HOUSTON-Russel Metals Inc. is making a play for the 108-year-old Pitt-Des Moines’ Steel Service Center Operations.

The deal must get through a lot of last minute wrangling to garner required regulatory approval, PDM is willing to wait out the process. “Russel has an established reputation for excellence in the metal distribution and processing industry,” says William W. McKee, PDM president and CEO. “We believe the customers, employees and shareholders of both companies will benefit from the transaction.”

And, Houston-based Russel is eager to add to its portfolio. “We have been patient in the acquisition field and the purchase of PDM’s Steel Service Center Operations is our reward,” says Bud Siegel, Russel Metals’ president and CEO. “This acquisition provides an outstanding platform for future US service center growth, and will be immediately accretive to Russel Metals Inc.’s earnings.” He’s talking about the $209 million in revenues PDM has reported for the fiscal year ending Sept. 30.

Derek Halecky, president of PDM Steel Service Centers, sees the growth possibilities. “The opportunities for continued growth of our business will be enhanced by the Russel transaction, he says. “Going forward, the synergies that exist between the companies will be beneficial to our employees and customers.”

Completion of the sale, Russel indicates, is subject to negotiation of a “definitive agreement” and the satisfaction of other customary conditions including clearance by regulatory agencies.

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