Third-quarter net income dropped by almost three-quarters at Reliance Steel & Aluminum Co. as both volume and price for metals continue in the doldrums.

Net income for the quarter was $41.8 million, or 57 cents per share, down 73 percent, or $2.07 per share, in the third quarter of 2008. A survey by Thomson Reuters indicated analysts expected profit of 46 cents per share.

The Los Angeles-based metals processor reported revenue of $1.24 billion for the quarter, down 52 percent in the same period last year. However, its performance was flat compared with the previous quarter.

“Although we believe that demand is fairly stable at low levels, the fourth quarter is typically seasonally slower for us,” Chief Executive David Hannah said in a statement. “We believe there may be some slight downward pressure on pricing for many of our products in the coming months. Because of this, we are not comfortable providing earnings guidance for the 2009 fourth quarter.”

Shares of Reliance fell $1.46, or 3.3 percent, on Thursday to close at $42.24 on the New York Stock Exchange.