Russel Metal Ord - RUSMF STOCK NEWS

Russel Metals (RUSMF) has announced its upcoming 2024 year-end and fourth quarter results conference call. The company will release its financial results on Wednesday, February 12, 2025, after market close at 5:00 p.m. ET. The Investor Conference Call will be held on Thursday, February 13, 2025, at 9:00 a.m. ET, featuring Martin L. Juravsky, Executive Vice President and CFO, and John G. Reid, President and CEO.

Investors can join the call through automated registration or direct dial-in. The conference replay will be available until February 27, 2025, with pass code 48004#.

Russel Metals (TSX: RUS) has successfully completed the acquisition of Tampa Bay Steel. The transaction strengthens Russel Metals' presence in the Southern United States, aligning with the company's regional growth strategy. The announcement confirms the integration of Tampa Bay Steel's team, led by Mark Stewart, into the Russel Metals organization.

Russel Metals reported Q3 2024 financial results with revenues of $1.1 billion, EBITDA of $67 million, and earnings per share of $0.59. The company generated $163 million in cash from operating activities and maintained liquidity of $762 million. Notable developments include closing the Samuel acquisition with reduced invested capital of $167 million, entering a new $600 million credit agreement, investing $21 million in capital expenditures, and repurchasing $46 million of shares. Gross margins were 19.7%, compared to 21.0% in Q2 2024 and 20.2% in Q3 2023.

Russel Metals RUSMF has announced its 2024 third quarter results conference call schedule. The company will release its Q3 2024 results via press release on Wednesday, November 6, 2024, after market close at 5:00 p.m. ET. An Investor Conference Call will follow on Thursday, November 7, 2024, at 9:00 a.m. ET, hosted by Martin L. Juravsky, Executive Vice President and CFO, and John G. Reid, President and CEO.

Investors can join the call through an automated callback system or by dialing in directly. The conference call will be available for replay until Thursday, November 21, 2024. For those wishing to unsubscribe from future call notices or seeking additional information, contact details for the Investor Relations Department have been provided.

Russel Metals Inc. (TSX: RUS) has announced the redemption of all its outstanding 5.75% senior unsecured notes due October 27, 2025, effective October 27, 2024. The redemption price will be 100% of the aggregate principal amount plus accrued and unpaid interest. This action covers the entire original $150 million principal amount of the Notes.

Martin L. Juravsky, Executive Vice President and CFO, stated that this redemption will reduce interest expenses and increase financial flexibility while maintaining strong liquidity. It marks the final step in removing Russel's legacy high yield debt structure, following the May 2024 redemption of $150 million of 6% senior unsecured notes and the July 2024 establishment of a new $600 million investment grade unsecured bank credit facility.

Russel Metals Inc. (TSX: RUS) has received approval from the Toronto Stock Exchange (TSX) for its normal course issuer bid (NCIB). Under this NCIB, Russel Metals may repurchase up to 5,808,254 common shares (10% of public float) for cancellation between August 16, 2024, and August 15, 2025. Daily purchases are to 44,117 shares, with 58,632,841 shares currently outstanding. The company views the NCIB as a flexible tool in its capital allocation program, potentially generating shareholder value. Purchases will be made through TSX and alternative trading systems at prevailing market prices, funded by existing cash resources or credit facilities. This NCIB follows the previous one expiring August 15, 2024, under which 2,925,200 shares were bought at an average price of $39.60.

Russel Metals Inc. (TSX: RUS) has closed the acquisition of seven service centers from Samuel, Son & Co., The acquired centers are located in Western Canada and the Northeast U.S. John Reid, President and CEO, welcomed Samuel employees to the Russel family, noting their close collaboration for an orderly transition.

Russel Metals is one of North America's largest metals distribution companies, with a growing focus on value-added processing. The company operates in three segments: metals service centers, energy products, and steel distributors. Its network offers an extensive line of metal products in various sizes, shapes, and specifications, including carbon steel, pipe and tubular products, stainless steel, aluminum, and other non-ferrous specialty metals.

Russel Metals Inc. (TSX: RUS) announced financial results for Q2 2024. Key highlights include:

• Revenues of $1.1 billion, consistent with Q1 2024 but lower than Q2 2023
• EBITDA of $86 million, slightly up from Q1 2024 but down from Q2 2023
• Earnings per share of $0.84, higher than Q1 2024 but lower than Q2 2023
• Invested $24 million in capital expenditures
• Repurchased $56 million of shares
• Redeemed $150 million of 6% Notes
• Liquidity of $768 million

The company expects steel prices to stabilize above historical averages and anticipates growth in North American steel consumption due to onshoring activities and infrastructure spending initiatives.

Russel Metals Inc. (TSX: RUS) has renewed and enhanced its credit facility, increasing total availability from $450 million to $600 million. The new facility includes:

• $400 million revolving credit facility (maturity: July 2028)
• $50 million letters of credit facility (maturity: July 2028)
• $150 million revolving credit facility (maturity: July 2026)

The facility is unsecured with no borrowing base restrictions and features more flexible investment grade type financial covenants. This enhancement reflects Russel's improved capital structure and transition to an investment grade type company, providing greater flexibility for growth initiatives.