may not be recoverable. We recognized $0.5 million of impairment losses for property, plant and equipment in 2024. We didn’t recognize any impairment losses for long-lived assets in 2023 and 2022.

Leases

​

Leases

​

We determine if an arrangement is a lease at inception. Our lease agreements generally contain only lease components. Our lease payments are generally fixed with certain leases containing variable payments related to the Consumer Price Index (“CPI”) annual adjustments.

​

Right-of-use assets and lease liabilities are recognized on the balance sheet at the present value of the future lease payments at the lease commencement date. Certain of our lease terms include periods under renewal options when it is reasonably certain we will exercise that option. We generally include optional renewal periods when determining our lease terms and future lease payments. The interest rate used to determine the present value of future lease payments is our incremental borrowing rate that is estimated to approximate the interest rate on a collateralized basis with similar terms and payments.

​

Operating lease cost is recognized on a straight-line basis over the lease term.

Revenue Recognition

Revenue Recognition

​

We recognize revenue when control of metal products or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and value-added taxes collected from customers are excluded from our reported sales. There are no significant judgments or estimates made to determine the amount or timing of our reported revenues. The amount of transaction price associated with unperformed performance obligations is not significant as of December 31, 2024 and 2023.

​

Metal Sales

​

We have minimal long-term contract sales with our customers as we primarily transact in the spot market under fixed price sales orders. The majority of our metal product sales orders generally have only one performance obligation: sale of processed or unprocessed metal product. Control of the metal products we sell transfers to our customers upon delivery for orders with free on board (“FOB”) destination terms or upon shipment for orders with FOB shipping point terms. Shipping and handling charges to our customers are included in net sales. We account for all shipping and handling of our products as fulfillment activities and not as a promised good or service. Costs incurred in connection with the shipping and handling of our products are typically included in operating expenses whether we use a third-party carrier or our own trucks. In 2024, 2023 and 2022, shipping and handling costs included in Warehouse, delivery, selling, general and administrative (“SG&A”) expenses were $550.5 million, $525.9 million and $509.7 million, respectively. Shipment and delivery of our orders generally occur on the same day due to the close proximity of our customers and our metals service center locations.

​

Toll Processing and Logistics

​

Toll processing services relate to the processing of customer-owned metal. Logistics services primarily include transportation and storage services for metal we toll process. Revenue for these services is recognized over time as the toll processing or logistics services are performed. The toll processing services are generally short-term in nature with the service being performed in less than one day.

​

Seasonality

​

Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by

the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.
Stock-Based Compensation

Stock-Based Compensation

​

All of our stock-based compensation plans are considered equity plans. The fair value of stock awards and restricted stock units is determined based on the fair value of our common stock on the grant date. The fair value of stock awards and restricted stock units is expensed on a straight-line basis over their respective vesting periods, net of forfeitures when they occur. Stock-based compensation expense was $56.8 million, $65.0 million and $65.3 million in 2024, 2023 and 2022, respectively, and is included in the Warehouse, delivery, selling, general and administrative caption of our consolidated statements of income.
Environmental Remediation Costs

Environmental Remediation Costs

​

We accrue for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Accruals for estimated losses from environmental remediation obligations generally are recognized no later than completion of the remediation feasibility study. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from insurance policies and other parties are recorded as assets when their receipt is deemed probable. We are not aware of any environmental remediation obligations that would materially affect our operations, financial position or cash flows. See Note 17—“Commitments and Contingencies” for further discussion of our environmental remediation matters.
Income Taxes

Income Taxes

​

We file a consolidated U.S. federal income tax return with our wholly owned domestic subsidiaries. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax reporting bases of assets and liabilities using the enacted tax rates expected to be in effect when such differences are realized or settled. The effect on deferred taxes from a change in tax rates is recognized in income in the period that includes the enactment date of the change. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred tax assets and liabilities. We evaluate on a quarterly basis whether, based on all available evidence, it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.

​

We perform a comprehensive review of our uncertain tax positions on a quarterly basis. Tax benefits are recognized when it is more likely than not that a tax position will be sustained upon examination. The benefit from a position that has surpassed the more-likely-than-not threshold is measured as the largest amount of benefit that is more than 50% likely to be realized upon settlement. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.
Foreign Currencies

Foreign Currencies

​

The currency effects of translating into U.S. dollars the financial statements of our foreign subsidiaries, which typically use the local currency of the countries in which they are located, are included in the Accumulated other comprehensive loss caption in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income in the Other (income) expense, net caption and amounted to gains of $1.9 million in 2024, and losses of $1.3 million and $6.2 million in 2023 and 2022, respectively.
Governmental Assistance

Governmental Assistance

​

In 2024, economic development bonds (“EDB”) issued by the Development Authority of Haralson County, Georgia were used to receive certain 13-year real and personal property tax abatements in Haralson County for the construction of

one of our metals service centers, included in the property, plant and equipment, net caption in the accompanying consolidated balance sheet at December 31, 2024. We are both EDB bondholders and the lessee of the property purchased with the EDB proceeds. The EDB assets and financial liabilities are equal and are reported net in the consolidated balance sheet. As of December 31, 2024, the assets and liabilities associated with the EDBs were $37.3 million.

Impact of Recently Issued Accounting Standards - Adopted

Impact of Recently Issued Accounting Standards—Adopted

​

Segment Reporting—In November 2023, the Financial Accounting Standards Board (“FASB”) issued changes that require disclosure of significant expenses and other segment items included in the measure of segment profitability that the chief operating decision maker uses to assess segment performance and make decisions about resource allocation. We adopted the changes for the year ended December 31, 2024, on a retrospective basis. See Note 19—“Segment Information.”

​
Impact of Recently Issued Accounting Standards - Not Yet Adopted

Impact of Recently Issued Accounting Standards—Not Yet Adopted

​

Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes will be effective for our fiscal years beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact these changes will have on our income tax disclosures.

​

Disaggregation of Income Statement Expenses—In November 2024, the FASB issued changes to expand the disclosure requirements for specific expense categories. The changes require disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. These changes will be effective beginning with our 2027 fiscal year and subsequent interim periods, with early adoption permitted. We are currently evaluating the potential effect these changes will have on our consolidated financial statement disclosures.
v3.25.0.1
Acquisitions (Tables) - 2024 Acquisitions
 12 Months Ended
Dec. 31, 2024
Acquisitions  
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed

​

​

​

​

​

​

​

​

​

​

   

(in millions)

Cash

​

​

​

$

5.6

Accounts receivable

​

​

​

​

44.9

Inventories

​

​

​

​

109.9

Prepaid expenses and other current assets

​

​

​

​

1.0

Property, plant and equipment

​

​

​

​

107.5

Operating lease right-of-use assets

​

​

​

​

19.2

Goodwill

​

​

​

​

56.0

Intangible assets subject to amortization

​

​

​

​

39.5

Intangible assets not subject to amortization

​

​

​

​

41.4

Total assets acquired

​

​

​

​

425.0

Deferred income taxes

​

​

​

​

6.7

Operating lease liabilities

​

​

​

​

15.1

Other current and long-term liabilities

​

​

​

​

32.7

Total liabilities assumed

​

​

​

​

54.5

Noncontrolling interest

​

​

​

​

0.3

Net assets acquired

​

​

​

$

370.2
Schedule of pro forma information

​

​

​

​

​

Year Ended December 31,

​

2023

​

(in millions, except per share amounts)

Pro forma:

​

​

Net sales

$

15,312.8

Net income attributable to Reliance

$

1,361.7

Earnings per share attributable to Reliance stockholders:

​

​

Basic

$

23.35

Diluted

$

23.07

​
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2024

    

2023

​

​

​

​

(in millions)

LIFO inventories—cost on FIFO method

​

​

​

$

2,033.4

​

$

2,087.3

Cost on FIFO method higher than LIFO value

​

​

​

​

(434.9)

​

​

(579.3)

Inventories—stated on LIFO method

​

​

​

​

1,598.5

​

​

1,508.0

Inventories—stated on FIFO method

​

​

​

​

428.3

​

​

535.2

​

​

​

​

$

2,026.8

​

$

2,043.2
Schedule of changes in the LIFO valuation reserve

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

LIFO inventory valuation reserve income

$

144.4

​

$

164.5

​

$

76.6
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenues  
Schedule of disaggregation of revenue

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Carbon steel

$

7,575.6

​

$

8,071.8

​

$

9,487.7

Aluminum

​

2,294.4

​

​

2,456.4

​

​

2,658.7

Stainless steel

​

2,068.8

​

​

2,336.7

​

​

2,877.4

Alloy

​

637.7

​

​

704.9

​

​

741.0

Toll processing and logistics

​

623.7

​

​

610.6

​

​

554.2

Copper and brass

​

311.2

​

​

304.6

​

​

336.7

Miscellaneous and eliminations

​

323.6

​

​

320.9

​

​

369.3

Total

$

13,835.0

​

$

14,805.9

​

$

17,025.0

​
v3.25.0.1
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment, Net  
Schedule of property, plant and equipment, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

   

2024

    

2023

​

​

​

​

(in millions)

Land

​

​

​

$

297.2

​

$

281.7

Buildings

​

​

​

​

1,689.2

​

​

1,510.9

Machinery and equipment

​

​

​

​

2,643.2

​

​

2,435.5

Construction in progress

​

​

​

​

297.0

​

​

264.9

Property, plant and equipment, gross

​

​

​

​

4,926.6

​

​

4,493.0

Less: accumulated depreciation

​

​

​

​

(2,381.7)

​

​

(2,244.6)

Property, plant and equipment, net

​

​

​

$

2,544.9

​

$

2,248.4
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill  
Schedule of changes in the carrying amount of goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2023

​

​

​

​

​

​

$

2,105.9

Acquisition

​

​

​

​

​

​

​

2.5

Effect of foreign currency translation

​

​

​

​

​

​

​

2.7

Balance at December 31, 2023

​

​

​

​

​

​

​

2,111.1

Acquisitions

​

​

​

​

​

​

​

58.1

Effect of foreign currency translation

​

​

​

​

​

​

​

(7.4)

Balance at December 31, 2024

​

​

​

​

​

​

$

2,161.8
v3.25.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net  
Summary of intangible assets, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

Weighted Average

​

Gross

​

​

​

​

Gross

​

​

​

​

Amortizable

​

Carrying

​

Accumulated

​

Carrying

​

Accumulated

​

Life in Years

   

Amount

   

Amortization

   

Amount

   

Amortization

​

​

​

(in millions)

Intangible assets subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Customer lists/relationships

13.9

​

$

753.4

​

$

(559.6)

​

$

716.0

​

$

(520.5)

Backlog of orders

7.9

​

​

21.0

​

​

(8.2)

​

​

22.9

​

​

(6.0)

Other

9.3

​

​

10.2

​

​

(9.6)

​

​

10.0

​

​

(9.5)

​

​

​

​

784.6

​

​

(577.4)

​

​

748.9

​

​

(536.0)

Intangible assets not subject to amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names

​

​

​

800.0

​

​

—

​

​

768.2

​

​

—

​

​

​

$

1,584.6

​

$

(577.4)

​

$

1,517.1

​

$

(536.0)
Schedule of carrying amount of intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

   

​

​

   

(in millions)

Balance at January 1, 2023

​

​

​

​

​

​

$

1,019.6

Acquisition

​

​

​

​

​

​

​

3.9

Amortization expense

​

​

​

​

​

​

​

(43.8)

Effect of foreign currency translation

​

​

​

​

​

​

​

1.4

Balance at December 31, 2023

​

​

​

​

​

​

​

981.1

Acquisitions

​

​

​

​

​

​

​

80.9

Amortization expense

​

​

​

​

​

​

​

(42.6)

Impairment

​

​

​

​

​

​

​

(11.2)

Other

​

​

​

​

​

​

​

2.2

Effect of foreign currency translation

​

​

​

​

​

​

​

(3.2)

Balance at December 31, 2024

​

​

​

​

​

​

$

1,007.2
Summary of estimated aggregate amortization expense

​

​

​

​

​

​

​

​

​

​

   

(in millions)

2025

​

​

​

$

39.0

2026

​

​

​

​

29.5

2027

​

​

​

​

28.9

2028

​

​

​

​

27.4

2029

​

​

​

​

25.3

Thereafter

​

​

​

​

57.1

​

​

​

​

$

207.2

​
v3.25.0.1
Cash Surrender Value of Life Insurance Policies, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Cash Surrender Value of Life Insurance Policies, Net  
Schedule of life insurance policies, net of redemptions

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Investment income from life insurance policies

$

(101.4)

​

$

(97.5)

​

$

(85.2)

Interest expense on life insurance policy loans

​

103.5

​

​

98.4

​

​

91.6

Life insurance policy cost of insurance

​

17.6

​

​

16.9

​

​

15.7

Income from life insurance policy redemptions

​

(8.1)

​

​

(11.7)

​

​

(6.6)

Life insurance policy expense, net

$

11.6

​

$

6.1

​

$

15.5

​
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt  
Summary of debt

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

2024

   

2023

​

(in millions)

Unsecured revolving credit facility maturing September 10, 2029

$

—

​

$

—

Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025

​

400.0

​

​

400.0

Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030

​

500.0

​

​

500.0

Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036

​

250.0

​

​

250.0

Other notes

​

1.1

​

​

1.4

Total

​

1,151.1

​

​

1,151.4

Less: unamortized discount and debt issuance costs

​

(8.6)

​

​

(9.2)

Less: amounts due within one year

​

(399.7)

​

​

(0.3)

Total long-term debt

$

742.8

​

$

1,141.9
Summary of aggregate maturities of long-term debt for each of the next five years and thereafter

​

​

​

​

​

​

​

​

​

​

   

(in millions)

2025

​

​

​

$

400.3

2026

​

​

​

​

0.4

2027

​

​

​

​

0.4

2028

​

​

​

​

—

2029

​

​

​

​

—

Thereafter

​

​

​

​

750.0

​

​

​

​

$

1,151.1

​
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases  
Schedule of lease cost

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Operating lease cost

$

75.1

​

$

68.8

​

$

68.2

Variable fees and other(1)

​

30.9

​

​

28.6

​

​

23.2

Total lease cost

$

106.0

​

$

97.4

​

$

91.4

(1)Includes variable lease payments and costs of short-term leases.
Schedule of supplemental cash flow and other lease information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Supplemental cash flow information:

​

​

​

​

​

​

​

​

Cash payments for operating leases                 

$

74.8

​

$

95.2

​

$

86.9

Right-of-use assets obtained in exchange for operating lease obligations

$

87.7

​

$

74.7

​

$

52.4

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

December 31,

​

​

​

​

2024

​

2023

Other lease information:

​

​

​

​

​

​

​

​

Weighted average remaining lease term—operating leases

​

​

​

​

6.3 years

​

​

5.8 years

Weighted average discount rate—operating leases

​

​

​

​

4.6%

​

​

4.3%
Schedule of maturities of operating lease liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions)

2025

​

​

​

​

​

​

$

72.5

2026

​

​

​

​

​

​

​

60.1

2027

​

​

​

​

​

​

​

48.7

2028

​

​

​

​

​

​

​

39.8

2029

​

​

​

​

​

​

​

32.3

Thereafter

​

​

​

​

​

​

​

67.9

Total operating lease payments

​

​

​

​

​

​

​

321.3

Less: imputed interest

​

​

​

​

​

​

​

(45.7)

Total operating lease liabilities

​

​

​

​

​

​

$

275.6

​
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of components of the provision for income taxes attributable to continuing operations

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Current:

​

​

​

​

​

​

​

​

Federal

$

156.2

​

$

277.0

​

$

418.9

State

​

39.9

​

​

73.8

​

​

112.9

Foreign

​

29.4

​

​

33.6

​

​

61.1

​

​

225.5

​

​

384.4

​

​

592.9

Deferred:

​

​

​

​

​

​

​

​

Federal

​

31.7

​

​

18.0

​

​

(3.7)

State

​

5.9

​

​

0.3

​

​

(2.0)

Foreign

​

(1.2)

​

​

(2.1)

​

​

(1.0)

​

​

36.4

​

​

16.2

​

​

(6.7)

​

$

261.9

​

$

400.6

​

$

586.2
Components of U.S. and international income before income taxes

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

U.S.

$

1,021.3

​

$

1,579.4

​

$

2,199.2

International

​

118.6

​

​

161.3

​

​

231.2

Income before income taxes

$

1,139.9

​

$

1,740.7

​

$

2,430.4
Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2024

​

   

2023

​

   

2022

​

Income tax at U.S. federal statutory tax rate

​

21.0

%

​

21.0

%

​

21.0

%

State income tax, net of federal tax effect

​

3.1

​

​

3.4

​

​

3.5

​

Foreign earnings taxed at higher (lower) rates

​

0.3

​

​

(0.1)

​

​

0.5

​

Net effect of life insurance policies

​

(1.6)

​

​

(1.1)

​

​

(0.6)

​

Other, net

​

0.2

​

​

(0.2)

​

​

(0.3)

​

Effective tax rate

​

23.0

%

​

23.0

%

​

24.1

%
Schedule of components of the Company's deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

   

2024

   

2023

​

​

​

​

(in millions)

Deferred tax assets:

​

​

​

​

​

​

​

​

Allowance for credit losses

​

​

​

$

6.5

​

$

6.8

Inventory costs capitalized for tax purposes

​

​

​

​

13.1

​

​

13.1

Accrued expenses not currently deductible for tax

​

​

​

​

33.0

​

​

32.0

Stock-based compensation

​

​

​

​

10.4

​

​

12.7

Net operating loss carryforwards

​

​

​

​

1.5

​

​

2.5

Tax credits carryforwards

​

​

​

​

0.4

​

​

0.4

Total deferred tax assets

​

​

​

​

64.9

​

​

67.5

Deferred tax liabilities:

​

​

​

​

​

​

​

​

Property, plant and equipment, net

​

​

​

​

(224.3)

​

​

(208.4)

Goodwill and other intangible assets

​

​

​

​

(351.9)

​

​

(342.8)

LIFO inventories

​

​

​

​

(20.7)

​

​

(6.3)

Other

​

​

​

​

(5.5)

​

​

(4.0)

Total deferred tax liabilities

​

​

​

​

(602.4)

​

​

(561.5)

Net deferred tax liabilities

​

​

​

$

(537.5)

​

$

(494.0)
Schedule of unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Unrecognized tax benefits at January 1

$

1.2

​

$

1.4

​

$

1.9

Increases (decreases) in tax positions for prior years

​

0.2

​

​

(0.2)

​

​

0.8

Increases in tax positions for current year

​

—

​

​

0.6

​

​

—

Settlements

​

—

​

​

(0.2)

​

​

(0.8)

Lapse of statute of limitations

​

(0.5)

​

​

(0.4)

​

​

(0.5)

Unrecognized tax benefits at December 31

$

0.9

​

$

1.2

​

$

1.4
v3.25.0.1
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Stock-Based Compensation Plans  
Schedule of key employees equity awards of RSUs and PSUs

We granted to key employees equity awards consisting of RSUs and PSUs in aggregate amounts as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RSUs Vesting

​

​

​

​

​

​

​

​

​

​

December 1,

​

​

​

​

​

​

​

​

Grant Date

​

and

​

​

​

​

​

   

RSU and PSU

​

Fair Value

​

PSUs Vesting

​

   

RSUs

   

PSUs

   

Aggregate Units

   

Per Unit

   

December 31,

2024

​

101,056

​

70,522

​

171,578

​

$

289.19

​

2026

2023

​

109,683

​

84,129

​

193,812

​

$

247.90

​

2025

2022

​

192,798

​

112,451

​

305,249

​

$

187.31

​

2024
Summary of the status of the Company's restricted stock units and changes during the year

A summary of the status of our unvested RSUs and PSUs as of December 31, 2024 and changes during the year then ended is as follows:

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

​

RSU and PSU

​

Fair Value

​

​

Aggregate Units

​

Per Unit

Unvested at January 1, 2024

​

437,239

​

$

213.06

Granted

​

171,578

​

​

289.19

Vested

​

(233,982)

​

​

186.89

Cancelled or forfeited

​

(47,818)

​

​

238.85

Unvested at December 31, 2024

​

327,017

​

$

267.96

Shares reserved for future grants (all plans)

​

1,412,203

​

​

​
v3.25.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefits  
Summary of benefits payments under the SERPs and Defined Benefit Plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods

​

​

​

​

​

​

​

​

​

​

​

​

​

   

SERPs

   

DB Plan

​

​

​

​

(in millions)

2025

​

​

​

$

0.8

​

$

2.9

2026

​

​

​

​

0.8

​

​

3.2

2027

​

​

​

​

1.2

​

​

3.4

2028

​

​

​

​

0.6

​

​

3.6

2029

​

​

​

​

0.6

​

​

3.8

2030-2034

​

​

​

​

21.7

​

​

20.5
Schedule of Company's expense for Reliance-sponsored retirement plans

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Master 401(k) Plan

$

32.7

​

$

29.3

​

$

28.1

Precision Strip Retirement and Savings Plan

​

11.6

​

​

10.9

​

​

9.2

DCP

​

0.8

​

​

2.4

​

​

2.0

Other Defined Contribution Plans

​

2.2

​

​

2.0

​

​

2.0

DB Plan

​

1.3

​

​

1.2

​

​

0.3

SERPs

​

1.4

​

​

1.2

​

​

4.0

​

$

50.0

​

$

47.0

​

$

45.6

​
SERP's and DB Plans  
Employee Benefits  
Summary of the status of the funding of the plans, change in plan assets and items not yet recognized as a component of net periodic pension expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

2024

   

2023

   

2024

   

2023

​

(in millions)

​

(in millions)

Change in benefit obligation:

​

​

​

​

​

​

​

​

​

​

​

Benefit obligation at beginning of year

$

20.2

​

$

18.8

​

$

60.0

​

$

55.0

Service cost

​

0.4

​

​

0.3

​

​

1.5

​

​

1.3

Interest cost

​

0.8

​

​

0.9

​

​

2.8

​

​

2.7

Actuarial (gain) loss(1)

​

(0.8)

​

​

1.0

​

​

(4.9)

​

​

1.0

Benefits paid

​

(0.8)

​

​

(0.8)

​

​

(2.9)

​

​

(2.5)

Plan amendment

​

—

​

​

—

​

​

—

​

​

2.5

Benefit obligation at end of year

$

19.8

​

$

20.2

​

$

56.5

​

$

60.0

​

​

​

​

​

​

​

​

​

​

​

​

Change in plan assets:

​

​

​

​

​

​

​

​

​

​

​

Fair value of plan assets at beginning of year

​

N/A

​

​

N/A

​

$

63.8

​

$

56.7

Actual return on plan assets

​

N/A

​

​

N/A

​

​

4.7

​

​

9.6

Benefits paid

​

N/A

​

​

N/A

​

​

(2.9)

​

​

(2.5)

Fair value of plan assets at end of year

​

N/A

​

​

N/A

​

$

65.6

​

$

63.8

​

​

​

​

​

​

​

​

​

​

​

​

Funded status:

​

​

​

​

​

​

​

​

​

​

​

Funded status of the plans

$

(19.8)

​

$

(20.2)

​

$

9.1

​

$

3.8

​

​

​

​

​

​

​

​

​

​

​

​

Items not yet recognized as component of net periodic pension expense:

​

​

​

​

​

​

​

​

​

​

​

Unrecognized net actuarial losses (gains)

$

1.9

​

$

2.9

​

$

(10.6)

​

$

(4.7)

Unamortized prior service cost

​

—

​

​

—

​

​

4.0

​

​

4.8

​

$

1.9

​

$

2.9

​

$

(6.6)

​

$

0.1

(1)Actuarial gains in 2024 for the DB Plan were primarily due to the actual return on plan assets exceeding the expected return on plan assets and increases in the discount rate used to measure the obligations.
Schedule of amounts recognized in the statement of financial position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

2024

   

2023

   

2024

   

2023

​

(in millions)

​

(in millions)

Amounts recognized in the statement of financial position:

​

​

​

​

​

​

​

​

​

​

​

Noncurrent assets

$

—

​

$

—

​

$

9.1

​

$

3.8

Current liabilities

​

(0.8)

​

​

(0.8)

​

​

—

​

​

—

Noncurrent liabilities

​

(19.0)

​

​

(19.4)

​

​

—

​

​

—

Accumulated other comprehensive loss (gain)

​

1.9

​

​

2.9

​

​

(6.6)

​

​

0.1

Net amount recognized

$

(17.9)

​

$

(17.3)

​

$

2.5

​

$

3.9
Schedule of details of net periodic pension expense

Details of net periodic benefit cost related to the SERPs, and the DB Plan are presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

(in millions)

​

(in millions)

Service cost

$

0.4

​

$

0.3

​

$

0.4

​

$

1.5

​

$

1.3

​

$

2.0

Interest cost

​

0.8

​

​

0.9

​

​

0.7

​

​

2.8

​

​

2.7

​

​

2.0

Expected return on plan assets

​

—

​

​

—

​

​

—

​

​

(3.8)

​

​

(3.3)

​

​

(4.2)

Settlement loss

​

—

​

​

—

​

​

2.3

​

​

—

​

​

—

​

​

—

Prior service cost

​

—

​

​

—

​

​

—

​

​

0.8

​

​

0.5

​

​

0.5

Amortization of net loss

​

0.2

​

​

—

​

​

0.6

​

​

—

​

​

—

​

​

—

​

$

1.4

​

$

1.2

​

$

4.0

​

$

1.3

​

$

1.2

​

$

0.3

​

Net periodic benefit cost related to the SERPs, and the DB Plan is presented in our consolidated statements of income, as summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

Year Ended December 31,

​

Year Ended December 31,

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

​

(in millions)

​

(in millions)

Amounts recognized in the statement of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse, delivery, selling, general and administrative expense

$

0.4

​

$

0.3

​

$

0.4

​

$

1.5

​

$

1.3

​

$

2.0

Other expense (income), net

​

1.0

​

​

0.9

​

​

3.6

​

​

(0.2)

​

​

(0.1)

​

​

(1.7)

​

$

1.4

​

$

1.2

​

$

4.0

​

$

1.3

​

$

1.2

​

$

0.3
Schedule of assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

​

Year Ended December 31,

​

Year Ended December 31,

​

​

2024

   

2023

   

2022

   

2024

   

2023

   

2022

 

Weighted average assumptions to determine net cost:

​

​

​

​

​

​

​

​

​

​

​

​

Discount rate

4.35

%

4.58

%

2.17

%

4.80

%

5.00

%

2.70

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

N/A

​

6.00

%

6.00

%

6.00

%

Rate of compensation increase

6.00

%

6.00

%

6.00

%

N/A

​

N/A

​

N/A

​
Schedule of assumptions used to determine the benefit obligation

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

DB Plan

​

​

December 31,

​

December 31,

​

​

2024

   

2023

   

2024

   

2023

 

Weighted average assumptions to determine benefit obligations:

​

​

​

​

​

​

​

​

Discount rate

4.92

%

4.35

%

5.50

%

4.80

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

6.00

%

6.00

%

Rate of compensation increase

4.50

%

6.00

%

N/A

​

N/A

​
DB Plan  
Employee Benefits  
Schedule of fair value measurements of Defined Benefit Plans assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 1

    

Level 2

    

Level 3

    

Total

​

(in millions)

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Interest bearing cash

$

0.1

​

$

—

​

$

—

​

$

0.1

Mutual funds(1)

​

1.9

​

​

—

​

​

—

​

​

1.9

Total assets in the fair value hierarchy

​

2.0

​

​

—

​

​

—

​

​

2.0

Commingled funds measured at NAV(2)

​

—

​

​

—

​

​

—

​

​

63.6

Total investments at fair value

$

2.0

​

$

—

​

$

—

​

$

65.6

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

Common stock(3)

$

37.8

​

$

—

​

$

—

​

$

37.8

U.S. government, state and agency

​

—

​

​

8.3

​

​

—

​

​

8.3

Corporate debt securities(4)

​

—

​

​

3.8

​

​

—

​

​

3.8

Mutual funds(1)

​

13.4

​

​

—

​

​

—

​

​

13.4

Interest bearing cash

​

0.5

​

​

—

​

​

—

​

​

0.5

Total investments at fair value

$

51.7

​

$

12.1

​

$

—

​

$

63.8

(1)Mutual funds held are registered with the United States Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held are deemed to be actively traded.
(2)Investments in commingled funds are measured at fair value using NAV as a practical expedient. The fair value of these assets is excluded from the fair value hierarchy and is presented in the tables above to permit reconciliation of the investments classified with the fair value hierarchy to the total investments at fair value.
(3)Comprised primarily of securities of large domestic and foreign companies. Valued at the closing price reported on the active market on which the individual securities are traded on national exchanges.
(4)Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing values on a combination of inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity  
Schedule of issued and outstanding common shares activity

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in thousands)

Issued and outstanding common shares, beginning balance

​

57,271

​

​

58,787

​

​

61,806

Issued to settle RSUs and PSUs, net of withheld shares

​

309

​

​

362

​

​

506

Repurchased

​

(3,865)

​

​

(1,878)

​

​

(3,525)

Issued and outstanding common shares, ending balance

​

53,715

​

​

57,271

​

​

58,787
Schedule of share repurchase activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

   

Per Share

   

Amount

​

​

(in thousands)

​

​

​

​

(in millions)

2024

​

3,865

​

$

282.98

​

$

1,093.7

2023

​

1,878

​

$

255.30

​

$

479.5

2022

​

3,525

​

$

178.81

​

$

630.3
Schedule of accumulated other comprehensive loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pension and

​

​

​

Foreign Currency

​

Postretirement Benefit

​

Accumulated Other

​

Translation

​

Plan Adjustments,

​

Comprehensive

​

Loss

   

Net of Tax

   

Loss

​

​

​

​

(in millions)

​

​

​

Balance as of January 1, 2024

$

(75.7)

​

$

(1.0)

​

$

(76.7)

Current-year change

​

(44.0)

​

​

5.5

​

​

(38.5)

Balance as of December 31, 2024

$

(119.7)

​

$

4.5

​

$

(115.2)
v3.25.0.1
Other (Income) Expense, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Other (Income) Expense, Net.  
Schedule of significant components of other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Interest income

$

(20.7)

​

$

(35.2)

​

$

(9.3)

(Income) loss on deferred compensation plan assets

​

(5.8)

​

​

(6.6)

​

​

6.9

Life insurance policy expense, net

​

11.6

​

​

6.1

​

​

15.5

Foreign currency transaction (gains) losses

​

(1.9)

​

​

1.3

​

​

6.2

All other, net

​

(3.4)

​

​

(6.9)

​

​

(5.1)

​

$

(20.2)

​

$

(41.3)

​

$

14.2

​
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share  
Computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions, except number of shares which are reflected in thousands and per share amounts)

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Reliance

$

875.2

​

$

1,335.9

​

$

1,840.1

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

Weighted average shares outstanding

​

55,746

​

​

58,328

​

​

60,559

Dilutive effect of stock-based awards

​

500

​

​

687

​

​

936

Weighted average diluted shares outstanding

​

56,246

​

​

59,015

​

​

61,495

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Reliance stockholders:

​

​

​

​

​

​

​

​

Basic

$

15.70

​

$

22.90

​

$

30.39

Diluted

$

15.56

​

$

22.64

​

$

29.92
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Information  
Schedule of sales, by products or services

​

​

​

​

​

​

​

​

​

2024

​

2023

​

2022

​

Carbon steel

53

%

53

%

54

%

Aluminum

16

​

16

​

15

​

Stainless steel

14

​

15

​

17

​

Alloy

5

​

5

​

4

​

Toll processing and logistics

4

​

4

​

3

​

Copper and brass

2

​

2

​

2

​

Miscellaneous

6

​

5

​

5

​

Total

100

%

100

%

100

%
Schedule of segment revenue, profit or loss, significant expenses and other quantitative profit or loss information

​

​

​

​

​

​

​

​

​

​

​

Metals Service Centers Segment

​

Year Ended December 31,

​

2024

   

2023

   

2022

​

(in millions)

Revenues

$

13,835.0

​

$

14,805.9

​

$

17,025.0

Less:

​

​

​

​

​

​

​

​

Cost of sales (exclusive of depreciation and amortization shown below)

​

9,728.4

​

​

10,258.6

​

​

11,773.7

Compensation expense

​

1,614.8

​

​

1,557.8

​

​

1,537.3

Other segment items(a)

​

1,031.2

​

​

963.3

​

​

981.1

Depreciation and amortization expense

​

268.7

​

​

245.4

​

​

240.2

Impairment

​

11.7

​

​

—

​

​

—

Interest expense

​

40.3

​

​

40.1

​

​

62.3

Income tax provision

​

261.9

​

​

400.6

​

​

586.2

Segment net income

​

878.0

​

​

1,340.1

​

​

1,844.2

Reconciliation

​

​

​

​

​

​

​

​

Adjustments and reconciling items

​

—

​

​

—

​

​

—

Consolidated net income

$

878.0

​

$

1,340.1

​

$

1,844.2

​

​

​

​

​

​

​

​

​

Other Segment Disclosures:

​

​

​

​

​

​

​

​

Purchases of property, plant and equipment

$

430.6

​

$

468.8

​

$

341.8

(a)Other segment items included in Segment net income mainly includes warehousing and delivery related expenses, which include among others, 3rd party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.
Summary of the Company's operations by geographic location based on where sales originated from

​

​

​

​

​

​

​

​

​

​

​

United States

   

Foreign Countries

   

Total

​

(in millions)

Year Ended December 31, 2024:

​

​

​

​

​

​

​

​

Net sales

$

12,933.9

​

$

901.1

​

$

13,835.0

Long-lived assets

​

5,708.9

​

​

417.4

​

​

6,126.3

Year Ended December 31, 2023:

​

​

​

​

​

​

​

​

Net sales

​

13,786.8

​

​

1,019.1

​

​

14,805.9

Long-lived assets

​

5,288.4

​

​

420.1

​

​

5,708.5

Year Ended December 31, 2022:

​

​

​

​

​

​

​

​

Net sales

​

15,978.6

​

​

1,046.4

​

​

17,025.0

Long-lived assets

​

5,051.9

​

​

391.4

​

​

5,443.3

​
v3.25.0.1
Summary of Significant Accounting Policies - Business (Details)
 12 Months Ended
Dec. 31, 2024
item
location
Summary of Significant Accounting Policies  
Number of locations in which company operates metal service center network | location 320
Number of states in which the company operates metal service center network 41
Number of countries in which entity operates outside the U.S. 10
Minimum number of products the company distributes 100,000
v3.25.0.1
Summary of Significant Accounting Policies - Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Values of Financial Instruments    
Carrying value, before deducting unamortized discount or premiums $ 1,151.1 $ 1,151.4
Senior Unsecured Notes - Publicly Traded    
Fair Values of Financial Instruments    
Carrying value, before deducting unamortized discount or premiums 1,150.0 1,150.0
Carrying value 1,140.0 1,140.0
Senior Unsecured Notes - Publicly Traded | Level 2    
Fair Values of Financial Instruments    
Fair value $ 1,090.0 $ 1,070.0
v3.25.0.1
Summary of Significant Accounting Policies - Goodwill and Other Indefinite-Lived Intangible Assets (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
item
Dec. 31, 2023
USD ($)
segment
item
Dec. 31, 2022
USD ($)
item
segment
Goodwill and Other Indefinite-Lived Intangible Assets      
Number of operating segments | segment 1 1 1
Number of reportable segments | item 1 1 1
Impairment of goodwill $ 0.0 $ 0.0  
Impairment loss of intangible assets with indefinite life $ 11.2 $ 0.0 $ 0.0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Asset Impairment Charges Asset Impairment Charges Asset Impairment Charges
v3.25.0.1
Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment      
Impairment losses of property, plant and equipment $ 0.5 $ 0.0 $ 0.0
Buildings | Minimum      
Property, Plant and Equipment      
Useful lives 5 years    
Buildings | Maximum      
Property, Plant and Equipment      
Useful lives 50 years    
Machinery and equipment | Minimum      
Property, Plant and Equipment      
Useful lives 3 years    
Machinery and equipment | Maximum      
Property, Plant and Equipment      
Useful lives 20 years    
v3.25.0.1
Summary of Significant Accounting Policies - Revenue Recognition, Share-Based Compensation, Foreign Currencies and Governmental Assistance (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Revenue Recognition      
Number of performance obligations from sales of metal products | item 1    
Shipping and handling costs included in operating expenses $ 550.5 $ 525.9 $ 509.7
Share-Based Compensation      
Stock-based compensation expense 56.8 65.0 65.3
Foreign Currencies      
Net gain (loss) resulting from foreign currency transactions $ 1.9 $ (1.3) $ (6.2)
Governmental Assistance      
Government assistance transaction (in years) 13 years    
Government assistance, assets associated with the EDBs $ 37.3    
Government Assistance, Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net.    
Government assistance, liabilities associated with the EDBs $ 37.3    
Government Assistance, Liability, Statement of Financial Position [Extensible Enumeration] Operating Lease, Liability, Noncurrent    
Toll processing      
Revenue Recognition      
Number Of Days To Perform Services 1 day    
v3.25.0.1
Acquisitions (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Apr. 01, 2024
item
Feb. 01, 2024
item
Dec. 31, 2022
USD ($)
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed          
Goodwill $ 2,161.8 $ 2,111.1     $ 2,105.9
Cooksey Iron & Metal Company          
Acquisitions          
Number of locations of the acquiree entity | item       3  
American Alloy Steel, Inc          
Acquisitions          
Number of locations of the acquiree entity | item     5    
2024 Acquisitions          
Acquisitions          
Sales since acquisition date 286.2        
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed          
Cash 5.6        
Accounts receivable 44.9        
Inventories 109.9        
Prepaid expenses and other current assets 1.0        
Property, plant and equipment 107.5        
Operating lease right-of-use assets 19.2        
Goodwill 56.0        
Intangible assets subject to amortization 39.5        
Intangible assets not subject to amortization 41.4        
Total assets acquired 425.0        
Deferred income taxes 6.7        
Operating lease liabilities 15.1        
Other current and long-term liabilities 32.7        
Total liabilities assumed 54.5        
Noncontrolling interest 0.3        
Net assets acquired 370.2        
Pro forma:          
Net sales 13,943.5 15,312.8      
Net income attributable to Reliance   $ 1,361.7      
Basic earnings per share attributable to Reliance shareholders (in dollars per share) | $ / shares   $ 23.35      
Diluted earnings per share attributable to Reliance shareholders (in dollars per share) | $ / shares   $ 23.07      
Summary purchase price allocation information for all acquisitions          
Tax deductible goodwill amount 31.4        
2024 Acquisitions | Trade names          
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed          
Intangible assets not subject to amortization 41.4        
2024 Acquisitions | Customer relationships          
Summary purchase price allocation information for all acquisitions          
Intangible assets acquired subject to amortization $ 39.3        
Weighted average lives of identifiable intangible assets 13 years 1 month 6 days        
2024 Acquisitions | Non-compete agreements          
Summary purchase price allocation information for all acquisitions          
Intangible assets acquired subject to amortization $ 0.2        
Weighted average lives of identifiable intangible assets 5 years        
v3.25.0.1
Joint Ventures and Noncontrolling Interests (Details)
Dec. 31, 2024
American Alloys  
Joint Ventures and Noncontrolling Interests  
Ownership percentage in consolidated investments other than equity method investment 60.00%
Indiana Pickling & Processing Company  
Joint Ventures and Noncontrolling Interests  
Ownership percentage in consolidated investments other than equity method investment 56.00%
Valex Corp. | South Korea  
Joint Ventures and Noncontrolling Interests  
Ownership percentage in consolidated investments other than equity method investment 96.00%
Minimum  
Joint Ventures and Noncontrolling Interests  
Ownership percentage of investee for accounting under the equity method of accounting 20.00%
Percentage of ownership for consolidation of financial statements 50.00%
Maximum  
Joint Ventures and Noncontrolling Interests  
Ownership percentage of investee for accounting under the equity method of accounting 50.00%
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventories      
LIFO inventories - cost on FIFO method $ 2,033.4 $ 2,087.3  
Cost on FIFO method higher than LIFO value (434.9) (579.3)  
Inventories - stated on LIFO method 1,598.5 1,508.0  
Inventories - stated on FIFO method 428.3 535.2  
Inventories 2,026.8 2,043.2  
LIFO inventory valuation reserve income $ 144.4 $ 164.5 $ 76.6
v3.25.0.1
Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Disaggregation      
Revenues $ 13,835.0 $ 14,805.9 $ 17,025.0
Carbon steel      
Revenue Disaggregation      
Revenues 7,575.6 8,071.8 9,487.7
Aluminum      
Revenue Disaggregation      
Revenues 2,294.4 2,456.4 2,658.7
Stainless steel      
Revenue Disaggregation      
Revenues 2,068.8 2,336.7 2,877.4
Alloy      
Revenue Disaggregation      
Revenues 637.7 704.9 741.0
Toll processing and logistics      
Revenue Disaggregation      
Revenues 623.7 610.6 554.2
Copper and brass      
Revenue Disaggregation      
Revenues 311.2 304.6 336.7
Miscellaneous and eliminations      
Revenue Disaggregation      
Revenues $ 323.6 $ 320.9 $ 369.3
v3.25.0.1
Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment      
Property, plant and equipment, gross $ 4,926.6 $ 4,493.0  
Less: accumulated depreciation (2,381.7) (2,244.6)  
Property, plant and equipment, net 2,544.9 2,248.4  
Capital expenditures included in accounts payable/accrued expense 7.3 15.2 $ 6.3
Land      
Property, Plant and Equipment      
Property, plant and equipment, gross 297.2 281.7  
Buildings      
Property, Plant and Equipment      
Property, plant and equipment, gross 1,689.2 1,510.9  
Machinery and equipment      
Property, Plant and Equipment      
Property, plant and equipment, gross 2,643.2 2,435.5  
Construction in progress      
Property, Plant and Equipment      
Property, plant and equipment, gross $ 297.0 $ 264.9  
v3.25.0.1
Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Change in the carrying amount of goodwill    
Balance at the beginning of the year $ 2,111.1 $ 2,105.9
Acquisitions 58.1 2.5
Effect of foreign currency translation (7.4) 2.7
Balance at the end of the year 2,161.8 2,111.1
Accumulated impairment losses $ 0.0 $ 0.0
v3.25.0.1
Intangible Assets, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible assets subject to amortization:      
Intangible assets subject to amortization, Gross Carrying Amount $ 784.6 $ 748.9  
Intangible assets subject to amortization, Accumulated Amortization (577.4) (536.0)  
Intangible assets      
Intangible assets, Gross Carrying Amount 1,584.6 1,517.1  
Amortization expense for intangible assets $ 42.6 $ 43.8  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Asset Impairment Charges Asset Impairment Charges Asset Impairment Charges
Summary of estimated aggregate amortization expense for each of the succeeding five years and thereafter      
2025 $ 39.0    
2026 29.5    
2027 28.9    
2028 27.4    
2029 25.3    
Thereafter 57.1    
Total 207.2    
2024 Acquisitions      
Intangible assets      
Intangible assets not subject to amortization 41.4    
Trade names      
Intangible assets not subject to amortization:      
Intangible assets not subject to amortization, Gross Carrying Amount 800.0 $ 768.2  
Trade names | 2024 Acquisitions      
Intangible assets      
Intangible assets not subject to amortization $ 41.4    
Customer lists/relationships      
Intangible assets subject to amortization:      
Weighted average amortizable life in years 13 years 10 months 24 days    
Intangible assets subject to amortization, Gross Carrying Amount $ 753.4 716.0  
Intangible assets subject to amortization, Accumulated Amortization $ (559.6) (520.5)  
Backlog of orders      
Intangible assets subject to amortization:      
Weighted average amortizable life in years 7 years 10 months 24 days    
Intangible assets subject to amortization, Gross Carrying Amount $ 21.0 22.9  
Intangible assets subject to amortization, Accumulated Amortization $ (8.2) (6.0)  
Other      
Intangible assets subject to amortization:      
Weighted average amortizable life in years 9 years 3 months 18 days    
Intangible assets subject to amortization, Gross Carrying Amount $ 10.2 10.0  
Intangible assets subject to amortization, Accumulated Amortization $ (9.6) $ (9.5)  
v3.25.0.1
Intangible Assets, Net - Changes in the carrying amount of intangible assets, net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets, Net      
Beginning Balance $ 981.1 $ 1,019.6  
Acquisitions 80.9 3.9  
Amortization expense (42.6) (43.8)  
Impairment $ (11.2)    
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Asset Impairment Charges    
Other $ 2.2    
Effect of foreign currency translation (3.2) 1.4  
Ending Balance 1,007.2 981.1 $ 1,019.6
Impairment loss $ 11.2 $ 0.0 $ 0.0
v3.25.0.1
Cash Surrender Value of Life Insurance Policies, Net - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Information about cash surrender value of life insurance policies      
Cash surrender value of all life insurance policies, net of loans and related accrued interest $ 46.0 $ 43.8  
Net proceeds from redemption of life insurance policies 8.6 12.5 $ 7.3
Borrowed portion      
Information about cash surrender value of life insurance policies      
Amount of borrowed funds against cash surrender value of certain life insurance policies used to pay premiums and accrued interest owed 80.8 75.6 73.1
Paid premiums and accrued interest on loans against policies $ 103.0 96.5 $ 93.0
Earle M. Jorgensen Company ("EMJ") | Borrowed portion      
Information about cash surrender value of life insurance policies      
Interest on borrowings against cash surrender value of certain life insurance policies (as a percent) 11.76%    
Rate at which the portion of the policy cash surrender value earns interest and dividend income (as a percent) 11.26%    
Loans and accrued interest outstanding on EMJ's life insurance policies $ 962.9 $ 897.9  
Earle M. Jorgensen Company ("EMJ") | Unborrowed portion | Minimum      
Information about cash surrender value of life insurance policies      
Rate at which the portion of the policy cash surrender value earns interest and dividend income (as a percent) 4.00%    
v3.25.0.1
Cash Surrender Value of Life Insurance Policies, Net - Other Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Information about cash surrender value of life insurance policies      
Other (income) expense, net $ (20.2) $ (41.3) $ 14.2
Life insurance policy expense, net      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 11.6 6.1 15.5
Investment income from life insurance policies      
Information about cash surrender value of life insurance policies      
Other (income) expense, net (101.4) (97.5) (85.2)
Interest expense on life insurance policy loans      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 103.5 98.4 91.6
Life insurance policy cost of insurance      
Information about cash surrender value of life insurance policies      
Other (income) expense, net 17.6 16.9 15.7
Income from life insurance policy redemptions      
Information about cash surrender value of life insurance policies      
Other (income) expense, net $ (8.1) $ (11.7) $ (6.6)
v3.25.0.1
Debt - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt    
Total $ 1,151.1 $ 1,151.4
Less: unamortized discount and debt issuance costs (8.6) (9.2)
Less: amounts due within one year (399.7) (0.3)
Total long-term debt 742.8 1,141.9
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025    
Debt    
Total $ 400.0 $ 400.0
Semi-annual rate (as a percent) 1.30% 1.30%
Effective rate (as a percent) 1.53% 1.53%
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030    
Debt    
Total $ 500.0 $ 500.0
Semi-annual rate (as a percent) 2.15% 2.15%
Effective rate (as a percent) 2.27% 2.27%
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036    
Debt    
Total $ 250.0 $ 250.0
Semi-annual rate (as a percent) 6.85% 6.85%
Effective rate (as a percent) 6.91% 6.91%
Other notes    
Debt    
Total $ 1.1 $ 1.4
v3.25.0.1
Debt - Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 10, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt        
Total   $ 1,151.1 $ 1,151.4  
Weighted average interest rate (as a percent)   3.02% 3.02%  
Principal payments on long-term debt   $ (663.3) $ (506.1) $ (0.3)
Aggregate maturities of long-term debt for each of the next five years and thereafter        
2025   400.3    
2026   0.4    
2027   0.4    
2028   0.0    
2029   0.0    
Thereafter   750.0    
Total   $ 1,151.1 1,151.4  
Unsecured revolving credit facility maturing September 10, 2029        
Debt        
Maximum borrowing capacity $ 1,500.0      
Debt term 5 years      
Commitment fee on unused portion of revolving credit facility (as a percent)   0.10%    
Letters of credit outstanding   $ 1.1 1.4  
Lines of credit   $ 0.0 0.0  
Unsecured revolving credit facility maturing September 10, 2029 | SOFR        
Debt        
Variable interest rate   SOFR    
Interest rate added to base (as a percent)   1.00%    
Unsecured revolving credit facility maturing September 10, 2029 | Bank prime rate        
Debt        
Variable interest rate   prime rate    
Senior Unsecured Notes - Publicly Traded        
Debt        
Percentage of principal amount at which the notes may be required to be repurchased in event of a change of control and a downgrade of the entity's credit rating   101.00%    
Other separate revolving credit facilities | Asia        
Debt        
Maximum borrowing capacity   $ 7.5    
Lines of credit   0.0 0.0  
IRB        
Debt        
Total   1.1 1.4  
Aggregate maturities of long-term debt for each of the next five years and thereafter        
Total   1.1 1.4  
Letter of Credit | Standby Facility        
Debt        
Maximum borrowing capacity   50.0 50.0  
Letters of credit outstanding   $ 29.2 $ 40.9  
v3.25.0.1
Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases      
Operating lease cost $ 75.1 $ 68.8 $ 68.2
Variable fees and other 30.9 28.6 23.2
Total lease cost 106.0 97.4 91.4
Cash payments for operating leases 74.8 95.2 86.9
Right-of-use assets obtained in exchange for operating lease obligations $ 87.7 $ 74.7 $ 52.4
Weighted average remaining lease term - operating leases 6 years 3 months 18 days 5 years 9 months 18 days  
Weighted average discount rate - operating leases 4.60% 4.30%  
Maturities of operating lease liabilities      
2025 $ 72.5    
2026 60.1    
2027 48.7    
2028 39.8    
2029 32.3    
Thereafter 67.9    
Total operating lease payments 321.3    
Less: imputed interest (45.7)    
Total operating lease liabilities $ 275.6    
v3.25.0.1
Income Taxes - Summary, Reconciliation and Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 156.2 $ 277.0 $ 418.9
State 39.9 73.8 112.9
Foreign 29.4 33.6 61.1
Total 225.5 384.4 592.9
Deferred:      
Federal 31.7 18.0 (3.7)
State 5.9 0.3 (2.0)
Foreign (1.2) (2.1) (1.0)
Total 36.4 16.2 (6.7)
Income tax provision 261.9 400.6 586.2
Components of U.S. and international income before income taxes      
US 1,021.3 1,579.4 2,199.2
International 118.6 161.3 231.2
Income before income taxes $ 1,139.9 $ 1,740.7 $ 2,430.4
Reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense      
Income tax at U.S. federal statutory tax rate (as a percent) 21.00% 21.00% 21.00%
State income tax, net of federal tax effect (as a percent) 3.10% 3.40% 3.50%
Foreign earnings taxed at higher (lower) rates (as a percent) 0.30% (0.10%) 0.50%
Net effect of life insurance policies (as a percent) (1.60%) (1.10%) (0.60%)
Other, net (as a percent) 0.20% (0.20%) (0.30%)
Effective tax rate (as a percent) 23.00% 23.00% 24.10%
Deferred tax assets:      
Allowance for credit losses $ 6.5 $ 6.8  
Inventory costs capitalized for tax purposes 13.1 13.1  
Accrued expenses not currently deductible for tax 33.0 32.0  
Stock-based compensation 10.4 12.7  
Net operating loss carryforwards 1.5 2.5  
Tax credits carryforwards 0.4 0.4  
Total deferred tax assets 64.9 67.5  
Deferred tax liabilities:      
Property, plant and equipment, net (224.3) (208.4)  
Goodwill and other intangible assets (351.9) (342.8)  
LIFO inventories (20.7) (6.3)  
Other (5.5) (4.0)  
Total deferred tax liabilities (602.4) (561.5)  
Net deferred tax liabilities $ (537.5) $ (494.0)  
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits      
Balance at the beginning of the year $ 1.2 $ 1.4 $ 1.9
Increases in tax positions for prior years 0.2   0.8
(Decreases) in tax positions for prior years   (0.2)  
Increases in tax positions for current year   0.6  
Settlements   (0.2) (0.8)
Lapse of statute of limitations (0.5) (0.4) (0.5)
Balance at the end of the year 0.9 1.2 $ 1.4
Unrecognized tax benefits, if recognized, would affect the effective tax rate 0.9    
Accrued interest and penalties on uncertain tax positions $ 0.2 $ 0.1  
v3.25.0.1
Stock-Based Compensation Plans - RSUs and PSUs (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based compensation plans      
Shares authorized for future grant 1,412,203    
Restricted stock units (RSUs)      
Additional share-based compensation disclosures      
Vesting period (in years) 3 years 3 years 3 years
Performance stock units (PSUs)      
Additional share-based compensation disclosures      
Vesting period (in years) 3 years 3 years 3 years
Restricted stock units (RSUs) and performance stock units (PSUs)      
Share-based compensation plans      
Shares authorized for future grant 1,412,203    
v3.25.0.1
Stock-Based Compensation Plans - RSUs and PSUs additional (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2025
Additional share-based compensation disclosures        
Total unrecognized compensation cost $ 61.4      
Weighted average recognition period for unrecognized compensation cost (in years) 1 year 7 months 6 days      
Restricted stock units (RSUs) and performance stock units (PSUs)        
Units        
The number of grants made during the year on the basis of service and/or performance criteria other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). 171,578 193,812 305,249  
Changes        
Unvested at the beginning of the year (in units) 437,239      
Granted (in shares) 171,578      
Vested (in units) (233,982)      
Cancelled or forfeited (in units) (47,818)      
Unvested at the end of the year (in units) 327,017 437,239    
Weighted Average Grant Date Fair Value        
Unvested at the beginning of the year (in dollars per unit) $ 213.06      
Granted (in dollars per unit) 289.19 $ 247.9 $ 187.31  
Vested (in dollars per unit) 186.89      
Cancelled or forfeited (in dollars per unit) 238.85      
Unvested at the end of the year (in dollars per unit) $ 267.96 $ 213.06    
Additional share-based compensation disclosures        
Tax benefit realized from RSU and PSU settlements $ 15.3 $ 7.7 $ 8.0  
Fair value of vested units $ 90.2 $ 123.8 $ 147.2  
Performance stock units (PSUs)        
Units        
Vesting period (in years) 3 years 3 years 3 years  
Performance target period (in years) 3 years 3 years 3 years  
Changes        
Granted (in shares) 70,522 84,129 112,451  
Vested (in units) (66,922)      
Settled (in shares)       (133,844)
Restricted stock units (RSUs)        
Units        
Vesting period (in years) 3 years 3 years 3 years  
Performance target period (in years) 3 years 3 years 3 years  
Share of common stock 1 1 1  
Changes        
Granted (in shares) 101,056 109,683 192,798  
Maximum | Performance stock units (PSUs)        
Units        
Share of common stock 2 2 2  
Directors Equity Plan | Stock Awards        
Changes        
Granted (in shares) 3,542 4,305 6,136  
Weighted Average Grant Date Fair Value        
Granted (in dollars per unit) $ 296.56 $ 243.61 $ 182.41  
v3.25.0.1
Employee Benefits - Defined Contribution Plan Information (Details)
 12 Months Ended
Dec. 31, 2024
Master 401(k) Plan  
Eligibility period of service 30 days
Vesting percentage per year 25.00%
v3.25.0.1
Employee Benefits - Summary of SERPs and DB Plan and Deferred Compensation Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Benefits      
Balances in Deferred Compensation Plan $ 46.1 $ 51.0  
Deferred Compensation Plan expected employer contributions during 2025 0.8    
Value of assets for funding future payouts under the deferred compensation plan 46.1 51.0  
Contributions to Multiemployer Plans 5.5 5.4 $ 5.4
Estimated withdrawal liabilities 4.8    
Amounts recognized in the statement of financial position      
Noncurrent liabilities (26.9) (25.1)  
Supplemental Executive Retirement Plans      
Employee Benefits      
Settlement losses related to payment of benefits     2.3
Change in benefit obligation      
Benefit obligation at beginning of year 20.2 18.8  
Service cost 0.4 0.3 0.4
Interest cost 0.8 0.9 0.7
Actuarial (gain) loss (0.8) 1.0  
Benefits paid (0.8) (0.8)  
Benefit obligation at end of year 19.8 20.2 18.8
Funded status      
Funded status of the plans (19.8) (20.2)  
Items not yet recognized as component of net periodic pension expense      
Unrecognized net actuarial losses (gains) 1.9 2.9  
Accumulated other comprehensive loss (income) 1.9 2.9  
Amounts recognized in the statement of financial position      
Current liabilities (0.8) (0.8)  
Noncurrent liabilities (19.0) (19.4)  
Accumulated other comprehensive loss (gain) 1.9 2.9  
Net amount recognized (17.9) (17.3)  
Accumulated benefit obligation 19.0 18.2  
Components of net periodic benefit cost      
Service cost 0.4 0.3 0.4
Interest cost 0.8 0.9 0.7
Settlement loss     2.3
Amortization of net loss 0.2   0.6
Net periodic benefit cost $ 1.4 $ 1.2 $ 4.0
Weighted average assumptions to determine net cost      
Discount rate (as a percent) 4.35% 4.58% 2.17%
Rate of compensation increase (as a percent) 6.00% 6.00% 6.00%
Weighted average assumptions to determine benefit obligations      
Discount rate (as a percent) 4.92% 4.35%  
Rate of compensation increase (as a percent) 4.50% 6.00%  
Expected company contributions during 2025 $ 0.8    
DB Plan      
Change in benefit obligation      
Benefit obligation at beginning of year 60.0 $ 55.0  
Service cost 1.5 1.3 $ 2.0
Interest cost 2.8 2.7 2.0
Actuarial (gain) loss (4.9) 1.0  
Benefits paid (2.9) (2.5)  
Plan amendments   2.5  
Benefit obligation at end of year 56.5 60.0 55.0
Change in plan assets      
Fair value of plan assets at beginning of year 63.8 56.7  
Actual return on plan assets 4.7 9.6  
Benefits paid (2.9) (2.5)  
Fair value of plan assets at end of year 65.6 63.8 56.7
Funded status      
Funded status of the plans 9.1 3.8  
Items not yet recognized as component of net periodic pension expense      
Unrecognized net actuarial losses (gains) (10.6) (4.7)  
Unamortized prior service cost 4.0 4.8  
Accumulated other comprehensive loss (income) (6.6) 0.1  
Amounts recognized in the statement of financial position      
Noncurrent assets 9.1 3.8  
Accumulated other comprehensive loss (gain) (6.6) 0.1  
Net amount recognized 2.5 3.9  
Components of net periodic benefit cost      
Service cost 1.5 1.3 2.0
Interest cost 2.8 2.7 2.0
Expected return on plan assets (3.8) (3.3) (4.2)
Prior service cost 0.8 0.5 0.5
Net periodic benefit cost $ 1.3 $ 1.2 $ 0.3
Weighted average assumptions to determine net cost      
Discount rate (as a percent) 4.80% 5.00% 2.70%
Expected long-term rate of return on plan assets (as a percent) 6.00% 6.00% 6.00%
Weighted average assumptions to determine benefit obligations      
Discount rate (as a percent) 5.50% 4.80%  
Expected long-term rate of return on plan assets (as a percent) 6.00% 6.00%  
Expected company contributions during 2025 $ 0.0    
Warehouse, delivery, selling, general and administrative expense | Supplemental Executive Retirement Plans      
Components of net periodic benefit cost      
Net periodic benefit cost 0.4 $ 0.3 $ 0.4
Warehouse, delivery, selling, general and administrative expense | DB Plan      
Components of net periodic benefit cost      
Net periodic benefit cost 1.5 1.3 2.0
Other expense (income), net | Supplemental Executive Retirement Plans      
Components of net periodic benefit cost      
Net periodic benefit cost 1.0 0.9 3.6
Other expense (income), net | DB Plan      
Components of net periodic benefit cost      
Net periodic benefit cost $ (0.2) $ (0.1) $ (1.7)
v3.25.0.1
Employee Benefits - Plan Assets and Investment Policy (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Return Seeking Assets | Minimum      
Employee Benefits      
Weighted-average asset allocations (as a percent) 50.00%    
Return Seeking Assets | Maximum      
Employee Benefits      
Weighted-average asset allocations (as a percent) 70.00%    
Liability Hedging Assets | Minimum      
Employee Benefits      
Weighted-average asset allocations (as a percent) 30.00%    
Liability Hedging Assets | Maximum      
Employee Benefits      
Weighted-average asset allocations (as a percent) 50.00%    
DB Plan      
Employee Benefits      
Total investments at fair value $ 65.6 $ 63.8 $ 56.7
DB Plan | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member]      
Employee Benefits      
Fair value of plan assets 2.0    
DB Plan | Level 1      
Employee Benefits      
Total investments at fair value 2.0 51.7  
DB Plan | Level 2      
Employee Benefits      
Total investments at fair value   12.1  
DB Plan | Fair Value Measured at Net Asset Value Per Share [Member]      
Employee Benefits      
Fair value of plan assets 63.6    
DB Plan | Common stock.      
Employee Benefits      
Fair value of plan assets   37.8  
DB Plan | Common stock. | Level 1      
Employee Benefits      
Fair value of plan assets   37.8  
DB Plan | U.S. government, state, and agency      
Employee Benefits      
Fair value of plan assets   8.3  
DB Plan | U.S. government, state, and agency | Level 2      
Employee Benefits      
Fair value of plan assets   8.3  
DB Plan | Corporate debt securities      
Employee Benefits      
Fair value of plan assets   3.8  
DB Plan | Corporate debt securities | Level 2      
Employee Benefits      
Fair value of plan assets   3.8  
DB Plan | Mutual funds      
Employee Benefits      
Fair value of plan assets 1.9 13.4  
DB Plan | Mutual funds | Level 1      
Employee Benefits      
Fair value of plan assets 1.9 13.4  
DB Plan | Interest bearing cash      
Employee Benefits      
Fair value of plan assets 0.1 0.5  
DB Plan | Interest bearing cash | Level 1      
Employee Benefits      
Fair value of plan assets $ 0.1 $ 0.5  
v3.25.0.1
Employee Benefits - SERPs and DB Plan (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Supplemental Executive Retirement Plans  
Summary of benefit payments under the Company's various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods  
2025 $ 0.8
2026 0.8
2027 1.2
2028 0.6
2029 0.6
2030-2034 21.7
DB Plan  
Summary of benefit payments under the Company's various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods  
2025 2.9
2026 3.2
2027 3.4
2028 3.6
2029 3.8
2030-2034 $ 20.5
v3.25.0.1
Employee Benefits - Contributions to Reliance Sponsored Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans $ 50.0 $ 47.0 $ 45.6
Master 401(k) Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 32.7 29.3 28.1
Precision Strip Retirement and Savings Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 11.6 10.9 9.2
DCP      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 0.8 2.4 2.0
Other Defined Contribution Plans      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 2.2 2.0 2.0
DB Plan      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans 1.3 1.2 0.3
Supplemental Executive Retirement Plans      
Contributions to Company Sponsored Retirement Plans      
Company's expense for Reliance-sponsored retirement plans $ 1.4 $ 1.2 $ 4.0
v3.25.0.1
Equity - Common Stock (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
$ / shares
Mar. 31, 2024
$ / shares
Mar. 31, 2023
$ / shares
Mar. 31, 2022
$ / shares
Mar. 31, 2021
$ / shares
Dec. 31, 2024
Y
item
$ / shares
Dec. 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Common Stock                
The number of consecutive years the company has paid regular common stock quarterly dividends | Y           65    
Votes per share of common stock | item           1    
Common stock quarterly dividend per share (in dollars per share) | $ / shares $ 1.2 $ 1.1 $ 1 $ 0.875 $ 0.6875 $ 4.4 $ 4 $ 3.5
v3.25.0.1
Equity - Shares Outstanding (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity      
Issued and outstanding common shares, beginning balance (in shares) 57,271 58,787 61,806
Issued to settle RSUs and PSUs, net of withheld shares (in shares) 309 362 506
Repurchased (in shares) (3,865) (1,878) (3,525)
Issued and outstanding common shares, ending balance (in shares) 53,715 57,271 58,787
v3.25.0.1
Equity - Share Repurchases (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 25, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 22, 2024
Share Repurchase Plan          
Value of shares authorized by the Board of Directors to be repurchased under share repurchase plan         $ 1,500.0
Shares   3,865,000 1,878,000 3,525,000  
Average Cost Per Share   $ 282.98 $ 255.3 $ 178.81  
Amount   $ 1,093.7 $ 479.5 $ 630.3  
RSUs and PSUs          
Share Repurchase Plan          
Shares withheld related to share settlements   $ 42.8 $ 54.1 $ 39.7  
Subsequent event          
Share Repurchase Plan          
Remaining value of shares authorized by the Board of Directors to be repurchased under share repurchase plan $ 1,150.0        
Shares 743,262        
Average Cost Per Share $ 273.37        
Amount $ 203.2        
v3.25.0.1
Equity - Preferred Stock (Details)
 12 Months Ended
Dec. 31, 2024
item
$ / shares
shares
Dec. 31, 2023
item
$ / shares
shares
Equity    
Preferred stock, Authorized shares 5,000,000 5,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001
Preferred stock, issued shares 0 0
Preferred stock, outstanding shares 0 0
Minimum number of series in which preferred shares may be issued | item 1 1
v3.25.0.1
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Schedule of accumulated other comprehensive loss    
Balance $ 7,732.8  
Balance 7,230.6  
Deferred tax liabilities in accumulated other comprehensive loss, pension liabilities 1.0  
Deferred tax assets in accumulated other comprehensive loss, pension liabilities   $ 0.7
Accumulated Other Comprehensive Loss    
Schedule of accumulated other comprehensive loss    
Balance (76.7)  
Current-year change (38.5)  
Balance (115.2)  
Foreign Currency Translation Loss    
Schedule of accumulated other comprehensive loss    
Balance (75.7)  
Current-year change (44.0)  
Balance (119.7)  
Pension and Postretirement Benefit Plan Adjustments, Net of Tax    
Schedule of accumulated other comprehensive loss    
Balance (1.0)  
Current-year change 5.5  
Balance $ 4.5  
v3.25.0.1
Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Significant components of Other (Income) Expense, net      
Other (income) expense, net $ (20.2) $ (41.3) $ 14.2
Interest income      
Significant components of Other (Income) Expense, net      
Other (income) expense, net (20.7) (35.2) (9.3)
(Income) loss on deferred compensation plan assets      
Significant components of Other (Income) Expense, net      
Other (income) expense, net (5.8) (6.6) 6.9
Life insurance policy expense, net      
Significant components of Other (Income) Expense, net      
Other (income) expense, net 11.6 6.1 15.5
Foreign currency transaction (gains) losses      
Significant components of Other (Income) Expense, net      
Other (income) expense, net (1.9) 1.3 6.2
All other, net      
Significant components of Other (Income) Expense, net      
Other (income) expense, net $ (3.4) $ (6.9) $ (5.1)
v3.25.0.1
Commitments and Contingencies - Purchase Commitments (Details) - Metal products
$ in Millions
Dec. 31, 2024
USD ($)
Purchase Commitments  
Total amount of purchase commitments $ 276.2
2025 193.4
2026 57.2
Thereafter $ 25.6
v3.25.0.1
Commitments and Contingencies - Collective Bargaining Agreements and Environmental Contingencies (Details)
 12 Months Ended
Dec. 31, 2024
location
employee
item
Environmental Contingencies  
Ownership interest in domestic subsidiaries (as a percent) 100.00%
Employees covered by collective bargaining agreements  
Collective Bargaining Agreements  
Number of Location Entity Operates | location 48
Total employees | Employees covered by collective bargaining agreements  
Collective Bargaining Agreements  
Percentage of employees covered by collective bargaining agreements 12.00%
Number of employees | employee 1,920
Number of collective bargaining agreements that expire over the next five years 56
Expiration period of collective bargaining agreements 5 years
Employees covered by collective bargaining agreements that expire during 2025  
Collective Bargaining Agreements  
Number of collective bargaining agreements that expire within one year 21
Employees covered by collective bargaining agreements that expire during 2025 | Employees covered by collective bargaining agreements  
Collective Bargaining Agreements  
Percentage of employees covered by collective bargaining agreements 4.00%
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income attributable to Reliance $ 875.2 $ 1,335.9 $ 1,840.1
Denominator:      
Weighted average shares outstanding (in shares) 55,746,000 58,328,000 60,559,000
Dilutive effect of stock-based awards (in shares) 500,000 687,000 936,000
Weighted average diluted shares outstanding (in shares) 56,246,000 59,015,000 61,495,000
Earnings per share attributable to Reliance stockholders - basic (in dollars per share) $ 15.7 $ 22.9 $ 30.39
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share) $ 15.56 $ 22.64 $ 29.92
Diluted shares      
Weighted average shares, respectively, for RSUs and PSUs, not included in the diluted calculation due to their anti-dilutive effect 30,183 51,409 83,857
v3.25.0.1
Segment Information - Summary of sales by product and service (Details)
 12 Months Ended
Dec. 31, 2024
segment
Y
item
location
Dec. 31, 2023
segment
item
Dec. 31, 2022
segment
item
Segment Information      
Number of reportable segments 1 1 1
Number of operating segments | segment 1 1 1
Minimum number of products the company distributes 100,000    
Number of network locations | location 320    
Quarterly dividends | Y 65    
Metals Service Centers      
Segment Information      
Sales (as a percent) 100.00% 100.00% 100.00%
Metals Service Centers | Carbon steel      
Segment Information      
Sales (as a percent) 53.00% 53.00% 54.00%
Metals Service Centers | Aluminum      
Segment Information      
Sales (as a percent) 16.00% 16.00% 15.00%
Metals Service Centers | Stainless steel      
Segment Information      
Sales (as a percent) 14.00% 15.00% 17.00%
Metals Service Centers | Alloy      
Segment Information      
Sales (as a percent) 5.00% 5.00% 4.00%
Metals Service Centers | Toll processing and logistics      
Segment Information      
Sales (as a percent) 4.00% 4.00% 3.00%
Metals Service Centers | Copper and brass      
Segment Information      
Sales (as a percent) 2.00% 2.00% 2.00%
Metals Service Centers | Miscellaneous      
Segment Information      
Sales (as a percent) 6.00% 5.00% 5.00%
v3.25.0.1
Segment Information - Profit or loss information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenues $ 13,835.0 $ 14,805.9 $ 17,025.0
Less:      
Cost of sales (exclusive of depreciation and amortization shown below) 9,728.4 10,258.6 11,773.7
Depreciation and amortization expense 268.7 245.4 240.2
Impairment 11.7    
Interest expense 40.3 40.1 62.3
Income tax provision 261.9 400.6 586.2
Net income 878.0 1,340.1 1,844.2
Other Segment Disclosures      
Purchases of property, plant and equipment 430.6 468.8 341.8
Metals Service Centers      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenues 13,835.0 14,805.9 17,025.0
Less:      
Net income 878.0 1,340.1 1,844.2
Other Segment Disclosures      
Purchases of property, plant and equipment 430.6 468.8 341.8
Metals Service Centers | Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Revenues 13,835.0 14,805.9 17,025.0
Less:      
Cost of sales (exclusive of depreciation and amortization shown below) 9,728.4 10,258.6 11,773.7
Compensation expense 1,614.8 1,557.8 1,537.3
Other segment items 1,031.2 963.3 981.1
Depreciation and amortization expense 268.7 245.4 240.2
Impairment 11.7    
Interest expense 40.3 40.1 62.3
Income tax provision 261.9 400.6 586.2
Net income $ 878.0 $ 1,340.1 $ 1,844.2
v3.25.0.1
Segment Information - Geographic Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated financial information of the Company's operations by geographic location      
Net sales $ 13,835.0 $ 14,805.9 $ 17,025.0
Metals Service Centers      
Consolidated financial information of the Company's operations by geographic location      
Net sales 13,835.0 14,805.9 17,025.0
Long-lived assets 6,126.3 5,708.5 5,443.3
Metals Service Centers | United States      
Consolidated financial information of the Company's operations by geographic location      
Net sales 12,933.9 13,786.8 15,978.6
Long-lived assets 5,708.9 5,288.4 5,051.9
Metals Service Centers | Foreign Countries      
Consolidated financial information of the Company's operations by geographic location      
Net sales 901.1 1,019.1 1,046.4
Long-lived assets $ 417.4 $ 420.1 $ 391.4
v3.25.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in valuation and qualifying accounts      
Balance at Beginning of Year $ 24.9 $ 26.1 $ 26.7
Additions Charged to Costs and Expenses 2.2 3.5 3.4
Deductions 4.9 4.7 4.0
Amounts Charged to Other Accounts 1.0    
Balance at End of Year $ 23.2 $ 24.9 $ 26.1