
RELIANCE STEEL & ALUMINUM CO. MASTER 401(k) PLAN INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm		1
Financial Statements

Statements of Net Assets Available for Benefits		2

Statement of Changes in Net Assets Available for Benefits		3

Notes to Financial Statements		4

Supplemental Schedules*

Schedule H, Line 4a – Schedule of Delinquent Participant Contributions		13

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)		14

Signature		15

Exhibit		16

* All other schedules required by 29 CFR §2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, are not included because they are not applicable.

Report of Independent Registered Public Accounting Firm

Plan Administrator and Participants

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

Los Angeles, California

Opinion on the Financial Statements

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, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedules of delinquent participant contributions for the year ended December 31, 2020 and assets (held at end of year) as of December 31, 2020 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, LLP

We have served as the Plan’s auditor since 2007.

Los Angeles, California

June 17, 2021

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

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS


	December 31,		December 31,
	2020		2019
Assets
Investment:
Plan interest in Master Trust	$	1,401,750,901	$	1,277,258,993

Receivables:
Notes receivable from participants		29,256,713		30,287,624
Due from trustee		384,081		376,491
Total receivables		29,640,794		30,664,115

Total assets		1,431,391,695		1,307,923,108

Liabilities
Excess contributions payable		195,303		875,429
Total liabilities		195,303		875,429

Net assets available for benefits	$	1,431,196,392	$	1,307,047,679

See accompanying notes to financial statements.

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

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS


	Year Ended
	December 31, 2020
Additions
Income:
Plan interest in Master Trust investment income	$	206,005,229
Interest on notes receivable from participants		1,584,749
Total income		207,589,978

Contributions:
Participants		49,404,938
Employer, net of forfeitures		21,061,587
Rollover		6,265,217
Total contributions, net		76,731,742

Revenue sharing program credits		1,453,023

Total additions		285,774,743

Deductions
Benefits paid to participants and beneficiaries		161,375,917
Administrative expenses		250,113
Total deductions		161,626,030

Net increase		124,148,713

Net assets available for benefits, beginning of year		1,307,047,679

Net assets available for benefits, end of year	$	1,431,196,392

See accompanying notes to financial statements.

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2020

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 Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan that provides certain benefits to the eligible 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 Reliance Steel & Aluminum Co. Benefits Committee (“Plan Administrator”). The trustee of the Plan is Fidelity Management Trust Company (the “Trustee”) and the recordkeeper is Fidelity Investments Institutional Operations Company, Inc. 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 qualified retirement plan.

Effective January 1, 2020, Fry Steel Company, a subsidiary of Reliance Steel & Aluminum Co. became a participating employer in the Plan.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted, which included provisions, among others, that provided temporary relief for those retirement plan participants affected by COVID-19. Participants who met certain criteria could take a penalty-free hardship withdrawal, borrow from their accounts at higher limits and suspend making payments on their participant loans until 2021.

During the period between March 27, 2020 and September 22, 2020, participants impacted by COVID-19 (as defined in the Plan document) could borrow from their account up to the lesser of $100,000 or the vested account balance and could suspend loan repayments due during that period until January 2021. The CARES Act also removed the 10% early withdrawal penalty for a coronavirus-related distribution up to $100,000 made during 2020. Participants who took a coronavirus-related distribution could spread the income over a three-year period for income tax purposes or avoid income taxes if the distribution is repaid within the three-year period following the distribution.

Participation

Eligible employees may participate in the Plan upon completion of 30 days of employment. Eligible employees are automatically enrolled into the Plan with an initial deferral contribution of 3% of eligible compensation, unless the employee elects a different deferral contribution percentage or declines to participate. The initial deferral contribution percentage for those participants automatically enrolled into the Plan automatically increases annually by 1% (up to a maximum of 10%), unless elected otherwise by the participant.

Contributions

Participants may contribute up to 50% of eligible compensation into the Plan on a pre-tax basis and/or make Roth 401(k) contributions on an after-tax basis, subject to federal limits. Additionally, participants attaining age 50 by the end of a Plan year can make additional “catch-up” contributions. Participating employers make matching contributions per payroll cycle and all employer contributions are discretionary, as determined by the Company.

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

Participants may contribute eligible rollovers from other qualified defined benefit plans, defined contribution plans and individual retirement accounts.

Participant Accounts

Each participant's account is credited with the participant's contributions, employer contributions and allocation of investment earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participants 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		Percentage
Less than 1		0%
1		25%
2		50%
3		75%
4 or more		100%

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. See “CARES Act” above for special withdrawal provisions applicable in the 2020 Plan year.

Forfeitures

Forfeitures from nonvested participant accounts are used to reduce future Company contributions. For the year ended December 31, 2020, forfeitures of $1,210,165 were used to reduce the Company’s contributions. Forfeited nonvested accounts totaled $114,764 and $110,408 at December 31, 2020 and 2019, respectively.

Notes Receivable from Participants

Participants generally may borrow from their accounts up to the lesser of $50,000 or 50% of their vested account balance. Loans 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. Loans are repaid ratably through periodic payroll deductions over a term not exceeding five years for general purpose loans and up to ten years for the purchase of a primary residence. The Plan holds notes from transferred plans whose maturities may exceed ten years. As of December 31, 2020, notes receivable from participants had interest rates that ranged from 3.25% to 10.50%, and have maturities through August 2040. Interest earned is recorded on an accrual basis as interest on notes receivable from participants in the Statement of Changes in Net Assets Available for Benefits. Unpaid loans determined to be in default under the terms of the notes are deemed to be distributed in accordance with the provisions of the Plan document. See “CARES Act” above for special loan provisions applicable during the 2020 Plan year.

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

Administrative Expenses

Loan initiation and maintenance, and overnight delivery fees are charged by the Trustee directly to the account balance of the applicable participants. These expenses totaled $250,113 for the year ended December 31, 2020.

Recordkeeping fees, audit, legal and other administrative expenses relating to the Plan are not reflected in the accompanying financial statements as they are paid by the Company.

Revenue Sharing Program

The Plan receives investment funds administrative revenue credits through its participation in Fidelity’s revenue sharing program. The revenue sharing credits are invested in the money market fund until allocated to Plan participants. Revenue sharing credits during the 2020 Plan year were allocated on a quarterly basis equally to participant accounts with a balance as of the end of each quarter. The revenue sharing program credits for the year ended December 31, 2020 were $1,453,023, of which $1,068,942 was received by the Plan in 2020, and the balance, $384,081, recorded as Due from trustee, was received by the Plan in 2021.

Beginning July 1, 2021, revenue sharing credits, if any, will be allocated directly to participant accounts based on actual investments held during the prior quarter.

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 accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Investments held by a defined contribution plan are reported at fair value, except for fully-benefit responsive investment contracts which are presented at contract value. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

The Plan has a 100% interest in the net assets of the Reliance Steel & Aluminum Co. Master 401(k) Plan Master Trust (the “Master Trust”). See Note 3, Information Concerning the Master Trust.

The Plan, through the Master Trust, invests in the Fidelity Managed Income Portfolio Class 2 which is a common collective trust. The common collective trust 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).

Investment Valuation and Income Recognition

The Master Trust has investments in registered investment companies (mutual funds), a common collective trust and a unitized employer common stock fund. Registered investment companies (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 (“NAV”) of the shares held by the Master Trust. 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 Plan invests in the Fidelity Managed Income Portfolio Class 2, a stable value fund held within a common collective trust, which has entered into fully benefit-responsive investment contracts to provide preservation of principal,

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

maintain a stable interest rate and provide liquidity at contract value for participant withdrawals and transfers. The stable value fund has an investment objective to maintain a constant NAV while generating a slightly higher yield than the money market fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. Generally, there are no restrictions on a participant’s ability to redeem their investment in the common collective trust at the investment’s NAV. However, withdrawals prompted by certain events (e.g., the termination of the Fidelity Managed Income Portfolio Class 2 and changes in laws or regulations) may restrict a participant’s ability to redeem the investment at its NAV.

Net Appreciation (Depreciation) in Fair Value of Investments

Realized and unrealized appreciation (depreciation) in 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) in fair value of investments is presented in the accompanying Statement of Changes in Net Assets Available for Benefits as Plan interest in Master Trust investment income, which is detailed in Note 3, Information Concerning the Master Trust.

Risks and Uncertainties

The Plan has an interest in the Master Trust which invests in various funds that hold investment securities. 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.

The global COVID-19 outbreak and associated countermeasures implemented by governments around the world, as well as increased business uncertainty and economic contraction, had an adverse impact on the Company’s financial results during 2020. The Company took a variety of actions during 2020 to mitigate the financial impacts from the pandemic. However, the long-term impact of COVID-19 on the Company’s business and the Plan are uncertain at this time.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP 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.

Payment of Benefits

Benefits paid to participants are recorded when paid.

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

Recently Issued Accounting Pronouncements

In August 2018, the FASB issued accounting guidance that adds, removes and modifies fair value disclosure requirements. The Plan’s adoption of the new accounting guidance for the 2020 Plan year did not have a material impact on the Plan’s financial statements.

3.	Information Concerning the Master Trust

The Plan has a 100% interest in the net assets of the Master Trust. The following table summarizes the net assets of the Master Trust:



	December 31,		December 31,
	2020		2019
Assets
Investments at fair value:
Interest-bearing cash	$	3,582,215	$	4,461,824
Money market fund		67,707,359		56,575,022
Mutual funds		1,187,738,777		1,082,569,090
Reliance Steel & Aluminum Co. common stock		92,272,405		97,843,920
Common collective trust		50,933,276		36,334,240
Total investments at fair value		1,402,234,032		1,277,784,096

Other receivables		11,730		38,789

Total assets		1,402,245,762		1,277,822,885

Liabilities
Due to broker for securities purchased		—		360,783
Other payables		494,861		203,109
Total liabilities		494,861		563,892

Net assets in Master Trust	$	1,401,750,901	$	1,277,258,993

The following table summarizes the changes in net assets of the Master Trust:


	Year Ended
	December 31, 2020
Investment income
Net appreciation in fair value of investments	$	139,040,347
Interest and dividend income		66,964,882
Investment income		206,005,229

Net transfers		(81,513,321)

Net increase		124,491,908

Net assets in Master Trust, beginning of year		1,277,258,993

Net assets in Master Trust, end of year	$	1,401,750,901

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

Participants may invest in certain investments offered by the Trustee, including a unitized employer common stock fund that consists principally of Reliance Steel & Aluminum Co. common stock and interest-bearing cash that provides liquidity for trading. As of December 31, 2020 and 2019, the Plan, through the Master Trust, held 1,063,909 and 1,136,673 units of the Reliance Steel Stock Fund, with fair values of $95,371,489 and $101,780,641, respectively.

The assets and liabilities of the Reliance Steel Stock Fund were as follows:


	December 31,		December 31,
	2020		2019
Reliance Steel & Aluminum Co. common stock (770,542 shares as of December 31, 2020 and 817,000 shares as of December 31, 2019)	$	92,272,405	$	97,843,920
Interest-bearing cash		3,582,215		4,461,824
Other receivables		11,730		38,789
Due to broker for securities purchased		—		(360,783)
Other payables		(494,861)		(203,109)
	$	95,371,489	$	101,780,641

For risks and uncertainties regarding investment in Reliance Steel & Aluminum Co. common stock, participants should refer to the Reliance Steel & Aluminum Co. Annual Report on Form 10-K for the year ended December 31, 2020 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

On July 1, 2021, certain investments offered to plan participants by the Trustee will be changed, including the availability of Fidelity BrokerageLink®, a brokerage account within the participant’s 401(k) account, that participants can invest up to 95% of their account balance in Fidelity and non-Fidelity mutual funds, the replacement of target-date mutual funds with target-date commingled funds and the removal and addition of certain other mutual funds.

4.	Fair Value Measurements

Fair value is the price that would be received to sell the investment in an orderly transaction between market participants (an exit price). 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 in markets that are active; quoted market prices in markets that are not 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.

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

The following tables set forth by level, within the fair value hierarchy, the Master Trust’s investment assets at fair value as of December 31, 2020 and 2019:



December 31, 2020	Level 1		Level 2		Level 3		Total
Interest-bearing cash	$	3,582,215	$	—	$	—	$	3,582,215
Money market fund		67,707,359		—		—		67,707,359
Mutual funds		1,187,738,777		—		—		1,187,738,777
Reliance Steel & Aluminum Co. common stock		92,272,405		—		—		92,272,405
Total assets in the fair value hierarchy		1,351,300,756		—		—		1,351,300,756
Common collective trust measured at NAV								50,933,276
Total investments at fair value	$	1,351,300,756	$	—	$	—	$	1,402,234,032


December 31, 2019	Level 1		Level 2		Level 3		Total
Interest-bearing cash	$	4,461,824	$	—	$	—	$	4,461,824
Money market fund		56,575,022		—		—		56,575,022
Mutual funds		1,082,569,090		—		—		1,082,569,090
Reliance Steel & Aluminum Co. common stock		97,843,920		—		—		97,843,920
Total assets in the fair value hierarchy		1,241,449,856		—		—		1,241,449,856
Common collective trust measured at NAV								36,334,240
Total investments at fair value	$	1,241,449,856	$	—	$	—	$	1,277,784,096

The Master Trust’s investments that are measured at fair value on a recurring basis, including the money market fund, mutual funds and common stock are 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’s investment in the common collective trust is measured at fair value using the NAV practical expedient. The fair value of the common collective trust is excluded from the fair value hierarchy and is presented in the tables above to permit reconciliation of the investments classified within the fair value hierarchy to the Master Trust’s total investments at fair value.

5.Related Party and Party-in-Interest Transactions

Certain Master Trust investments include shares in mutual and money market funds, and an interest in a common collective trust that are managed by the Trustee. The Master Trust also invests in shares of Reliance Steel & Aluminum Co. common stock through the unitized employer common stock fund. The unitized employer common stock fund received $2,030,212 of dividends from Reliance Steel & Aluminum Co. for the 2020 Plan year. These transactions and loans to plan participants qualify as exempt party-in-interest transactions.

6.Income Tax Status

The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated June 13, 2019, confirming the tax qualified status of the Plan. Although the Plan has been amended since the date of this letter, the Plan Administrator believes the Plan is currently designed and operating in compliance with the applicable requirements of the Internal Revenue Code and therefore continues to be tax qualified.

The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2020 and 2019, there were no uncertain positions taken or expected to be taken that would require provision for income taxes in the accompanying financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax years in progress.

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

7.	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.

8.	Excess Contributions Payable

Excess contributions payable represents participant contributions and associated earnings/losses that are removed from the Plan’s activity for the Plan year and returned to Plan participants based on the compliance testing performed by the Plan’s recordkeeper. The excess contributions payable balances were returned by the Plan to the participants in accordance with IRS deadlines.

9.	Nonexempt Transactions

As reported on the Form 5500, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions, certain participant contributions and loan repayments were not remitted to the Plan within the timeframe 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 2020 Plan year. Late remittances amounted to $117,524 for the 2020 Plan year and the Company is in the process of remitting lost earnings to the Plan.

10.

Reconciliation of Financial Statements to Form 5500

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


	December 31,		December 31,
	2020		2019
Net assets available for
benefits as reported on the Form 5500	$	1,432,980,294	$	1,307,537,552
Adjustment from fair value to contract value
for fully benefit-responsive investment contracts
held by a common collective trust		(1,783,902)		(489,873)
Net assets available for benefits as reported
on the accompanying financial statements	$	1,431,196,392	$	1,307,047,679

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

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2020

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


	Year Ended
	December 31, 2020
Net increase in net assets available for benefits as
reported on the Form 5500*	$	125,442,742
Investments:
Adjustment from fair value to contract value for fully
benefit-responsive investment contracts held by a common collective trust:
Beginning of year		489,873
End of year		(1,783,902)
Net increase in net assets available for benefits as
reported on the accompanying financial statements	$	124,148,713

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

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

SCHEDULE H, LINE 4a – SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

Year Ended December 31, 2020

Employer Identification Number: 95-1142616

Plan Number: 003


	Total that Constitute Nonexempt Prohibited Transactions
				Total Fully
Participant Contributions Transferred			Contributions	Corrected
Late to the Plan	Contributions	Contributions	Pending	Under
Check Here if Late Participant Loan	Not	Corrected	Correction in	VFCP and PTE
Repayments are Included x	Corrected	Outside VFCP	VFCP	2002-51
$117,524	$76,546*	$40,978	—	—

*Contributions are expected to be corrected outside VFCP during the 2021 Plan year.

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

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2020

Employer Identification Number: 95-1142616

Plan Number: 003


		(c)
		Description of Investment, including
	(b)	Maturity Date,			(e)
	Identity of Issue, Borrower,	Rate of Interest, Collateral,	(d)		Current
(a)	Lessor or Similar Party	Par or Maturity Value	Cost		Value
	Master trust:
*	Master Trust:	Plan interest in Master Trust investments	a	$	1,403,534,803

	Notes receivable from participants:
		Notes receivable from participants with
		interest rates ranging from 3.25% to
		10.50%, collateralized by participants'
		account balance and maturing through
*	Notes receivable from participants	August 2040	—		29,256,713

			Total	$	1,432,791,516

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

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


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

Dated: June 17, 2021	By:	/s/ Arthur Ajemyan
		Arthur Ajemyan
		Member of the Reliance Steel & Aluminum Co. Benefits Committee


Exhibit No.		Description
23.1		Consent of Independent Registered Public Accounting Firm—BDO USA, LLP


⌧	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


◻	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934