Reliance Steel & Aluminum Co 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF1934 For the transition period from _______ to _______Commission file number: 001-13122 Reliance, Inc. (Exact name of registrant as specified in its charter) 735 N. 19th AvenuePhoenix, Arizona 85009(Address of principal executive offices, including zip code)(480) 564-5700(Registrant’s telephone number, including area code) Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was requiredto file such reports), and (2)hasbeen subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates of the registrant, based on the closing price on the New York StockExchange on June 30, 2025 was approximately $16,450,000,000. For purposes of this computation, it is assumed that the shares of votingstock held by directors and officers would be deemed to be stock held by affiliates. As of February 20, 2026, 51,733,277 shares of theregistrant’s common stock, $0.001 par value, were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2026 annual meeting of stockholders to be held on May 20, 2026 areincorporated by reference in Part III. Such definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within120 days after the end of the fiscal year. INDEX PART I Item1.Business1Item1A. Risk Factors12Item1B. Unresolved Staff Comments23Item1C.Cybersecurity23Item2.Properties25Item3.Legal Proceedings25Item4.Mine Safety Disclosures25PART IIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities26Item6.[Reserved]27Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations28Item7A. Quantitative and Qualitative Disclosures About Market Risk37Item8.Financial Statements and Supplementary Data38Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure73Item9A. Controls and Procedures73Item9B. Other Information77Item9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections77PART IIIItem10.Directors, Executive Officers and Corporate Governance77Item11.Executive Compensation77Item12.Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters77Item13.Certain Relationships and Related Transactions, and Director Independence77Item14.Principal Accountant Fees and Services77PART IVItem15. Exhibits and Financial Statement Schedules78Item16.Fo