05:22 PM EDT, 04/15/2024 (MT Newswires) -- Russel Metals ( RUSMF ) after trade Monday provided an update with respect its previously announced transaction to acquire seven service center locations from Samuel, Son & Co.

It noted the Competition Bureau's review of the transaction is ongoing, and the bureau has advised Russel Metals ( RUSMF ) and Samuel that it has concerns related to a narrow segment of product in a specific geography. Russel Metals ( RUSMF ) said it and Samuel continue to engage "constructively" with the Competition Bureau in an effort to bring this matter to a resolution. As part of the ongoing dialogue, Russel Metals ( RUSMF ) added it and Samuel have made a timing commitment to the Competition Bureau that will allow the Competition Bureau to continue its investigation and advance the discussions.

Accordingly, Monday's statement said, the transaction is no longer expected to close in the second quarter of 2024.

Closing of the Transaction remains subject to a number of customary conditions, including clearance under the Competition Act, the statement added.

Russel shares closed down C$0.45 to C$40.41 on the Toronto Stock Exchange.

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