Russel Metals Confirms Final Details of Its Substantial Issuer Bid

10 April 2000

Russel Metals Confirms Final Details of Its Substantial Issuer Bid

    TORONTO--April 10, 2000-- (TSE:RUS.) (TSE:RUS.PR.C.) Russel Metals Inc. today confirmed the final details of its offer to purchase, through a substantial issuer bid of up to Cdn. $30 million of its common shares. The offer expired at midnight, Toronto time, on March 27, 2000. The Company confirms that it has taken up and paid for 7,143,935 shares tendered to its offer at a price of Cdn. $4.20. Due to proration as a result of over-subscription, shareholders who tendered their shares at or below $4.20 had 93.88% of their shares purchased, with adjustments to avoid fractional shares.
    Russel also confirmed that the deemed dividend is Cdn. $2.12 per share based on a purchase price of $4.20 and a paid-up capital of $2.08.
    Cheques and share certificates, representing shares not taken up under the bid, were sent to shareholders on April 5, 2000.
    Russel Metals is one of the largest steel distribution companies in North America. It carries on business in three steel distribution segments: service centre distribution, energy sector distribution and steel import/export, under various names including Russel Metals, B&T Steel, Bahcall Group, Baldwin International, Copco Steel, Comco Pipe and Supply, Drummond McCall, Fedmet Tubulars, Metaux Russel, Pioneer Pipe, Sunbelt Group, Total Distributors Supply Corporation and Wirth.