Reliance Steel & Aluminum Co. RS is benefiting from strong demand across key end-use markets, a diversified product base and strategic acquisitions.We are optimistic about its prospects and believe that the time is right to add the stock to the portfolio as it looks poised to carry the momentum ahead.Let’s delve deeper into the factors that make this Zacks Rank #2 (Buy) stock an attractive choice for investors.An OutperformerShares of Reliance Steel have gained 39.9% over a year against the 8.6% rise of its industry. It has also outperformed the S&P 500’s roughly 12.4% decline over the same period. Image Source: Zacks Investment Research Positive Earnings Surprise HistoryReliance Steel’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average being 13.6%.Superior Return on Equity (ROE)Reliance Steel’s ROE of 29.3%, as compared with the industry average of 24.4%, manifests the company’s efficiency in utilizing shareholder’s funds.Upbeat ProspectsReliance Steel is benefitting from strong underlying demand in its major markets. It expects healthy demand trends to continue into the fourth quarter notwithstanding the current macroeconomic uncertainty, inflation, ongoing supply-chain disruptions and geopolitical factors.The company witnessed strength in the semiconductors market in the third quarter of 2022 and expects this trend to continue in the fourth quarter. The company also witnessed sequentially higher demand for the toll processing services that it provides to the automotive market due to increased production rates by certain automotive OEMs despite the impact of supply-chain challenges.Additionally, demand in commercial aerospace recovered during the third quarter and the company is cautiously optimistic that demand will continue to improve in the fourth quarter. It also expects demand in the energy (oil and natural gas) market to modestly improve in the fourth quarter.The company has also been following an aggressive acquisition strategy for a while as part of its core business policy to drive operating results. Its latest acquisitions of Rotax Metals, Admiral Metals and Nu-Tech Precision Metals are in sync with its strategy of investing in high-quality businesses.Reliance Steel & Aluminum Co. Price and Consensus Reliance Steel & Aluminum Co. price-consensus-chart | Reliance Steel & Aluminum Co. Quote Zacks Rank & Key PicksOther top-ranked stocks worth considering in the basic materials space include Sociedad Quimica y Minera de Chile S.A. SQM, Olympic Steel, Inc. ZEUS and Commercial Metals Company CMC.Sociedad has a projected earnings growth rate of 520% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 1.9% upward in the past 60 days.Sociedad has a trailing four-quarter earnings surprise of roughly 27.2%. SQM has rallied roughly 46% in a year. The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Olympic Steel currently carries a Zacks Rank #1. The consensus estimate for ZEUS's current-year earnings has been revised 4.8% upward in the past 60 days.Olympic Steel’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 25.4%, on average. ZEUS has rallied around 75% in a year.Commercial Metals currently carries a Zacks Rank #1. The Zacks Consensus Estimate for CMC's current-year earnings has been revised 13.8% upward in the past 60 days.Commercial Metals’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 19.7%, on average. CMC has gained around 54% in a year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reliance Steel & Aluminum Co. (RS): Free Stock Analysis Report Sociedad Quimica y Minera S.A. (SQM): Free Stock Analysis Report Commercial Metals Company (CMC): Free Stock Analysis Report Olympic Steel, Inc. (ZEUS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research