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Russel Metals Inc. Q1-2019 Earnings. Price Target Update

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Russel Metals Inc. (RUS-TSX) is one of the largest metals distribution companies in North America operating in three segments: Metals Service Centres, Energy Products and Steel Distributors. By revenues Metals Services Centres contributes 52%, Energy Products -36% and Steel Distribution-12%. U.S. operations represent about 30% of total revenues of 70% in Canada. Assets as of Mar-31-2019 total $2.2B of which 80% are cash, accounts receivable and inventories. Russel is the fourth largest company in this category in North America. The largest is US based Reliance Steel and Aluminum (RS-NYSE) at four times the size, the next two include Samuel, Son & Co. a private company in Canada and Ryerson Inc.(RYI-NYSE) are approximately the same size.

The Metal Service Centres provide processing and distribution services to 35,000 end users through a network of 49 Canadian locations and 16 U.S. locations. The metals service centers carry a broad line of products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel and aluminum. These products are primarily purchased from steel producers in North America, then Russel processes and packages them in accordance with end user specifications. They service all major geographic regions of Canada and the Southeastern and Midwestern regions in the US. Within Canada, the service centers operate under the names Russel Metals, Métaux Russel, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, B&T Steel, Leroux Steel, Mégantic Métal, Russel Metals Processing, Russel Metals Specialty Products, Métaux Russel Produits Spécialisés, McCabe Steel and York -Ennis. The U.S. service centers operate under the names Russel Metals Williams Bachall, JMS Russel Metals, Norton Metals and Baldwin International. The Canadian service centres, represent the larger portion of the metals service center operations.

The Energy Products Segment distributes oil country tubular goods (OCTG), line pipe, tubes, valves and fittings, primarily to the energy industry in Western Canada and the United States. A significant portion of the business units are clustered in Alberta and Saskatchewan, Colorado and Texas. A large portion of inventories are located in third party yards ready for distribution to customers throughout North America. In addition, they operate from 48 Canadian and 20 U.S. facilities mainly to support their valve and fitting operations. The majority of these facilities are oil field stores which form the Apex Distribution network. Products are purchased from the pipe division of North American steel mills, independent manufacturers of pipe, valves and fittings, international steel mills and other distributors. The energy products segment operates under the names Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, ComcoPipe and Supply Company, Fedmet Tubulars, Triumph Tubular & Supply, Pioneer Pipe and Spartan Energy Tubulars.

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