Reliance Steel and Aluminum – look at its performance over the cycle
Reliance Steel and Aluminum is one of the biggest metal distribtor in the US. Steel products accounted for more than 2/3 of its products. Steel is a cyclical sector. Irrespective of where the company is listed, the most appropriate way to assess and value it is to look at the performance over the cycle.
On such a basis I found that despite some improvements in operating efficiencies and a strong financial position, my valuation did not show any margin of safety. Have a look at my updated valuation at page 20 in INVEST
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