Russel Metals Inc., a leading metals distribution company based in Toronto, has announced its agreement to acquire US-based Tampa Bay Steel Corporation for approximately $112 million (US$79.5 million). This strategic acquisition includes Tampa Bay Steel's working capital, buildings, equipment, and related real estate.

Tampa Bay Steel, established 40 years ago, operates a 220,000-square-foot facility in Tampa, Florida. The company specializes in metal and steel processing and distribution, providing metal parts for various businesses. Over the past three years, it has invested approximately US$20 million in equipment and facility expansion, enhancing its value-added processing capabilities.

This acquisition marks Russel Metals' entry into the Florida market, broadening its footprint in the U.S. The company operates 45 locations across Canada and 23 in the United States, with a focus on metals service centers, energy field stores, and steel distribution.

The deal is expected to close in December 2024.