Reliance Steel & Aluminum Co. (RS) will raise its quarterly dividend by 13.6 percent to $0.625 per share in the first quarter of 2020. This marks the 10th consecutive year of dividend increases.

The new dividend will be payable on March 27, 2020 to stockholders of record as of March 13, 2020. A new annual dividend rate of $2.50 per share yields 2.3% at a stock price of $110.95.

“Our strong cash flow continued to support our capital allocation priorities for growth and stockholder returns. For the full year 2019, we invested $242.2 million in capital expenditures, paid $176.8 million to complete an acquisition, reduced our debt balance by $617.9 million and returned $201.3 million to our stockholders in the form of dividends and share repurchases. Looking ahead, we remain very confident in our ability to continue investing in the growth of our business while simultaneously returning capital to our stockholders, as evidenced by our $250 million 2020 capital expenditure budget and 13.6% increase in our quarterly dividend for the first quarter of 2020,” commented Karla Lewis, Senior Executive Vice President and Chief Financial Officer of Reliance in the company's press release announcing the fourth quarter and full year 2019 results today.

Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of locations in the United States and multiple countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of metal products to customers in a broad range of industries. Reliance Steel & Aluminum became a public company in 1994 and has paid a dividend ever year since 1960.