Mr. Martin Juravsky reports

RUSSEL METALS PROVIDES AN UPDATE ON ITS TRANSACTION WITH SAMUEL, SON & CO., LIMITED

Russel Metals Inc. is providing an update with respect to its previously announced transaction to acquire seven service centre locations from Samuel, Son & Co. Ltd. The Competition Bureau's review of the transaction is continuing, and the Competition Bureau has advised Russel Metals and Samuel that it has concerns related to a narrow segment of product in a specific geography. Russel Metals and Samuel continue to engage constructively with the Competition Bureau in an effort to bring this matter to a resolution. As part of the continuing dialogue, Russel Metals and Samuel have made a timing commitment to the Competition Bureau that will allow the Competition Bureau to continue its investigation and advance the discussions. Accordingly, the transaction is no longer expected to close in the second quarter of 2024.

Closing of the transaction remains subject to a number of customary conditions, including clearance under the Competition Act.

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.

We seek Safe Harbor.