An anonymous director reports

RUSSEL METALS ANNOUNCES ACCEPTANCE BY TSX OF NORMAL COURSE ISSUER BID

Russel Metals Inc. has received approval from the Toronto Stock Exchange of its notice of intention to make a normal course issuer bid (the NCIB).

Under the NCIB, Russel Metals may purchase for cancellation, on the open market at its discretion, during the period commencing on Aug. 16, 2023, and ending on the earlier of Aug. 15, 2024, and the completion of purchases under the NCIB, up to 6,076,625 common shares of Russel Metals, which represents 10 per cent of the public float over a 12-month period. As of Aug. 11, 2023, Russel Metals had 61,307,326 common shares issued and outstanding.

Daily purchases on the Toronto Stock Exchange (TSX) under the NCIB will be limited to 72,959 common shares, which represents 25 per cent of the average daily trading volume of 291,836 on the TSX for six months ending July 31, 2023, subject to any purchases made pursuant to the block purchase exception. The actual number of common shares which may be purchased under the NCIB and the timing of any such purchases will be determined by Russel Metals in its discretion, subject to applicable laws and the rules of the TSX. Purchases under the NCIB are expected to be made through the facilities of the TSX and alternative trading systems in Canada at prevailing market prices. The NCIB will be financed using Russel Metals' existing cash resources or credit facilities, and any common shares repurchased by Russel Metals under the NCIB will be cancelled.

The renewal of the NCIB follows the conclusion of the company's previous NCIB that expires on Aug. 15, 2023. Under the previous NCIB Russel Metals was authorized to purchase 3,155,611 common shares of which 2,240,756 common shares were purchased, through the facilities of the TSX and alternative trading systems in Canada, at a weighted average price of $32.18 per share.

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 Inc.

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 centres, energy field stores and steel distributors. Its network of metals service centres 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 operations act as master distributors selling steel in large volumes to other steel service centres and large equipment manufacturers mainly on an as-is basis.

We seek Safe Harbor.