May 19, 2006 — Reliance Steel & Aluminum Co.’s Board of Directors has declared a two-for-one stock split, in the form of a 100% stock dividend on the company's common stock.

The common stock split will be achieved by issuing one additional share of common stock for each share held by shareholders of record on July 5, 2006. The additional shares will be distributed on July 19, 2006. At that time, Reliance's total common shares outstanding will increase from approximately 37.6 million to 75.2 million.

Reliance’s Board also declared a 20% increase in the dividend rate. As a result, the company's regular quarterly cash dividend will be adjusted to $.06 per share of common stock beginning with the 2006 third quarter dividend payment. The adjustment represents a 20% increase over the current rate of $.05 per share, after giving effect to the two-for-one stock split. The company has paid regular quarterly dividend payments for 46 consecutive years.

David H. Hannah, CEO of Reliance, said, "We are pleased to announce our first two-for-one stock split since our IPO in 1994. We previously completed three-for-two stock splits in 1997 and 1999. Our record-breaking 2005 fiscal year and 2006 first quarter financial results have enabled us to continue to increase our dividend payments. We are committed to increasing shareholder value and believe that this stock split and related dividend rate increase will create a more favorable environment in terms of trading volume, liquidity and marketability of our common stock that should prove attractive to investors."

Upon the closing of the Earle M. Jorgensen Co. acquisition on April 3, 2006, the company assumed $250 million of Jorgensen's senior secured indentures that become due in 2012. The first call date is June 1, 2007. The indentures include a change-of-control provision that allowed the noteholders to put their notes to Reliance at 101% of the face value. A total of $5,000 was tendered and paid on May 15, 2006.

Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the United States. Through a network of more than 150 locations in 36 states and Belgium, Canada, China and South Korea, the company provides value-added metals processing services and distributes a full line of over 90,000 metal products. These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium; and alloy steel sold to more than 95,000 customers in various industries.