Reliance
18 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Suppliers
North American metals mills
depends onnamed as a riskWe strategically source the vast majority of our metal purchases from domestic producers and believe we are one of the largest customers of the North American primary metals producers (“mills”).Business (Item 1)
Mill consolidation
depends onnamed as a riskThis consolidation has reduced the number of suppliers available to us, which may limit our ability to obtain the necessary metals to service our customers.Risk factors (Item 1A)
Other companies
Secured Overnight Financing Rate (SOFR)
exposed to its price · $677.0 million of outstanding borrowingsnamed as a riskAs of December 31, 2025, we had a total of $677.0 million of outstanding borrowings under our revolving credit facility and Term Loan that bore interest at variable rates based on SOFR.Market risk (Item 7A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Collective bargaining agreements
approximately 11% of our employeesnamed as a riskApproximately 11% of our employees are covered by collective bargaining agreements and/or are represented by unions or workers’ councils with 2% of our employees covered by 15 different collective bargaining agreements that expire in 2026 unless renewed.Risk factors (Item 1A)
Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more
Foreign metal imports into the U.S.
competes withnamed as a riskExcessive imports of metal into the U.S. have exerted, and may continue to exert, downward pressure on U.S. metal prices.Risk factors (Item 1A)
Competitors
Alternative materials (composites, plastics, carbon fiber)
competes withnamed as a riskAs a result of increasingly stringent regulatory requirements, designers, engineers and industrial manufacturers, especially those in the automotive industry, may be increasing their use of lighter weight and alternative materials, such as composites, plastics, glass and carbon fiber.Risk factors (Item 1A)
Places
International operations (outside U.S.)
operates in · Approximately 6% of our 2025 consolidated net salesnamed as a riskApproximately 6% of our 2025 consolidated net sales were from operations outside the U.S., subjecting us to the risks of doing business on a global level.Risk factors (Item 1A)
Also named by APG, AXP, CARR, COP, COST, DD, ECL, EQIX and 14 more
United States
concentrated in · approximately 17% of the total tons sold by the U.S. metals service center industryAccording to the MSCI reporting of industry tons sold in the U.S., our 2025 tons sold from our U.S. locations represented approximately 17% of the total tons sold by the U.S. metals service center industry compared to approximately 15% for 2024, reflecting our position as the industry leader in a highly fragmented market.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Canada
earns from · approximately 28%, or $347.2 million of our total international salesHowever, sales to international customers (based on the shipping destination) were approximately 9% of our consolidated 2025 net sales, or $1.26 billion, with sales to Canadian customers representing approximately 28%, or $347.2 million of our total international sales.Business (Item 1)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Hazards
War in Ukraine
named as a riskThe war in Ukraine has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby, including in the global steel market.Risk factors (Item 1A)
Also named by AGX
Taiwan-China tensions
named as a riskInternational political and military conflict, such as the war in Ukraine, increasing tensions between Taiwan and China, or evolving conflicts in the Middle East could materially adversely affect the global economy.Risk factors (Item 1A)
Commodities and inputs
Aluminum
exposed to its pricenamed as a riskOur profitability is largely dependent upon the prices of the steel, aluminum and other metals we sell to our customers.Risk factors (Item 1A)
Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more
Stainless steel
exposed to its pricenamed as a riskWe purchase large quantities of carbon steel, aluminum, stainless steel, alloy, and other metal products, which we sell to a variety of customers.Risk factors (Item 1A)
Carbon steel
exposed to its pricenamed as a riskOur profitability is largely dependent upon the prices of the steel, aluminum and other metals we sell to our customers.Risk factors (Item 1A)
Regulators
Occupational Safety and Health Administration (OSHA)
subject toOur operations are also subject to laws and regulations relating to workplace safety and worker health, principally OSHA and related regulations, which, among other requirements, establish noise, dust and safety standards.Business (Item 1)
Also named by BLDR, CSW, CTOS, ECG, FIX, GVA, HLIO, IBP and 7 more
Laws and programs
OECD global minimum tax (Pillar Two)
subject to · 15%named as a riskThe Organization for Economic Cooperation and Development (“OECD”) has created a framework among 140 countries with the objective of implementing a global minimum effective tax rate of 15%.Risk factors (Item 1A)
Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CBRE and 15 more
U.S. Section 232 steel and aluminum tariffs
subject to · 50%named as a riskIf the Section 232 measures are removed or substantially lessened, whether through legal challenge, legislation, executive action or otherwise, then imports of foreign metals would likely increase and metal prices in the U.S. would likely fall, which could materially adversely affect our revenues, financial results and cash flows.Risk factors (Item 1A)
Dodd-Frank Act conflict minerals provisions
subject toWe are subject to the conflict mineral provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.Business (Item 1)
Also named by DELL