Shares in Reliance Steel & Aluminum Co. surged nearly 9 percent Thursday after the company reported record breaking first quarter profit and hit an all-time high for share price.

Reliance Steel & Aluminum Co. reported first quarter net income of $112 million ($1.46 per share) a 56 percent surge from $72 million ($1.07) for the same period a year earlier thanks to several acquisitions the company made during 2006, which added more than $750 million to quarterly sales, Reliance said.

The Los Angeles-based steal and aluminum distribution company also added that sales soared 86 percent to $1.8 billion for the quarter, mainly thanks to rising steal prices and increased demand.

The company has made more than 35 acquisitions since going public in 1994.

Shares in Reliance surged 8.9 percent, or $4.62, to $56.46 in afternoon trading Thursday on the New York Stock Exchange.