RUSSEL METALS ANNOUNCES ACCEPTANCE BY TSX OF NORMAL COURSE ISSUER BID
Rhea-AI Summary
Russel Metals (OTC: RUSMF, TSX: RUS) received TSX approval for a new normal course issuer bid (NCIB) allowing it to repurchase for cancellation up to 5,446,896 common shares, or 10% of the public float, between August 18, 2026 and the earlier of August 17, 2027 or completion of purchases.
As of August 10, 2026, the company had 54,906,755 shares outstanding. Daily TSX purchases are capped at 59,558 shares, based on a six‑month average volume of 238,233. The bid will be funded from existing cash or credit facilities, and all repurchased shares will be cancelled. Under the prior NCIB, Russel Metals bought 1,021,400 of 5,542,173 authorized shares at a weighted average price of $41.89.
Positive
- New NCIB for up to 5,446,896 shares, equal to 10% of the public float
- All repurchased shares cancelled, which can reduce share count and increase per-share metrics
- Flexible funding using existing cash resources or credit facilities as part of capital allocation
- Regulatory clearance with TSX approval in place for purchases through August 17, 2027
Negative
- Under the prior NCIB, only 1,021,400 of 5,542,173 authorized shares were actually repurchased
- Daily repurchases on the TSX are limited to 59,558 shares, potentially slowing the pace of buybacks
AI-generated analysis. How Rhea-AI works. Not financial advice.
Under the NCIB, Russel Metals may purchase for cancellation, during the period commencing on August 18, 2026, and ending on the earlier of August 17, 2027, and the completion of purchases under the NCIB, up to 5,446,896 common shares of Russel Metals ("Common Shares"), which represents
Daily purchases on the TSX under the NCIB will be limited to 59,558 Common Shares, which represents
The renewal of the NCIB follows the conclusion of the Company's previous NCIB that expires on August 17, 2026. Under the previous NCIB, Russel Metals was authorized to purchase, through the facilities of the TSX and alternative trading systems in
Russel Metals believes that the NCIB will provide a flexible tool as part of its capital allocation program, while generating value for shareholders. Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Russel Metals may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.
About Russel Metals
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 act as master distributors selling steel in large volumes to other steel service centers and large equipment manufacturers mainly on an "as is" basis.
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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, the anticipated benefits of the financing. 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. In particular, such forward-looking statements include, but are not limited to, statements relating to Russel Metals' intention to commence the NCIB and the timing, methods and quantity of any purchases of Common Shares under the NCIB, the availability of cash for repurchases of Common Shares under the NCIB, compliance with applicable laws and regulations pertaining to the NCIB, Russel Metals' perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances.
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. These 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.
Web site: www.russelmetals.com
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SOURCE Russel Metals Inc.