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Reliance Steel raises forecast

June 25, 2008|From Times Staff and Wire Services

Reliance Steel & Aluminum Co., the largest U.S. metals distributor, boosted its second-quarter earnings forecast as carbon-steel prices advanced.

The Los Angeles company raised its forecast to $2 to $2.10 a share from $1.50 to $1.60 as prices for carbon-steel products "increased more significantly and more rapidly than we had anticipated," Chief Executive David H. Hannah said.

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