The Company has an employee stock ownership plan (the "ESOP") and trust that have been approved by the Internal Revenue Service as a qualified plan. The ESOP is a noncontributory plan that covers certain salaried and hourly employees of the Company. The amount of the annual contribution is at the discretion of the Board, except that the minimum amount must be sufficient to enable the ESOP trust to meet its current obligations.

Effective in 1998, the Reliance Steel & Aluminum Co. Master 401(k) Plan (the "Master Plan") was established, which combined several of the various 401(k) and profit-sharing plans of the Company and its subsidiaries into one plan. Salaried and certain hourly employees of the Company and its participating subsidiaries are covered under the Master Plan. The Master Plan allows each subsidiary's Board to determine independently the annual matching percentage and maximum compensation limits or annual profit-sharing contribution. Eligibility occurs after three months of service, and the Company contribution vests at 25% per year, commencing one year after the employee enters the Master Plan. Other 401(k) and profit-sharing plans exist as certain subsidiaries have not combined their plans into the Master Plan as of December 31, 2011.

Effective January 1996, the Company adopted a Supplemental Executive Retirement Plan ("SERP"), which is a nonqualified pension plan that provides postretirement pension benefits to certain key officers of the Company. The SERP is administered by the Compensation Committee of the Board. Benefits are based upon the employees' earnings. Effective January 1, 2009, the SERP was amended to freeze the plan to new participants as well as change the benefit formula. The amendment resulted in a net reduction to the benefit obligation under this plan of approximately $2.9 million. Life insurance policies were purchased for most individuals covered by the SERP and are funded by the Company. Separate SERP's exist for certain wholly-owned subsidiaries of the Company, each of which provides postretirement pension benefits to certain current and former key employees. All of the subsidiary plans have been frozen to include only existing participants. The SERP's do not maintain their own plan assets, therefore plan assets and related disclosures have been omitted. However, the Company does maintain on its balance sheet assets to fund the SERP's with values of $13.4 million and $13.7 million as of December 31, 2011 and 2010, respectively.

In December 2008, a new deferred compensation plan was put in place for certain officers and key employees of the Company, not including, however, those key officers included in the SERP. Account balances from various compensation plans of subsidiaries were transferred and consolidated into this new deferred compensation plan. The balance in the Reliance deferred compensation plan as of December 31, 2011 and 2010 was approximately $8.7 million. The balance of the assets set aside in 2011 for funding future payouts under the deferred compensation plan amounted to $8.4 million as of December 31, 2011.

The Company, through certain of its subsidiaries, maintains qualified defined benefit pension plans for certain of its employees. These plans generally provide benefits of stated amounts for each year of service or provide benefits based on the participant's hourly wage rate and years of service. The plans permit the sponsor, at any time, to amend or terminate the plans subject to union approval, if applicable.

The Company uses a December 31 measurement date for its plans. The following is a summary of the status of the funding of the various SERP's and Defined Benefit Plans:

	SERP's						Defined Benefit Plans

	2011			2010			2011			2010
	(in millions)						(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	29.4		$	30.5		$	64.4		$	52.1
Assumed in acquisition		—			—			—			9.1
Service cost		0.7			0.8			1.0			0.7
Interest cost		1.5			1.8			3.4			3.2
Actuarial loss (gain)		5.8			(2.8	)		9.8			2.4
Change in assumptions		—			—			1.6			(0.3	)
Benefits paid		(1.2	)		(0.9	)		(2.9	)		(2.9	)
Plan amendments		—			—			0.8			0.1

Benefit obligation at end of year	$	36.2		$	29.4		$	78.1		$	64.4
Change in plan assets
Fair value of plan assets		N/A			N/A		$	53.7		$	41.6
Acquired in acquisition		N/A			N/A			—			5.7
Actual return on plan assets		N/A			N/A			(1.7	)		5.9
Employer contributions		N/A			N/A			4.1			3.5
Benefits paid		N/A			N/A			(3.0	)		(3.0	)

Fair value of plan assets at end of year		N/A			N/A		$	53.1		$	53.7
Funded status

Unfunded status of the plans	$	(36.2	)	$	(29.4	)	$	(25.0	)	$	(10.7	)

Items not yet recognized as component of net periodic pension expense
Unrecognized net actuarial losses	$	10.7		$	5.2		$	24.7		$	9.9
Unamortized prior service (credit) cost		(1.6	)		(2.1	)		1.2			0.4

	$	9.1		$	3.1		$	25.9		$	10.3

As of December 31, 2011 and 2010, the following amounts were recognized in the balance sheet:

	SERP's						Defined Benefit Plans

	2011			2010			2011			2010
	(in millions)						(in millions)
Amounts recognized in the statement of financial position
Current liabilities	$	(1.3	)	$	(1.3	)	$	—		$	—
Noncurrent liabilities		(34.9	)		(28.1	)		(25.0	)		(10.7	)
Accumulated other comprehensive loss		9.1			3.1			25.9			10.3

Net amount recognized	$	(27.1	)	$	(26.3	)	$	0.9		$	(0.4	)

The accumulated benefit obligation for all SERP's was $34.5 million and $28.5 million as of December 31, 2011 and 2010, respectively. The accumulated benefit obligation for all defined benefit pension plans was $78.1 million and $64.4 million as of December 31, 2011 and 2010, respectively.

	Year Ended December 31,

	2011		2010
	(in millions)
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets
Accumulated benefit obligation	$	78.1	$	62.2
Projected benefit obligation		78.1		62.2
Fair value of plan assets		53.1		51.3

Following are the details of net periodic benefit cost related to the SERP's and Defined Benefit Plans:

	SERP's									Defined Benefit Plans

	Year Ended December 31,									Year Ended December 31,
	2011			2010			2009			2011			2010			2009
	(in millions)									(in millions)
Service cost	$	0.7		$	0.8		$	0.8		$	1.0		$	0.7		$	0.8
Interest cost		1.5			1.8			1.7			3.4			3.2			2.9
Expected return on plan assets		—			—			—			(4.3	)		(3.5	)		(2.7	)
Curtailment/settlement expense		—			—			—			0.1			0.1			0.1
Prior service (credit) cost		(0.4	)		(0.4	)		(0.4	)		0.1			0.1			0.1
Amortization of net loss		0.2			0.9			1.0			0.4			0.4			0.8

	$	2.0		$	3.1		$	3.1		$	0.7		$	1.0		$	2.0

	SERP's									Defined Benefit Plans

	Year Ended December 31,									Year Ended December 31,
	2011			2010			2009			2011			2010			2009
Weighted average assumptions to determine net cost
Discount rate		5.40	%		5.99	%		6.01	%		5.29	%		5.92	%		6.06	%
Expected long-term rate of return on plan assets		N/A			N/A			N/A			7.95	%		8.10	%		8.04	%
Rate of compensation increase		6.00	%		6.00	%		6.00	%		N/A			N/A			N/A

Assumptions used to determine the benefit obligation as of December 31 are detailed below:

	SERP's						Defined Benefit Plans

	2011			2010			2011			2010
Weighted average assumptions to determine benefit obligations
Discount rate		4.18	%		5.39	%		4.31	%		5.43	%
Expected long-term rate of return on plan assets		N/A			N/A			7.95	%		8.10	%
Rate of compensation increase		6.00	%		6.00	%		N/A			N/A

Employer contributions to the SERP's and Defined Benefit Plans during 2012 are expected to be $1.3 million and $2.9 million, respectively.

The weighted-average asset allocations of the Company's Defined Benefit Plans by asset category are as follows:

Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long term. The investment goal is a return on assets that is at least equal to the assumed actuarial rate of return over the long term within reasonable and prudent levels of risk. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate risk including quality and diversification standards. Asset allocation targets are reviewed periodically with investment advisors to determine the appropriate investment strategies for acceptable risk levels. The Company's target allocation ranges are as follows: equity securities 50% to 80%, debt securities 20% to 60% and other assets of 0% to 10%. The Company establishes its estimated long-term return on plan assets considering various factors including the targeted asset allocation percentages, historic returns and expected future returns.

The fair value measurements of the Company's Defined Benefit Plan assets fall within the following levels of the fair value hierarchy as of December 31, 2011 and 2010:

	Level 1		Level 2		Level 3		Total

	(in millions)
December 31, 2011:
Common stock⁽¹⁾	$	22.2	$	—	$	—	$	22.2
U.S. government and agency		—		6.5		—		6.5
State government		—		—		—		—
Corporate debt securities⁽²⁾		—		6.1		—		6.1
Mutual funds⁽³⁾		7.9		8.9		—		16.8
Interest and non-interest bearing cash		1.5		—		—		1.5

	$	31.6	$	21.5	$	—	$	53.1

December 31, 2010:
Common stock⁽¹⁾	$	23.6	$	—	$	—	$	23.6
U.S. government and agency		—		6.1		—		6.1
State government		—		0.3		—		0.3
Corporate debt securities⁽²⁾		—		6.6		—		6.6
Mutual funds⁽³⁾		8.4		7.1		—		15.5
Interest and non-interest bearing cash		1.6		—		—		1.6

	$	33.6	$	20.1	$	—	$	53.7

⁽¹⁾: Comprised of primarily large domestic and international securities. Valued at the closing price reported on the active market on which the individual securities are traded.
⁽²⁾: Valued using a combination of inputs including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data.
⁽³⁾: Level 1 assets are comprised of exchange traded funds, money market funds, and stock and bond funds. These assets are valued at closing price for exchange traded funds and Net Asset Value (NAV) for open-end and closed-end mutual funds. Level 2 assets are comprised of pooled separate accounts and are valued at the net asset value per unit based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities.

The Company sponsors two retiree health care plans through two of its subsidiaries that provide postretirement medical and dental benefits to eligible retirees and their dependents until they reach the age of 65 (the "Postretirement Plans"). The Company recognizes the cost of future benefits for active eligible participants and retirees using actuarial assumptions. Gains and losses realized from the remeasurement of the plans' benefit obligation are amortized to income over the average remaining expected service period of the active participants. The Company uses a measurement date of December 31 for its Postretirement Plans.

During 2011, the Company's largest postretirement medical plan was amended to freeze participation in the plan to new participants. The amendment also limited the number of existing employees that may become eligible to receive benefits under the amended plan terms. The effect of the amendment was a reduction in the benefit obligation by $10.1 million as of October 1, 2011, which is being amortized over the average remaining years of service to full eligibility of the active participants of approximately six years.

Components of the net periodic benefit cost associated with the Postretirement Plans are as follows:

The following tables provide a reconciliation of the changes in the benefit obligation and the unfunded status of the Postretirement Plans as follows:

	Year Ended December 31,

	2011			2010
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	17.5		$	14.4
Service cost		0.9			0.9
Interest cost		0.9			1.0
Plan amendments		(10.1	)		—
Benefit payments		(0.4	)		(0.3	)
Assumed in acquisition		1.8			—
Actuarial loss		1.3			1.5

Benefit obligation at end of year	$	11.9		$	17.5

Unfunded status	$	(11.9	)	$	(17.5	)

Amounts recognized in the statement of financial position
Current liabilities	$	(1.0	)	$	(0.8	)
Noncurrent liabilities		(10.9	)		(16.7	)
Accumulated other comprehensive (income) loss		(4.6	)		4.3

Net amount recognized	$	(16.5	)	$	(13.2	)

Item not yet recognized as component of net periodic pension expense
Unrecognized net actuarial losses	$	5.1		$	4.3
Unrecognized prior service credit		(9.7	)		—

Accumulated other comprehensive (income) loss	$	(4.6	)	$	4.3

	Year Ended December 31,

	2011			2010			2009
Weighted average assumptions to determine net cost
Discount rate		5.17	%		6.00	%		6.00	%
Health care cost trend rate		10.00	%		10.00	%		10.00	%
Rate to which the cost trend rate is assumed to decline		4.50	%		6.00	%		6.00	%
Year that the rate reaches the ultimate trend rate		2030			2014			2013

	December 31,

	2011			2010
Weighted average assumptions to determine benefit obligations
Discount rate		3.50	%		5.25	%
Health care cost trend rate		9.50	%		10.00	%
Rate to which the cost trend rate is assumed to decline		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate		2031			2030

A one-percentage-point change in assumed health care cost trend rates would have the following effects:

The following is a summary of benefit payments under the Company's various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the periods indicated:

	SERP's		Defined Benefit Plans		Postretirement Medical Plans

	(in millions)
2012	$	1.3	$	3.0	$	1.0
2013		1.4		3.0		0.8
2014		2.1		3.2		0.9
2015		2.1		3.5		0.9
2016		2.0		3.5		0.9
2017 - 2021		13.1		20.5		6.3

The amounts in accumulated other comprehensive income that are expected to be recognized as components of net periodic benefit cost during 2012 are as follows:

In connection with the acquisition of Earle M. Jorgensen Company ("EMJ") in April 2006, Reliance assumed the obligation resulting from EMJ's settlement with the U.S. Department of Labor to contribute 258,006 shares of Reliance common stock to EMJ's Supplemental Bonus Plan, a phantom stock bonus plan supplementing the EMJ Retirement Savings Plan. In 2005, EMJ had reached a settlement with the U.S. Department of Labor regarding a change in its methodology for annual valuations of its stock while it was a private company, for the purpose of making contributions in stock to its retirement plan. As of December 31, 2011, the remaining obligation to the EMJ Supplemental Bonus Plan consisted of the cash equivalent of 136,200 shares of Reliance common stock totaling approximately $6.6 million. The adjustments to reflect this obligation at fair value based on the closing price of the Company common stock at the end of each reporting period are included in Warehouse, delivery, selling, general and administrative expense. The (income) expense from mark to market adjustments to this obligation in each of the years ended December 31, 2011, 2010 and 2009 amounted to approximately $(0.2) million, $1.1 million and $3.5 million, respectively. This obligation will be satisfied by future cash payments to participants upon their termination of employment.

	Year Ended December 31,

	2011		2010		2009
	(in millions)
Master Plan	$	16.9	$	14.8	$	13.3
Other Defined Contribution Plans		3.9		2.4		1.4
Employee Stock Ownership Plan		1.4		1.2		1.2
Deferred Compensation Plan		0.5		1.0		1.4
Supplemental Executive Retirement Plans		2.0		3.1		3.1
Defined Benefit Plans		0.7		1.0		2.0
Postretirement Medical Plans		1.8		2.1		1.7

	$	27.2	$	25.6	$	24.1