TORONTO, July 7, 2021 /CNW/ - Russel Metals Inc. (TSX:
RUS) announces that it has closed the previously announced
transaction with Marubeni-Itochu Tubulars America Inc. ("MITI"),
whereby Russel Metals and MITI have combined their respective
Canadian OCTG/line pipe businesses.
Russel Metals operated its Canadian OCTG/line pipe business
through its wholly-owned subsidiary Triumph Tubular & Supply
Ltd. ("Triumph"), and MITI operated its Canadian OCTG/line pipe
business through its wholly-owned subsidiary Hallmark Tubulars Ltd.
("Hallmark"). The combined business of Triumph and Hallmark
will operate under a newly incorporated company, named TriMark
Tubulars Ltd. ("TriMark").
John Reid, President and CEO of
Russel Metals commented, "This transaction is a major component in
our strategy to repatriate capital from our OCTG//line pipe
business to other value enhancing opportunities. In addition,
our ongoing interest in TriMark will allow us to participate in the
future success of the combined business".
About Russel Metals
Russel Metals is one of the
largest metals distribution companies in North America. It
carries on business in three segments: metals service centers,
energy products and steel distributors. Its network of
metals service centers carries an extensive line of metal products
in a wide range of sizes, shapes and specifications, including
carbon hot rolled and cold finished steel, pipe and tubular
products, stainless steel, aluminum and other non-ferrous specialty
metals. Its energy products operations carry a specialized
product line focused on the needs of energy industry
customers. Its steel distributors operations act as master
distributors selling steel in large volumes to other steel service
centers and large equipment manufacturers mainly on an "as is"
basis.
If you would like to unsubscribe from receiving Press
Releases, you may do so by emailing info@russelmetals.com; or by
calling our Investor Relations Line: 905-816-5178.
Cautionary Statement on Forward-Looking
Information
Certain statements contained in this press
release constitute forward-looking statements or information within
the meaning of applicable securities laws relating to, among other
things, the anticipated benefits of the transaction, the timing and
anticipated receipt of necessary approvals and satisfaction of
conditions to close the transaction and there can be no assurance
that the proposed transaction will occur, or that it will occur on
the exact terms contemplated in this press release
Forward-looking statements are often, but not always, identified by
the use of words such as ""expect", "may", "will", ""could",
"might", "should", "believe" and similar expressions.
Forward-looking statements are necessarily based on estimates and
assumptions that, while considered reasonable by us, inherently
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements.
While we believe that the expectations reflected in our
forward-looking statements are reasonable, no assurance can be
given that these expectations will prove to be correct, and our
forward-looking statements included in this press release should
not be unduly relied upon. These statements speak only as of
the date of this press release and, except as required by law, we
do not assume any obligation to update our forward-looking
statements.
Web site: www.russelmetals.com
View original
content:https://www.prnewswire.com/news-releases/russel-metals-and-marubeni-itochu-complete-merger-of-their-canadian-octgline-pipe-businesses-301327082.html
SOURCE Russel Metals Inc.