LOS ANGELES, Aug. 28, 2015 /PRNewswire/ -- Reliance Steel & Aluminum Co. (the "Company" or "Reliance") (NYSE: RS) responded today to the proposed penalties of $367,500 and related commentary issued by the United States Environmental Protection Agency ("EPA") against Reliance's Earle M. Jorgensen Company ("EMJ") subsidiary. The proposed penalties relate to EMJ's participation in the ongoing environmental cleanup of sediments in a portion of the Lower Duwamish Waterway which EPA has listed as a Superfund site (the "LDW Site") on the National Priorities List under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). EMJ, which was acquired by Reliance in 2006, is one of more than 100 parties identified by EPA as potentially responsible for remediating sediments in the LDW Site. Despite having sold its facility within the LDW Site to a third party in 1992, EMJ has been working cooperatively with EPA, the State of Washington and other stakeholders for over 13 years to address contamination at the LDW Site.
Commenting on the proposed penalties and related commentary, Gregg J. Mollins, Reliance's President and Chief Executive Officer, said, "It is always Reliance's intention to comply with the law. Furthermore, EMJ's proactive cleanup efforts at the LDW Site for over a decade demonstrate our commitment to protecting the environment. EMJ has been working in collaboration with EPA to implement the agreed cleanup plan, and we strongly disagree with the assertion that EMJ has been anything but extremely cooperative, responsive and diligent. Despite this dispute, EMJ intends to continue working cooperatively with EPA and all stakeholders to get this job done."
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 300 locations in 39 states and 12 countries outside of the United States, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of our business strategies and our expectations concerning future results of operations, margins, profitability, liquidity and capital resources. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and "continue," the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today's date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, those disclosed in reports we have filed with the Securities and Exchange Commission (the "SEC"). As a result, these statements speak only as of the date that they are made, and Reliance disclaims any and all obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important risks and uncertainties about our business can be found in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC.
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SOURCE Reliance Steel & Aluminum Co.