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TORONTO, ONTARIO--(Marketwire
- Feb. 23, 2009) - Russel Metals Inc. (TSX:RUS)
announced today that it has declared a dividend in the amount of Cdn $0.25 per share on its common shares, payable
on March 16, 2009 to shareholders of record at the close of business on
March 4, 2009.
The decision to reduce the quarterly dividend payment to $0.25 per
share in the first quarter reflects the abrupt and severe drop in
demand experienced to date in 2009. The new annual dividend rate of
$1.00 represents a yield of 6.2% at last Friday's closing share price
of $16.14.
Brian Hedges, COO and Executive Vice-President
stated, "We have reduced the dividend due to the drastic and
unprecedented decline in our business levels. It continues to be our
intention to reward our shareholders at a level our earnings and cash
flow justify. Our shareholder base includes a large number of
individual investors and the Company is aware of how important the
dividend is to these owners. We have made this change with great
reluctance."
Russel Metals is one of the largest metals
distribution companies in North America.
It carries on business in three metals distribution segments: metals
service centers, energy tubular products and
steel distributors, under various names including Russel
Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler,
Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet
Tubulars, JMS Russel
Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits
Specialises, Milspec Industries, Norton
Metals, Pioneer Pipe, Russel Metals Specialty
Products, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group,
Triumph Tubular & Supply, Wirth Steel and York-Ennis.
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