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Russel Metals to Realize $138 Million of Cash Proceeds and Retain a 50% Equity Interest TORONTO, April 14, 2021 /PRNewswire/ - Russel Metals Inc. (TSX: RUS) announces that it has entered into an agreement with Marubeni-Itochu Tubulars America Inc. ( MITI ), whereby Russel Metals and MITI will combine their respective Canadian OCTG/line pipe businesses. In conjunction with the combination, Russel Metals will receive a substantial portion of its contributed net asset value in cash proceeds, in addition to retaining a 50% equity interest in the combined venture. Currently, Russel Metals operates its Canadian OCTG/line pipe business through its wholly owned subsidiary Triumph Tubular & Supply Ltd. ( Triumph ), and MITI operates its Canadian OCTG/line pipe business through its wholly owned subsidiary Hallmark Tubulars Ltd. ( Hallmark ). The combined business of Triumph and Hallmark will operate under a newly incorporated company, named TriMark Tubulars Ltd. ( TriMark ).

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