Russel Metals and Marubeni-Itochu to merge Canadian OCTG/line pipe businesses

Russel Metals and Marubeni-Itochu Tubulars America Inc. will combine their Canadian OCTG/line pipe businesses into a new joint venture, TriMark Tubulars Ltd. Russel Metals will receive $138 million in cash and retain a 50% equity interest.

“Russel Metals Inc. announces that it has entered into an agreement with Marubeni-Itochu Tubulars America Inc., whereby Russel Metals and MITI will combine their respective Canadian OCTG/line pipe businesses.”prnewswire.com

• 3 sources
• prnewswire.comRussel Metals and Marubeni-Itochu To Merge Their Canadian OCTG/Line Pipe BusinessesRussel Metals Inc.Apr 14, 2021
• steelmarketupdate.comRussel Metals to Merge Canadian OCTG Business - Steel Market UpdateSandy WilliamsApr 15, 2021
• steelorbis.comRussel Metals and Marubeni-Itochu merge Canadian OCTG and line pipe businessesApr 15, 2021

Summarized from public sources; check the original articles before acting on it.