Canadian Joint Venture Creates TriMark Tubulars

“This transaction is a major component in our strategy to repatriate capital from our OCTG//line pipe business to other value-enhancing opportunities. In addition, our ongoing interest in TriMark will allow us to participate in the future success of the combined business,” said Russel President and CEO John Reid.

Mississauga, Ontario-based Russel Metals is one of the largest metals distribution companies in North America. Its network of service centers carries an extensive line of metal products including pipe and tube. The merger will give the company new economies of scale and will help it weather volatile conditions in the oil and gas sectors. Russel officials said earlier this year that the company would contribute assets of approximately $111 million to the partnership and would receive near-term cash realization of $138 million and a 50% equity interest in TriMark.