The Globe and Mail reports in its Tuesday edition that TD Cowen analyst Michael Tupholme continues to rate Russel Metals "buy," with an unchanged share target of $94. The Globe's David Leeder writes that analysts on average target the shares at $80.29. Mr. Tupholme says Russel Metals' management had a "positive" tone in recent investor meetings, reflecting "favorable" market conditions in the third quarter. Mr. Tupholme says in a note: "The meetings highlighted a very strong steel demand backdrop for Russel's service centres segment. While U.S. steel demand trends have been strong since the start of 2026, Canada has also seen notable strength in recent months. Further, encouragingly, the positive demand trends are broad-based across Russel's target market sectors, including infrastructure, energy, mining, datacentres and various manufacturing industries. Steel supply remains tight. U.S. steel mill capacity utilization rates have lately been in the 80-per-cent range, mill lead times are extended and imports remain below historical levels. ... We also see other compelling investment merits, incl. a strong balance sheet, medium-to-long-term margin improvement opportunity and potential upside from future acquisitions."