Reliance Steel Suspends Financial Outlook, But Declares Dividend - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Thursday, metals services company Reliance Steel & Aluminum Co. (RS) said it will not provide guidance for the second quarter ending June 30, 2020 at this time, due to the macroeconomic uncertainty stemming from the coronavirus (COVID-19) pandemic and overall lack of visibility into future demand trends, metal pricing and market conditions in the end markets in which Reliance operates.

The company also said it has taken difficult but appropriate actions in response to the COVID-19 pandemic, including workforce reductions, to right-size its operations to sustainable levels.

On Tuesday, the company's Board of Directors declared an unchanged quarterly cash dividend of $0.625 per share of common stock, payable on June 12, 2020 to stockholders of record as of May 29, 2020.