Reliance Steel’s 4th-Quarter Net Falls

Reliance Steel & Aluminum Co., a metals distributor, said fourth-quarter earnings fell 56% as it paid more for steel and demand from more profitable aerospace and semiconductor customers fell.

Net income declined to $1.94 million, or 6 cents a share, from $4.37 million, or 14 cents, the Los Angeles-based company said. Sales rose 14% to $434.5 million.

Reliance shares rose 14 cents to $16.14 on the NYSE.