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RUSSEL METALS INC - RUSMF STOCK NEWS

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Russel Metals Inc. (Russel Metals or the Company) is one of the largest metals distribution and processing companies in North America. The company primarily distributes steel products across Canada and the United States, serving a wide range of industries with a broad line of metal products. They purchase products from North American steel producers, package them according to customer needs, and provide processing and distribution services. With a focus on value-added processing, metals service centers, energy field stores, and steel distributors are the three principal business segments in which the company operates. The company is committed to ongoing investment initiatives, capital growth, and expanding its business through strategic acquisition opportunities.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Russel Metals has announced that its results for the 2024 second quarter will be released on Wednesday, July 31, 2024, after the close of business at 5:00 p.m. ET.

An Investor Conference Call will be held on Thursday, August 1, 2024, at 9:00 a.m. ET, hosted by Martin L. Juravsky, EVP and CFO, and John G. Reid, President and CEO, to review the results.

Investors can register for an automated call back or directly dial in. A replay will be available until August 15, 2024. Contact Russel Metals' Investor Relations for further information.

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Russel Metals (TSX: RUS) has obtained a no-action letter from the Canadian Competition Bureau for its acquisition of seven service center locations from Samuel, Son & Co. The transaction is expected to close in Q3 2024, pending customary conditions. CEO John Reid expressed optimism about the acquisition's positive impact on customers, suppliers, employees, and communities. Russel Metals is a major North American metals distributor with segments in metals service centers, energy field stores, and steel distributors. The company offers a wide range of metal products and specialized services for the energy industry.

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FAQ

What is the current stock price of RUSSEL METALS (RUSMF)?

The current stock price of RUSSEL METALS (RUSMF) is $29.64 as of December 20, 2024.

What is the market cap of RUSSEL METALS (RUSMF)?

The market cap of RUSSEL METALS (RUSMF) is approximately 1.9B.

What does Russel Metals Inc. do?

Russel Metals Inc. is one of the largest metals distribution and processing companies in North America, primarily distributing steel products across Canada and the United States.

In which regions does Russel Metals Inc. operate?

Russel Metals Inc. services all major geographic regions of Canada and the southeastern and midwestern regions in the United States.

What are the principal business segments of Russel Metals Inc.?

The company operates in three main business segments: metals service centers, energy products, and steel distributors.

From where does Russel Metals Inc. source its products?

Russel Metals Inc. primarily purchases products from North American steel producers and packages and sells them to end users according to their specific needs.

What is Russel Metals Inc.'s approach to capital investment and growth initiatives?

Russel Metals Inc. actively invests in capital expenditures, such as value-added equipment and facility modernization initiatives in Canada and the U.S., to drive growth and expand its business.

How does Russel Metals Inc. return capital to its shareholders?

Russel Metals Inc. returns capital to shareholders through ongoing dividends and share buybacks, providing a balanced and flexible approach to capital allocation.

What are the expectations for steel prices and market conditions according to Russel Metals Inc.?

Russel Metals Inc. expects stable steel prices and improved shipment volumes in the near term, supported by growth in North American steel consumption and ongoing investment initiatives.

When will the Investor Conference Call be held by Russel Metals Inc.?

Russel Metals Inc. will be holding an Investor Conference Call on Friday, February 9, 2024, at 9:00 a.m. ET to review its 2023 fourth quarter results.

What is the latest update on Russel Metals Inc.'s acquisition transaction with Samuel, Son & Co., Limited?

Russel Metals Inc. has received a no-action letter from the Canadian Competition Bureau regarding the transaction with Samuel, Son & Co., Limited, and expects to close the full transaction in the third quarter of 2024, subject to completion of customary closing conditions.

Where can I find more information about Russel Metals Inc.?

For additional information, including financial statements, press releases, and updates, visit Russel Metals Inc.'s website at www.russelmetals.com.

RUSSEL METALS INC

OTC:RUSMF

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RUSMF Stock Data

1.86B
56.84M
0.85%
27.32%
Industrial Distribution
Industrials
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United States of America
Mississauga