Russel Metals Inc T.RUS

Merger now completed PR

[TimeBuilder]

Russel Metals and Marubeni-Itochu Complete Merger of Their Canadian OCTG/Line Pipe Businesses

PR Newswire - PRF - 1 hour ago

 

TORONTO , July 7, 2021 /PRNewswire/ - Russel Metals Inc. (TSX:RUS.TO) 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".