Reliance Steel & Aluminum Co. (RS) will raise its quarterly dividend by 10 percent to 68.75 cents per share in 2021. This follows a dividend hike of 13.6 percent to $0.625 per share in the first quarter of 2020. This also marks the 11th consecutive year of dividend increases.

The new dividend will be payable on March 26, 2021 to stockholders of record as of March 12, 2021. A new annual dividend rate of $2.75 per share yields 2.2% at a stock price of $126.90.

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.