# 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.

- Type: Acquisition
- Announced: 2021-04-14
- Where: Canada, Canada
- Value: $138.0M
- Status: announced
- Products: OCTG, line pipe
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Russel Metals](https://endata.com/companies/5410.md)
- [Russel Metals](https://endata.com/companies/5410.md) (partner)
- [Marubeni-Itochu Tubulars America](https://endata.com/companies/54462.md) (partner)
- [TriMark Tubulars](https://endata.com/companies/54463.md) (partner)
- [TriMark Tubulars](https://endata.com/companies/54463.md) (target)
- [Triumph Tubular & Supply](https://endata.com/companies/54499.md) (target)
- [Hallmark Tubulars](https://endata.com/companies/54500.md) (target)

## Sources

- [prnewswire.com](https://www.prnewswire.com/news-releases/russel-metals-and-marubeni-itochu-to-merge-their-canadian-octgline-pipe-businesses-301269231.html), 2021-04-14: "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."
- [steelmarketupdate.com](https://www.steelmarketupdate.com/2021/04/15/russel-metals-to-merge-canadian-octg-business/), 2021-04-15: "This transaction provides an opportunity to substantially repatriate capital for deployment in other value-enhancing opportunities, but also to retain an ongoing interest and participate in the future success of the combined business."
- [steelorbis.com](https://www.steelorbis.com/steel-news/latest-news/russel-metals-and-marubeni-itochu-merge-canadian-octg-and-line-pipe-businesses-1195554.htm), 2021-04-15: "This combination will create a business that has the necessary economies of scale, including a diverse product offering and business platform to efficiently and effectively serve its customers."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.