Russel Metals Provides an Update on its Transaction with Samuel, Son & Co., Limited

Russel Metals Inc. (RUS: TSX) is providing an update with respect its previously announced transaction (the "Transaction") to acquire seven service center locations from Samuel, Son & Co., Limited ("Samuel"). The Competition Bureau's review of the Transaction is ongoing, 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 ongoing 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.