Business
Russel Metals and Marubeni-Itochu Complete Merger of Their Canadian OCTG/Line Pipe Businesses
Russel Metals and Marubeni-Itochu Complete Merger of Their Canadian OCTG/Line Pipe Busine...
About this update from Russel Metals Inc.
[{"type":"text","content":"\n \n \n \n Russel Metals and Marubeni-Itochu Complete Merger of Their Canadian OCTG/Line Pipe Businesses\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n July 7, 2021\n \n /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.\n \n \n 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\").\n \n \n \n John Reid\n \n , 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\".\n \n \n \n About Russel Metals\n \n \n 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 \...