Moody's ups Reliance Steel view to stable

Moody's Investors Service said it changed the outlook for Reliance Steel & Aluminum to stable from negative and affirmed its Baa3 senior unsecured rating.

The stable outlook stems from Reliance's greatly reduced leverage since the negative outlook was assigned in late 2008, Moody's said, as well as its rebounding operating performance as sales volumes to most of its major end markets have recovered from the lows of early 2009.

While North American metal consumption may slip a little in the short-term, the agency said it expects most markets will continue to slowly expand over the next year, with Reliance's operating margin benefiting from the higher volumes.

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