RUSSEL METALS $23.29 - Toronto symbol RUS

RUSSEL METALS $23.29 (Toronto symbol RUS; TSINetwork Rating: Speculative)(905-819-7777; www.russelmetals.com; Shares outstanding: 61.7 million; Market cap: $1.4 billion; Dividend yield: 6.5%) has completed its acquisition of Western Fiberglass Pipe Sales for an undisclosed amount.

Western Fiberglass is a leading distributor of fibreglass pipe for the oil and gas industry. It serves Western Canada through offices in Estevan, Saskatchewan, and Red Deer, Alberta.

The acquisition will add just $30 million to Russel’s annual revenue of $3.9 billion. However, it lets it offer oil and gas customers fibreglass pipe as an alternative to steel. The company feels this could help them save on installation costs and maintenance while improving flow capacity and increasing service life.

The move should help grow Russel’s oil and gas business, which supplies about 35% of its revenue.

Russel Metals is a buy.

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