TORONTO, April 15,
2024 /PRNewswire/ - Russel Metals Inc.
(RUS: TSX) is providing an update with respect its previously
announced transaction (the "Transaction") to acquire seven service
center locations from Samuel, Son & Co., Limited
("Samuel"). The Competition Bureau's review of the
Transaction is ongoing, and the Competition Bureau has advised
Russel Metals and Samuel that it has concerns related to a narrow
segment of product in a specific geography. Russel Metals and
Samuel continue to engage constructively with the Competition
Bureau in an effort to bring this matter to a resolution. As
part of the ongoing dialogue, Russel Metals and Samuel have made a
timing commitment to the Competition Bureau that will allow the
Competition Bureau to continue its investigation and advance the
discussions. Accordingly, the Transaction is no longer
expected to close in the second quarter of 2024.
Closing of the Transaction remains subject to a number of
customary conditions, including clearance under the Competition
Act.
About Russel Metals Inc.
Russel Metals is one of the largest metals distribution
companies in North America with a
growing focus on value-added processing. It carries on
business in three segments: metals service centers, energy field
stores 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 field stores 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.
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,
statements about the parties engaging with regulators to resolve
the matters described herein, the anticipated benefits of the
Transaction, the timing to close the Transaction, and the ability
of the parties to satisfy the conditions to the closing of the
Transaction. 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 and prior disclosures.
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. A number of risks, uncertainties and
other factors could cause actual results and events to differ
materially from those expressed or implied in forward-looking
information or could cause our current objectives, strategies and
intentions to change. Such risks, uncertainties and other factors
include, among others, the possibility that the Transaction will
not be completed in the expected timeframe or at all; the failure
to obtain any necessary regulatory approvals, in the expected
timeframe or at all; the failure to realize the anticipated
benefits of the Transaction in the expected timeframe or at all;
and general economic, business and political conditions.
Forward-looking 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.
If you would like to unsubscribe from receiving Press Releases,
you may do so by emailing subscriber@russelmetals.com; or by
calling our Investor Relations Line: 905-816-5178.
Website: www.russelmetals.com
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SOURCE Russel Metals Inc.