Reliance is the largest metals service center in North America. Reliance does not produce metal — it buys metal from mills, processes it to customer specifications, and resells it to end users. Reliance distributes over 100,000 products across carbon steel, aluminum, stainless steel, alloy, brass, copper, and titanium. Its core customers are small machine shops, fabricators, and manufacturers who need metal in small quantities on short lead times. Reliance processed over 4.6M orders in 2025 at an average order size of ~$3,120, delivering roughly 40% of orders within 24 hours via its own truck fleet. Reliance profits from the spread between mill purchase prices and customer selling prices, targeting a 29-31% gross margin. It performs value-added processing — cutting, sawing, leveling, machining, and more — on roughly half its orders, which carry higher margins than straight distribution. Reliance's two largest end markets are non-residential construction and general manufacturing, each roughly a third of sales, with aerospace at ~10%. Reliance operates ~310 locations across 80+ trade names under a decentralized structure, preserving acquired brands and local relationships. It has completed 76 acquisitions since its 1994 IPO, targeting well-run smaller service centers that expand its geographic footprint or processing capabilities. Organic growth is driven by volume gains within the 29-31% margin target — in 2025, Reliance shipped a record 6.4M tons, outperforming the broader industry by over 7 percentage points.