Press release from Marketwire
Russel Metals Announces Rationalization of Its Ontario Long Products Operations
Monday, August 23, 2010
TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - Russel Metals Inc. (TSX:RUS) today announced it intends to combine its Ontario structural steel and other long products operations in its Cambridge facility, resulting in the closure of its Port Robinson facility. The expansion at the Cambridge facility will cost approximately $6 million. The Company will be able to better serve its customer base from the Cambridge location. This restructuring allows Russel Metals to remain a strong player in this competitive market and reduce its operating costs. The Company estimates 80 employees from the Port Robinson branch will be impacted and that approximately 40 employees will be hired for the expansion in Cambridge.
Brian Hedges, President and CEO, stated "The decision to close a location is never easy as it impacts long service employees. We are pleased to be able to expand in Cambridge and create 40 jobs at this location. The expansion at the Cambridge branch allows us to fulfill our commitment to provide better service to our customers and rationalize, as needed, our operations in Ontario."
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three distribution segments: metals service centers, energy tubular products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits Specialises, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
FOR FURTHER INFORMATION PLEASE CONTACT:
Russel Metals Inc. Marion E. Britton, C.A. Vice President and Chief Financial Officer (905) 819-7407 email@example.com www.russelmetals.com