Mr. Martin Juravsky reports

RUSSEL METALS TO REDEEM ALL OF ITS OUTSTANDING 6% SENIOR UNSECURED NOTES DUE MARCH 16, 2026

Russel Metals Inc. is giving notice to redeem its 6 per cent senior unsecured notes due March 16, 2026, on May 2, 2024, at a price equal to 100 per cent of the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon. This redemption represents all of the original $150-million principal amount of the notes and will be financed through cash on hand. As of Dec. 31, 2023, Russel had $629-million of cash and cash equivalents.

Martin L. Juravsky, executive vice-president and chief financial officer, commented: "This redemption will substantially reduce Russel's interest expense while maintaining strong ongoing liquidity. In addition, this redemption sets the stage for other debt structure improvements."

About Russel Metals Inc.

Russel Metals is one of the largest metal distribution companies in North America with a growing focus on value-added processing. It carries on business in three segments: metal service centres, energy field stores and steel distributors. Its network of metal 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 distributor 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.