Reliance, Inc. to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 30th Anniversary as a Public Company
SCOTTSDALE, Ariz., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced that Karla Lewis, President and Chief Executive Officer, will ring the closing bell at the New York Stock Exchange ("NYSE") on Thursday, September 19, 2024, to commemorate the Company's 30th anniversary as a listed company. Reliance corporate officers will also participate in the ceremony. Live coverage of the event will begin on Thursday, September 19, 2024, at 3:55 p.m. ET and will be available for streaming at https://www.NYSE.com/bell.
"It is an honor to ring the NYSE closing bell in celebration of our 30th anniversary as a publicly traded company and 85 years in business," commented Mrs. Lewis. "I want to express my gratitude to each member of our dedicated team across the entire Reliance family of companies for their invaluable contributions to Reliance's collective success over the years. Throughout our history, we have remained committed to providing diversified metals solutions and ever-increasing value to our customers, a safe environment for our employees and, ultimately, strong returns to our stockholders. Looking ahead, I remain excited about Reliance's future as we continue to execute and improve upon our unique and resilient business model."
Since its initial public offering (IPO) and debut on the NYSE at $14.50 per share ($3.22 split adjusted) on September 14, 1994, Reliance has grown from approximately $450 million in annual sales to the largest metals service center company in North America surpassing $14.8 billion in annual sales in 2023. Thirty years after the IPO, shares of Reliance closed at $272.22 on September 11, 2024, which, together with quarterly dividends, has resulted in a total compound annual growth rate of approximately 17.1%. Reliance's compounded annual stockholder returns have outpaced the S&P 500 since the 1994 IPO.
About Reliance, Inc.
Founded in 1939, Reliance, Inc. (NYSE:RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of more than 320 locations in 41 states and 12 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full-line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2023, Reliance's average order size was $3,210, approximately 51% of orders included value-added processing and approximately 40% of orders were delivered within 24 hours. Reliance, Inc.'s press releases and additional information are available on the Company's website at reliance.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expect," "anticipate," "believe," and similar words and may include statements concerning Reliance's future performance. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from these forward-looking statements as a result of various important factors, including, but not limited to, those disclosed in reports Reliance has filed with the United States Securities and Exchange Commission (the "SEC"). These forward-looking statements are based on management's expectations and assumptions as of today's date and Reliance disclaims any obligation to publicly update or revise any forward-looking statements. Important risks and uncertainties about Reliance's business can be found in "Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC.
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