Russel Metals to acquire Tampa Bay Steel for $79m.

Russel Metals, a Canadian metals distribution and processing company, agreed to acquire Tampa Bay Steel, a steel distribution and metal processing company, for $79m. "Our approach to acquisitions is to focus on opportunities that are complementary from a product mix and geographic perspective, but also aligned with our performance-based and decentralized culture. We believe that the transaction is a strong fit as it will allow us to extend our footprint into the Florida market with an experienced management team and a culture that is aligned with ours. In addition, Tampa Bay Steel has invested approximately $20m in value-added equipment and facility expansion over the past three years, and has a platform for further growth within the Florida market. We look forward to having the Tampa Bay Steel employees join the Russel family," John Reid, Russel Metals President and CEO.