05:14 PM EST, 12/04/2024 (MT Newswires) -- Russel Metals ( RUSMF ) after close Wednesday said it closed its US$79.5-million acquisition of Tampa Bay Steel.

Tampa Bay Steel had average revenue of US$115 million over the past five years.

"We are excited to have Tampa Bay Steel join our Southern U.S. businesses, especially as we continue to explore opportunities for growth in the region," said chief executive John Reid.

Russel Metals ( RUSMF ) is one of the largest metals distribution companies in North America with a growing focus on value-added processing. It carries on business in three segments: metals service centers, energy field stores and steel distributors.

The company's shares closed down $0.31 to $45.55 on the Toronto Stock Exchange.