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Russel Metals Inc. reports developments as a North American metals distribution company operating through metals service centers, energy field stores and steel distributors. Its service centers carry carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals; its energy field stores serve energy industry customers; and its steel distributors sell large-volume steel to service centers and equipment manufacturers.
Recurring news covers quarterly and annual results, EBITDA and liquidity measures, dividend declarations, normal course issuer bids, capital investment and branch-integration activity, property rationalization, and annual meeting matters such as director elections, auditor appointments and advisory compensation votes.
Russel Metals Inc. (TSX: RUS) announced its intention to redeem $150 million of its 6.00% senior unsecured notes, originally due on April 19, 2022. This redemption, scheduled for November 5, 2020, will be financed through cash reserves and credit facility borrowings. The move aims to enhance liquidity and significantly lower interest expenses. The company also recently extended its credit facility, contributing to ongoing financial stability.
Russel Metals Inc. (TSX: RUS) has appointed Roger D. Paiva to its Board of Directors as of October 1, 2020. Paiva, who holds a BSc. in mechanical engineering, brings nearly 40 years of experience in steel manufacturing from his tenure at Gerdau Steel Company. His expertise in strategy, operations, and safety is expected to enhance the board's effectiveness. Jim Dinning, Chair of the Board, highlighted that Paiva's extensive knowledge will benefit both shareholders and stakeholders, strengthening the company's governance.
Russel Metals Inc. (TSX: RUS) announced the extension of its $450 million credit facility with major banks, led by RBC Capital Markets, until September 21, 2023. The agreement has been updated to enhance borrowing base flexibility. CEO Martin L. Juravsky expressed satisfaction with the lenders' support, emphasizing that this extension, combined with their cash position, provides robust liquidity and financial flexibility for future growth opportunities.