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Disciplined inventory management helped Reliance

come out of a challenging 2015 with record cash flow

from operations of $1 billion and increased gross profit

margins in each successive quarter of the year. Our

balance sheet remains strong as we were able to reduce

total debt by almost $377 million, and our strong

liquidity allowed us to repurchase approximately $356

million of our common stock while continuing to pay

cash dividends for the 56th consecutive year.