Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Participants of the Plan

Reliance Steel & Aluminum Co. Master 401(k) Plan

Los Angeles, California

We have audited the accompanying statements of net assets available for benefits of the Reliance Steel & Aluminum Co. Master 401(k) Plan (the “Plan”) as of December 31, 2011 and 2010 and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010 and the changes in net assets available for benefits for the year ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2011, and delinquent participant contributions for the year ended December 31, 2011, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ BDO USA, LLP

BDO USA, LLP

Los Angeles, California

June 21, 2012

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Statements of Net Assets Available for Benefits

December 31,	2011			2010

Assets

Investments, at fair value:
Plan interest in Master Trust investments	$	542,027,863		$	545,224,216

Total investments	542,027,863			545,224,216

Receivables:
Employer contributions	14,832,637			13,016,369
Notes receivable from participants	18,316,203			17,558,139

Total receivables	33,148,840			30,574,508

Total Assets	575,176,703			575,798,724

Liabilities

Excess contributions payable	258,769			212,708

Total Liabilities	258,769			212,708

Net assets available for benefits at fair value	574,917,934			575,586,016

Adjustment from fair value to contract value for the fully-benefit responsive investment contracts (common collective trust)	(425,163		)	(102,175		)

Net assets available for benefits	$	574,492,771		$	575,483,841

See accompanying notes to financial statements.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Statement of Changes in Net Assets Available for Benefits

Year ended December 31,	2011

Additions

Income:
Interest from notes receivable from participants	$	859,962

Total income	859,962

Contributions:
Participant	25,257,698
Employer, net of forfeitures	14,925,627
Rollover	727,440

Total contributions, net	40,910,765

Transfers from other plans	12,004,401

Total additions	53,775,128

Deductions

Plan interest in Master Trust investment loss	10,441,111
Transfer to other plan	441,706
Benefits paid to participants and beneficiaries	43,671,344
Deemed distributions of notes receivable from participants	125,984
Administrative expenses	86,053

Total deductions	54,766,198

Net decrease	991,070

Net assets available for benefits, beginning of year	575,483,841

Net assets available for benefits, end of year	$	574,492,771

See accompanying notes to financial statements.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

1. Description of the Plan

The following description of the Reliance Steel & Aluminum Co. Master 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Summary Plan Description and the plan document for a more complete description.

General

The Plan provides certain benefits to the employees of Reliance Steel & Aluminum Co. and certain subsidiaries (collectively the “Company”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”) and subsequent amendments.

The Plan is sponsored by Reliance Steel & Aluminum Co. (“Sponsor”) whose subsidiaries are participating employers (“Participating Employers”) in the Plan. The Plan is administered by the RSAC Employee Benefit Committee (“Plan Administrator”). The Plan is a 401(k) plan established for all employees of the Participating Employers of the Company who are not members of a collective bargaining unit for which the Company is required to make contributions to another 401(k) plan. Employees of subsidiaries of Reliance Steel & Aluminum Co., other than those listed below, are not covered under this Plan as of December 31, 2011.

Allegheny Steel Distributors, Inc.		Liebovich Bros., Inc.
Aluminum and Stainless, Inc.		Metal Supply Company, Ltd.
American Metals Corporation		Pacific Metal Company
AMI Metals, Inc.		PDM Steel Service Centers, Inc.
CCC Steel, Inc.		Phoenix Corporation
Chapel Steel Corp.		Precision Flamecutting and Steel, Inc.
Chatham Steel Corporation		Service Steel Aerospace Corp.
Clayton Metals, Inc.		Siskin Steel & Supply Company, Inc.
Crest Steel Corporation		Smith Pipe & Steel Company
Delta Steel, Inc.		Sugar Steel Corporation
Diamond Manufacturing Company		Toma Metals, Inc.
Durrett Sheppard Steel Co., Inc.		Valex Corp.
Earle M. Jorgensen Company		Viking Materials, Inc.
Feralloy Corporation		Yarde Metals, Inc.
Infra — Metals Co.

Transfers from/to Other Plans

During 2011, two 401(k) retirement plans were merged into the Plan, and their assets were transferred accordingly. The value of the participant account balances, including notes receivable from participants, were liquidated and transferred into the Plan as follows:

	2011

Diamond Manufacturing Company Employee Tax-Advantaged Capital Accumulation Plan for Non-Bargaining Employees	$	7,974,745
Lampros Steel, Inc. 401(k) Savings Plan	4,029,656

	$	12,004,401

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

Eligible employees of Diamond Manufacturing Company and Lampros Steel, Inc. became eligible to participate in the Master Plan as of April 1, 2011 and August 2, 2011, respectively, and received past service credit for purposes of vesting under the provisions of the Plan. As of December 31, 2011, Lampros Steel, Inc. merged with American Metals Corporation, and ceased to be a separate legal entity. Eligible employees continued to participate in the Plan as employees of American Metals Corporation.

Effective April 3, 2012, the Continental Alloys and Services, Inc. Profit Sharing Plan was merged into the Plan. Total plan investment assets of $8,068,434 were transferred into the Plan.

In 2011, certain employees from Durrett Sheppard Steel Co., Inc. became employees of Precision Strip Transport, Inc. (a wholly-owned subsidiary of Reliance Steel & Aluminum Co.). The value of their assets transferred from the Reliance Steel & Aluminum Co. Master 401(k) Plan to the Precision Strip, Inc. Retirement and Savings Plan. A total of $441,706 in assets, which include notes receivable from participants of $17,587, was transferred from the Plan.

Participation

Each employee is eligible to participate on the first day of each Plan calendar quarter after the completion of three months of service.

Contributions

Participants may make up to 50% salary deferrals of eligible compensation to the Plan, subject to federal limits. In addition, the participating employers may make discretionary matching and profit sharing contributions to the Plan. Eligible participants who are employed on the last day of the Plan year share in any discretionary matching and profit sharing contributions. Participants may also contribute eligible rollovers from other qualified defined benefit or defined contribution plans and individual retirement accounts.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s contributions, and allocations of investment earnings. The participant is entitled to the benefit from the vested account balance. Participants may direct the investment of their account balances into various investment funds offered by the Plan.

Vesting

Participants are immediately vested in their accounts with respect to participant contributions, eligible rollovers and earnings thereon. Participants vest in Company contributions and earnings thereon based upon the following schedule:

Years of Service	Vested Percentage

Less than 1	0	%
1	25	%
2	50	%
3	75	%
4 or more	100	%

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

Payment of Benefits

Upon retirement, disability, death, or termination of service, a participant is eligible to receive a lump-sum amount equal to the value of the vested interest in his or her account. Installment payment options are also available. Other withdrawals from participants’ account balances may be made under certain circumstances, as defined in the Plan document.

Forfeitures

Forfeitures from nonvested participant accounts are used to reduce future Company contributions. As of December 31, 2011 and 2010, all forfeited nonvested account balances had been used to reduce Company contributions. For the year ended December 31, 2011, $157,219 was used to reduce the Company’s contributions.

Notes receivable from participants

Participants may borrow from their accounts up to the lesser of $50,000 or 50% of their vested account balance. Notes receivable from participants are secured by the respective participant’s vested account balance and are subject to interest charges. Interest rates applicable to new notes are determined by the Plan Administrator on the first day of each calendar quarter based on prevailing market rates. Notes are repaid ratably through periodic payroll deductions over a term not exceeding five years, or ten years for notes used for the purchase of a primary residence. The Plan holds notes from transferred plans whose maturities may exceed ten years. Notes receivable from participants as of December 31, 2011 bear interest at rates ranging from 4.25% to 11.00% and mature through October 2024.

Administrative Expenses

Non-investment costs and administrative expenses of the Plan are paid by the Company, which is a party-in-interest. These expenses, which are not reflected in the accompanying financial statements, constitute exempt party-in-interest transactions under ERISA. Loan establishment, loan maintenance and short-term trading fees are paid by the Plan’s participants and all other investment expenses are offset against the related investment income. Fees paid by the Plan participants to the custodian for administrative expenses amounted to $86,053 for the year ended December 31, 2011.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements of the Plan are prepared under the accrual method of accounting in accordance with U.S. generally accepted accounting principles.

As described in the Plan Accounting—Defined Contribution Pension Plans topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for plan benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

The Plan retains an interest in the Reliance Steel & Aluminum Co. Master 401(k) Plan and Yarde Metals, Inc. Frozen 401(k) Savings Plan Master Trust (the “Master Trust”), which was established in 2009 to house the assets of a frozen defined contribution plan of a participating employer in the Plan. In 2010, the investments of the Yarde Metals, Inc. Frozen 401(k) Savings Plan were liquidated and distributed from the Master Trust to the participants. See Note 10, Information Concerning the Master Trust.

The Master Trust holds investments in the Fidelity Managed Income Portfolio, which is a common collective trust. Fidelity Managed Income Portfolio invests in fully benefit-responsive investment contracts issued by insurance companies and other financial institutions, and in fixed income securities (see Investment Valuation and Income Recognition). The Plan’s Statements of Net Assets Available for Benefits present the fair value of these investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

Use of Estimates

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could materially differ from those estimates.

Impact of Recently Issued Accounting Pronouncements

In May 2011, the FASB issued new accounting guidance to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. The new guidance changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. The guidance is effective for the Plan prospectively for the year ending December 31, 2012. The Plan is currently evaluating the impact of adopting the new guidance, but currently believes there will be no significant impact on the financial statements.

Investment Valuation and Income Recognition

The Plan retains an interest in the Master Trust, which holds investments in registered investment companies (mutual funds), a common collective trust, and in common stock. Mutual funds and common stock are stated at fair value based on the quoted market price of the funds or common stock. The investments in the registered investment companies represent the net asset value of the shares held by the Master Trust at year-end. The investment in the common collective trust is stated at net asset value as determined by the trustee at the end of the Plan year except when holding fully benefit-responsive investment contracts as described below. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

The Fidelity Managed Income Portfolio, a common collective trust, has entered into fully benefit-responsive investment contracts to provide preservation of principal, maintain a stable interest rate, and provide liquidity at contract value for participant withdrawals and transfers. For purposes of the Statements of Net Assets Available for Benefits, these investments are stated at fair value, rather than contract value, to the extent they are fully benefit-responsive as well as

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Plan Benefits is prepared on a contract value basis. The fair value of these investments is determined using the market price of the underlying securities and the value of the investment contract.

Net Appreciation (Depreciation) in Fair Value of Investments

Realized and unrealized appreciation (depreciation) in the fair value of investments is based on the difference between the fair value of the assets at the beginning of the year, or at the time of purchase for assets purchased during the year, and the related fair value on the day investments are sold with respect to realized appreciation (depreciation), or on the last day of the year for unrealized appreciation (depreciation).

Realized and unrealized appreciation (depreciation) is included in the accompanying Statement of Changes in Net Assets Available for Benefits as Plan interest in Master Trust investment loss, which is detailed in Note 3, Investments.

Risks and Uncertainties

The Plan retains an interest in the Master Trust which utilizes various investments. Investment securities are exposed to various risks such as interest rate, market volatility, and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risk in the near term would materially affect participants’ account balances and the amounts reported in the financial statements.

The Plan provides investment options that hold securities of foreign companies, which may involve special risks and considerations not typically associated with investing in U.S. companies. These risks include devaluation of currencies, less reliable information about issuers, different securities transaction clearance and settlement practices, and possible adverse political and economic developments. Moreover, securities of many foreign companies and their markets may be less liquid and their prices more volatile than securities of comparable U.S. companies.

Participant Distributions

Benefits paid to participants are recorded when paid.

3. Investments

Participants may invest in certain investments offered by Fidelity Management Trust Company, the custodian of the Plan, including a unitized common stock fund containing common stock of Reliance Steel & Aluminum Co. and interest and non-interest bearing cash. At December 31, 2011 and 2010, the Plan, through the Master Trust, held 1,981,937 and 2,085,310 unitized shares of Reliance Steel & Aluminum Co. stock fund with a fair value of $74,038,763 and $81,193,516, respectively. As of December 31, 2011 and 2010, the Reliance Steel & Aluminum Co. stock fund consisted of 1,451,803 and 1,526,828 shares, respectively, of Reliance Steel & Aluminum Co. common stock valued at $70,688,288 and $78,020,911, respectively. Also, at December 31, 2011 and 2010, respectively, the fund contained a) interest bearing cash of $2,953,253 and $3,190,764, respectively, b) other receivables of $632,630 and $8,089, respectively, and c) due to brokers and other payables of $235,408 and $26,248, respectively.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

For risks and uncertainties regarding investment in the Company’s common stock, participants should refer to the Reliance Steel & Aluminum Co. Annual Report on Form 10-K for the year ended December 31, 2011 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.

The following investments represent 5% or more of the Plan’s net assets at December 31, 2011 and 2010:

	2011		2010

Plan interest in Master Trust investments	$	542,027,863	$	545,224,216

During the year ended December 31, 2011, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value as follows:

	2011

Mutual funds	$	(24,635,683	)
Reliance Steel & Aluminum Co. common stock	(2,443,408		)
Net depreciation in fair value of investments	(27,079,091		)
Interest and dividend income	16,637,980
Plan interest in Master Trust investment loss	$	(10,441,111	)

4. Fair Value Measurements

The Codification establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market for the asset or liability is a market in which the transaction for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full terms of the assets or liabilities.

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

The following table sets forth by level, within the fair value hierarchy, the Master Trust’s investment assets measured at fair value as of December 31, 2011:

	Level 1		Level 2		Level 3		Total
Mutual funds:
Bond Funds	$	41,762,989	$	—	$	—	$	41,762,989
Large Cap Equity Funds	78,208,432		—		—		78,208,432
Mid Cap Equity Funds	57,448,905		—		—		57,448,905
Small Cap Equity Funds	32,943,221		—		—		32,943,221
International Funds	23,570,286		—		—		23,570,286
LifeCycle Funds	171,617,331		—		—		171,617,331
Common collective trust	—		17,238,293		—		17,238,293
Money market fund	45,199,643		—		—		45,199,643
Reliance Steel & Aluminum Co. common stock	70,688,288		—		—		70,688,288
Interest bearing cash	2,953,253		—		—		2,953,253

Total investments at fair value	$	524,392,348	$	17,238,293	$	—	$	541,630,641

The following table sets forth by level, within the fair value hierarchy, the Master Trust’s investment assets measured at fair value as of December 31, 2010:

	Level 1		Level 2		Level 3		Total
Mutual funds:
Bond Funds	$	37,850,406	$	—	$	—	$	37,850,406
Large Cap Equity Funds	80,674,431		—		—		80,674,431
Mid Cap Equity Funds	63,106,048		—		—		63,106,048
Small Cap Equity Funds	34,864,024		—		—		34,864,024
International Funds	27,627,890		—		—		27,627,890
LifeCycle Funds	166,523,100		—		—		166,523,100
Common collective trust	—		12,566,164		—		12,566,164
Money market fund	40,818,637		—		—		40,818,637
Reliance Steel & Aluminum Co. common stock	78,020,911		—		—		78,020,911
Interest bearing cash	3,190,764		—		—		3,190,764

Total investments at fair value	$	532,676,211	$	12,566,164	$	—	$	545,242,375

The Master Trust’s investments that are measured at fair value on a recurring basis, such as money market funds, mutual funds, and equity securities are generally classified within Level 1 of the fair value hierarchy. The fair values of these investments are based on quoted market prices in active markets. The Master Trust also invests in a stable value fund held within a common collective trust for which the valuation is based on the values of the underlying investments. Based on the nature of the underlying investments in the common collective trust, this investment asset has been classified as Level 2. The stable value fund has an investment objective to maintain a constant net asset value while generating a slightly higher yield than the money market fund. Generally, there are no restrictions on a participant’s ability to redeem their investment in the common collective trust at the investment’s net asset value (NAV). However, withdrawals prompted by certain events (e.g., termination of the managed income portfolio,

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

changes in laws or regulations) may restrict a participant’s ability to redeem the investment at its NAV.

5. Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to amend or terminate the Plan at any time, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.

6. Income Tax Status

The Plan received a determination letter from the Internal Revenue Service dated January 27, 2009, confirming compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001, or “EGTRRA”, and other applicable provisions of the Internal Revenue Code (IRC), effective January 1, 2006. Although the Plan has been subsequently amended since receiving the Letter of Determination, the Plan Administrator believes the Plan is currently designed and operating in compliance with the applicable provisions of the IRC.

The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require provision for income taxes in the accompanying financial statements.

7. Related Party Transactions

Certain Master Trust investments are shares of mutual funds, shares of a common collective trust, shares of a unitized common stock fund and a money market fund managed by Fidelity Management Trust Company. Fidelity Management Trust Company is the custodian, recordkeeper, and trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions.

8. Excess Contributions Payable

Excess contributions payable represents amounts owed to participants who made excess contributions based on the compliance testing performed by the Plan’s recordkeeper. The excess contributions payable balance as of December 31, 2011 was returned by the Plan to the participants on March 14, 2012.

9. Nonexempt Transactions

As reported on Form 5500, Schedule H, Line 4a — Schedule of Delinquent Participant Contributions, certain participant contributions were not remitted to the Plan within the time frame specified by the Department of Labor’s Regulation 29 CFR 2510.3-102, thus constituting nonexempt transactions between the Plan and the Company during the 2011 Plan year. Late remittances amounted to $65,477 for the 2011 Plan year. The Company is currently in process of making the appropriate filings in accordance with the DOL’s Voluntary Fiduciary Corrective Program. In 2011, the Plan fully corrected the 2010 Plan year delinquent participant contributions.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

10. Information Concerning the Master Trust

The Plan’s investments were previously combined with the investments of the Yarde Metals, Inc. Frozen 401(k) Savings Plan in the Master Trust. In 2010, the investments of the Yarde Metals, Inc. were liquidated and distributed from the Master Trust to the participants. Effective December, 2010, the Plan has undivided interest in all investments of the Master Trust. The following tables summarize the net assets and net investment income of the Master Trust:

Net Assets of the Master Trust:

December 31,	2011			2010

Assets

Investments, at fair value:
Interest bearing cash	$	2,953,253		$	3,190,764
Money market fund	45,199,643			40,818,637
Mutual funds	405,551,164			410,645,899
Common collective trust	17,238,293			12,566,164
Reliance Steel & Aluminum Co. common stock	70,688,288			78,020,911
Total Investments	541,630,641			545,242,375

Receivables:
Due from brokers and other receivables	632,630			8,089
Total receivables	632,630			8,089

Total Assets	542,263,271			545,250,464

Liabilities

Due to brokers and other payables	235,408			26,248

Total Liabilities	235,408			26,248
Net assets available for benefits at fair value	542,027,863			545,224,216
Adjustment from fair value to contract value for the fully-benefit responsive investment contracts (common collective trust)	(425,163		)	(102,175		)

Net assets available for benefits	$	541,602,700		$	545,122,041

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Notes to Financial Statements

Net investment loss of the Master Trust:

Year ended December 31,	2011

Investment income/(loss):
Net depreciation in fair value of investments:
Mutual funds	$	(24,635,683	)
Reliance Steel & Aluminum Co. common stock	(2,443,408		)
Net depreciation in fair value of investments	(27,079,091		)

Interest and dividends	16,637,980

Total investment loss	$	(10,441,111	)

11. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits as reported on Form 5500 with that reported in the accompanying financial statements:

December 31,	2011			2010

Net assets available for benefits as reported on Form 5500	$	574,917,934		$	575,586,016
Adjustment from fair value to contract value for fully benefit-responsive investment contracts	(425,163		)	(102,175		)

Net assets available for benefits as reported on the accompanying financial statements	$	574,492,771		$	575,483,841

The following is a reconciliation of the changes in net assets available for benefits as reported on Form 5500 with that reported in the accompanying financial statements:

Year ended December 31,	2011

Net decrease in net assets available for benefits as reported on Form 5500 *	$	(668,082	)

Investments:
Adjustment from fair value to contract value for fully benefit-responsive investment contracts:
Beginning of period	102,175
End of period	(425,163		)

Net decrease in net assets available for Plan benefits as reported on the accompanying financial statements	$	(991,070	)

* - The net decrease in net assets available for benefits as reported on Form 5500 includes asset transfers made during the year.

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Reliance Steel & Aluminum Co. Master 401(k) Plan

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

Employer Identification Number: 95-1142616

Plan Number: 003

Form: 5500

December 31, 2011

(a)	(b) Identity of issuer, borrower, lessor or similar party	(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value	(d) Cost **	(e) Current value

	Master Trust:
*	Master Trust	Plan interest in the Master Trust Investments	—	542,027,863
	Notes receivable from participants:
*	Notes receivable from participants	Notes receivable from participants with interest rates ranging from 4.25% to 11.00%, collateralized by participants’ account balances and maturing through October 2024	—	18,316,203
	Total Investments			$	560,344,066

* - Represents a party-in-interest as defined by ERISA

**- The cost of participant-directed investments is not required to be disclosed

Report of Independent Registered Public Accounting Firm	3

Financial Statements

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010	5

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2011	6

Notes to Financial Statements	7-16

Supplemental Schedules

Schedule H, Line 4a — Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2011	18

Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2011	19

Signature	20

Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm

	Total that Constitute Nonexempt Prohibited Transactions				Total Fully
Year Ended December 31, 2011 Participant Contributions Transferred Late to Plan	Contributions Not Corrected	Contributions Corrected Outside VFCP	Contributions Pending Correction in VFCP		Corrected Under VFCP and PTE 2002-51
Check Here if Late Participant Loan Repayments are included: x
$65,477	¾	¾	$	65,477	¾

		RELIANCE STEEL & ALUMINUM CO.
		MASTER 401(k) PLAN


Dated: June 21, 2012	By:	/s/ Karla R. Lewis
		Karla R. Lewis
		Member of the Reliance Steel & Aluminum Co. Master 401(k) Plan Committee