Reliance, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Reliance, Inc. has filed its annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

RELIANCE, INC. (RS) filed a Annual Report (10-K) with the SEC on February 29, 2024. Reliance, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is wholesale trade in metals service centers and offices. Reliance, Inc. was formerly known as Reliance Steel & Aluminum Co. The company's headquarters are located in Scottsdale, Arizona.

Why It Matters

For investors and stakeholders tracking RELIANCE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Reliance, Inc.'s financial performance, business operations, and risk factors for the 2023 fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — RELIANCE, INC. shows moderate risk based on this filing. The company operates in the wholesale metals industry, which can be subject to cyclical demand and price volatility, impacting revenue and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Reliance, Inc.'s performance and outlook in the metals service center industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 5051 — Standard Industrial Classification (WHOLESALE-METALS SERVICE CENTERS & OFFICES)

Key Players & Entities

• RELIANCE, INC. (company) — FILER
• RELIANCE STEEL & ALUMINUM CO (company) — FORMER COMPANY
• Scottsdale, AZ (location) — BUSINESS ADDRESS

FAQ

Industry Context

Reliance, Inc. operates in the metals service center industry, which involves processing and distributing various metal products.

Regulatory Implications

As a publicly traded company, Reliance, Inc. is subject to SEC regulations and reporting requirements, including the filing of annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the business description for details on product offerings and market segments.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Reliance, Inc. for the fiscal year 2023, following its previous filings under the name Reliance Steel & Aluminum Co.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value RS New York Stock Exchang
• $14.81 billion — sed on revenues, with 2023 net sales of $14.81 billion. We have been in business 85 years si
• $331 billion — ected to decline approximately 11% from $331 billion in 2022 to approximately $296 billion i
• $296 billion — m $331 billion in 2022 to approximately $296 billion in 2023, primarily due to lower metals
• $14 billion — and 2022 U.S. revenues of approximately $14 billion and $16 billion, respectively, represen
• $16 b — venues of approximately $14 billion and $16 billion, respectively, represented about
• $3,210 — nt. In 2023, our average order size was $3,210 and we delivered approximately 40% of o

Filing Documents

• rs-20231231x10k.htm (10-K) — 2942KB
• rs-20231231xex21.htm (EX-21) — 13KB
• rs-20231231xex23.htm (EX-23) — 5KB
• rs-20231231xex31d1.htm (EX-31.1) — 12KB
• rs-20231231xex31d2.htm (EX-31.2) — 13KB
• rs-20231231xex32.htm (EX-32) — 9KB
• rs-20231231xex97d1.htm (EX-97.1) — 21KB
• rs-20231231x10k003.jpg (GRAPHIC) — 6KB
• rs-20231231x10k006.jpg (GRAPHIC) — 25KB
• 0001558370-24-002166.txt (&nbsp;) — 13256KB
• rs-20231231.xsd (EX-101.SCH) — 72KB
• rs-20231231_cal.xml (EX-101.CAL) — 95KB
• rs-20231231_def.xml (EX-101.DEF) — 303KB
• rs-20231231_lab.xml (EX-101.LAB) — 737KB
• rs-20231231_pre.xml (EX-101.PRE) — 518KB
• rs-20231231x10k_htm.xml (XML) — 2808KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69 Item 9B. Other Information 72 Item 9C. D isclosure Regarding Foreign Jurisdictions that Prevent Inspections 72 PART III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11.

Executive Compensation

Executive Compensation 73 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 73 Item 14. Principal Accountant Fees and Services 73 PART IV Item 15. Exhibits and Financial Statement Schedules 74 Item 16. Form 10-K Summary 76

SIGNATURES

SIGNATURES 77 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. Unless otherwise indicated or required by the context, as used in this Annual Report on Form 10-K, the terms "Company," "Reliance," "we," "our," and "us" refer to Reliance, Inc. (formerly Reliance Steel & Aluminum Co.) and all of its subsidiaries that are consolidated in accordance with U.S. generally accepted accounting principles. This Annual Report on Form 10-K and the information incorporated by reference contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We may also provide oral or written forward-looking information in other materials we release to the public. Our forward-looking statements may include, but are not limited to, discussions of our industry and end markets, our business strategies and our expectations concerning future demand and major commodity product pricing and our results of operations, margins, profitability, taxes, liquidity, macroeconomic conditions, including inflation and slowing macroeconomic growth, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "explore," "estimate," "predict," "potential," "preliminary," "range," "intend" and "continue," the negative of these terms, and similar expressions. All statements contained in this report that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on management's estimates, projections and assumptions as of the date of such statements. These risks and other factors include those described in " Risk Factors " (Part I, Item 1A of this

Business

Item 1. Business We are a network of companies providing diversified metal solutions and the largest metals service center company in North America (U.S. and Canada) based on revenues, with 2023 net sales of $14.81 billion. We have been in business 85 years since our original organization on February 3, 1939, operating a single metals service center in Los Angeles, California fabricating steel reinforcing bar. We reincorporated in the State of Delaware in 2015. In February 2024, we changed our corporate name to Reliance, Inc. from Reliance Steel & Aluminum Co. Our common stock has traded on the New York Stock Exchange ("NYSE") under the symbol "RS" for approximately 30 years since our September 16, 1994 initial public offering. We believe we have a unique and sustainable business model predicated on the following key attributes: Diversity of Products, Customers and Services As of December 31, 2023, we operated through a network of over 315 locations in 40 U.S. states and 12 foreign countries. We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. We have more than 125,000 customers in a variety of industries, including general manufacturing, non-residential construction (including infrastructure and renewable energy), transportation (rail, truck trailer and shipbuilding), aerospace (commercial; military, defense and space), energy (oil and natural gas), electronics and semiconductor fabrication, and heavy industry (agricultural, construction and mining equipment). We also service the auto industry, primarily through our toll processing operations where we process the metal for a fee, without taking ownership of the metal. We believe that our diversification by product, end market and geography helps mitigate volatility in metals pricing and changing end market conditions. We are not dependent on any particular customer or industry becaus

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