Reliance, Inc. (RS) Earnings Call Transcript & Summary

Good afternoon, everyone. My name is Mark Kaminski. As Chairman of the Board of Directors of Reliance Steel & Aluminum Company, it is my pleasure to welcome you to our 2021 Annual Meeting of Stockholders. We hope you and your loved ones remain safe and healthy in these continuing extraordinary times. And we are grateful for your attendance at our second virtual Annual Meeting of Stockholders. We will proceed with the required annual meeting agenda. And then Reliance's CEO, Jim Hoffman; President, Karla Lewis; and CFO, Arthur Ajemyan, will respond to any questions submitted through the web portal. Please note that only stockholders who have properly registered to attend this virtual meeting will be able to submit questions using the designated field on the web portal. With us today is a representative of Broadridge Financial Solutions Inc., our inspector of elections. Also attending are representatives from KPMG LLP, our independent registered public accounting firm, including our lead audit partner, Michelle Wroan. We are now ready to begin the business portion of the annual meeting. Will Smith, our Corporate Secretary, will record the proceedings of the meeting. Before we can proceed with the annual meeting, our bylaws require the presence in person or by proxy of a majority of the shares entitled to vote at the meeting in order for a quorum. Our inspector of elections has informed me that the shares of those present are represented by proxy are in excess of the quorum requirements, and I now declare a quorum present. As you know from the proxy materials, our first order of business is the election of directors. The Board of Directors has nominated a slate of 10 directors to serve for a term of 1 year and until their successors have been duly elected and qualified. I would like to now introduce my colleagues on the Reliance Board of Directors, each of whom is present today and has been nominated to serve another 1-year term: Sally Anderson, Chair of the Audit Committee; Lisa Baldwin; Karen Colonias; John Figueroa, Chair of the Compensation Committee; Jim Hoffman, CEO of Reliance; Karla Lewis, President of Reliance; Rob McEvoy; Andrew Sharkey, III; and Douglas Stotlar, Chair of our Nominating and Governance Committee. I'd like to also take a moment to acknowledge David Hannah, our former Chairman and CEO. Dave is not standing for reelection today, but on behalf of the Board of Directors, I would like to thank Dave for his many, many years of service to Reliance, including 29 years on the Board of Directors. We want to thank you, Dave, for your leadership. We want to wish you and your family all the best in your retirement. There are 2 other proposals to be considered today: a nonbinding advisory vote to approve the compensation of the company's named executive officers; and ratification of the appointment of KPMG LLP, as our independent registered public accounting firm to perform the audit of our 2021 financial statements. [ We will now ] proceed with a vote on all of these matters. If you returned a proxy, your votes have automatically been recorded in accordance with your instructions. Any stockholders who are properly registered for the virtual meeting and who have not yet voted or wish to change their votes may do so by clicking on the voting button on the web portal [ and follow the instructions ]. [Voting]

[ The polls are now closed ] for voting. Will the inspector of elections please provide the voting results?

Thank you, Mr. Chairman. Of the 63,707,455 shares of the company's common stock outstanding and eligible to vote at this meeting, 57,515,629 shares or 90.28% of the outstanding shares are represented here today signifying a quorum exists. Votes were cast for the 3 matters being considered in the following manner. Regarding Proposal 1, the election of directors, at least 90.31% of the votes cast were voted in favor of each of the 10 director nominees; 96.42% of the votes present voted in favor of Proposal 2 to consider a nonbinding advisory vote to approve the compensation of the company's named executive officers; and 99.02% of the votes present voted in favor of Proposal 3 to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for 2021. I respectfully submit my inspector's oath and report to be filed with the minutes of this meeting.

Okay. As a result of the voting, I hereby declare that: all nominees for [ director ] have been elected for a term of 1 year; the nonbinding advisory vote to approve the compensation of the company's named executive officers has been approved; and the appointment of KPMG LLP as our independent registered public accounting firm to perform the annual audit of the 2021 financial statements has been ratified. With the results now officially announced and recorded by our Corporate Secretary and there being no further business, I hereby declare the 2021 Annual Meeting of Stockholders adjourned. Thank you for your attendance and for your continued support of Reliance, particularly in these extraordinary times. At this time, Jim, Karla and Arthur will respond to questions from our stockholders. As a reminder, only stockholders who have properly registered to attend this virtual meeting are able to ask questions using the designated field on the web portal. Seeing that there are no questions at this time, we'd like to thank you again for attending this Annual Meeting of Stockholders and for your continued support of Reliance. Have a great day. Thank you very much.

Thank you for attending. You may now disconnect.