Reliance Steel & Aluminum Co. (RS) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 27, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the Reliance Steel & Aluminum Company Third Quarter 2022 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host, Ms. Kim Orlando.

Kimberly Orlando

Thank you, operator. Good morning and thanks to all of you for joining our conference call to discuss Reliance’s third quarter 2022 financial results. I am joined by Jim Hoffman, Chief Executive Officer; Karla Lewis, President; and Arthur Ajemyan, Senior Vice President and Chief Executive Officer. Steve Koch, Executive Vice President and Chief Operating Officer, will also be available during the question-and-answer portion of today’s call.

A recording of this call will be posted on the Investors section of our website at investor.rsac.com. The press release and the information on this call may contain certain forward-looking statements which are based on a number of assumptions that are subject to change and involve known and unknown risks, uncertainties or other factors, including the impacts of inflation, geopolitics and the COVID-19 pandemic and related economic conditions on our future operations which may not be under the company’s control and may cause the actual results, performance or achievement of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include but are not limited to, those factors disclosed in the company’s annual report on Form 10-K for the year ended December 31, 2021, under the caption Risk Factors, disclosure in our press release this morning and other documents, Reliance files or furnishes with the Securities and Exchange Commission. The press release and the information on this call speak only as of today’s date and the company disclaims any duty to update the information provided therein and herein.

I will now turn the call over to Jim Hoffman, Chief Executive Officer of Reliance.

Jim Hoffman

Thank you, Kim. Good morning, everyone and thank you all for joining us today to discuss our third quarter 2022 financial results.

Before I begin, I'd like to mention the announcement we issued 2 weeks ago regarding our executive leadership succession plan. After much personal deliberation, I have decided to step down as CEO of Reliance on December 31 of this year. I am very pleased that Karla will succeed me as the Reliance Chief Executive Officer on January 1, 2023, at which time I will transition to the role of Senior Advisor to facilitate the transition of my responsibilities to Karla until my retirement in December of 2023. And I will also retain my seat on the Reliance Board.