5 Best Steel Stocks to Invest In

4. Reliance Steel & Aluminum Co. (NYSE:RS)

Number of Hedge Fund Holders: 31

Scottsdale, Arizona-based Reliance Steel & Aluminum Co. (NYSE:RS) is a leading diversified metals solutions provider with a network of more than 300 locations across 40 states and 12 countries outside United States. It offers a full range of value-added metals products including galvanized, hot-rolled and cold-finished steel, stainless steel, aluminum, brass, copper, titanium and alloy steel, among others.

Reliance Steel & Aluminum Co. (NYSE:RS) has grown rapidly with intermittent acquisitions to bolster its product offerings and to expand its network. On May 1, the company announced that it had acquired Southern Steel Supply, LLC, a metals service center that supplies customers throughout Tennessee, Mississippi, Arkansas, Alabama, and Missouri. The target company generated FY 2022 net sales of $63 million.

On April 27, Reliance Steel & Aluminum Co. (NYSE:RS) released its financial results for Q1 2023. It generated a revenue of $4.0 billion and net income of $383 million. Its EPS for the quarter was $6.43, which exceeded consensus estimates by $0.81.