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Gold/Mining/Energy : Russel Metals (RUS on TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (12)	3/9/2001 6:26:51 PM
From: Stephen O	Respond to of 13

Russel Metals Inc. Announces Consent Solicitation For Its 10% 2001-03-09 15:08 (New York) Senior Notes Due June 1, 2009 Business Editors TORONTO--(BUSINESS WIRE)--March 9, 2001--Russel Metals Inc. (TSE:RUS.)(TSE:RUS.PR.C.) announced today that it intends to commence a consent solicitation to amend the Indenture with respect to its 10% US $125 million Senior Notes due June 1, 2009. Brian Hedges, Executive Vice President and CFO stated, "Our Notes have outperformed comparable bonds in the metals sector since issuance, reflecting Russel Metals' improved interest coverage ratios and strong cash flows. Russel Metals has judiciously made use of excess cash flow to repurchase shares in order to maintain an optimal capital structure for all stakeholders. Russel Metals is soliciting consents to establish an additional US $25 million of Restricted Payment availability for repurchases of common and preferred shares and the payment of common dividends". Consents will be made on the terms and subject to the conditions of a Consent Solicitation Statement that Russel will provide to the holders of the Notes. If holders of more than 50% of the outstanding Senior Notes give their consent, the amendment will be binding on all holders of the Notes. Russel Metals intends to offer a consent fee to each holder of the Notes who validly delivers and does not revoke its consent. Requests for information should be directed to the Company representatives Brian Hedges or Lesley Coleman at (905) 819-7777. Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: service center, energy sector and import/export, under various names including Russel Metals, B&T Steel, Bahcall Group, Baldwin International, Comco Pipe and Supply, Drummond McCall, Fedmet Tubulars, Metaux Russel, Pioneer Pipe, Sunbelt Group, Total Distributors, Triumph Tubular & Supply and Wirth Steel. --30--jsk/in* CONTACT: Russel Metals Inc. Brian R. Hedges, 905/819-7401 info@russelmetals.com www.russelmetals.com