Service Centers

Russel to Acquire Boyd Metals in $110 Million Deal
Written by David Schollaert
November 5, 2021
Canadian distributor Russel Metals has expanded its U.S. footprint by agreeing to acquire Arkansas-based service center Boyd Metals. The deal, valued at $110 million, includes all five of Boyd’s facilities.
Boyd’s operations in Arkansas, Missouri, Oklahoma, and Texas deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial products as well as associated value-added processing services.
Boyd’s revenue for the fiscal year ended Sept. 30 totaled $244 million and adjusted EBITDA was $39 million, the company said.
The latest move by Russel Metals is the third major strategic transaction by the Mississauga, Ontario-based distributor over the past 12 months. Last December, Russel acquired metals service center Sanborn Tube Sales of Wisconsin, Inc., followed by the merger in April of its Canadian OCTG/line pipe business with that of Marubeni-Itochu Tubulars America, Inc.
“Over the past 15 months, we have significantly repositioned our business portfolio with the strategic objectives of enhancing returns, increasing margins and reducing volatility,” Russel President and CEO John Reid said.
“The acquisition of Boyd is a continuation of this repositioning,” he said. “We believe their culture, experienced management team and business platforms are very much aligned with our existing business as we look to further expand our U.S service center footprint.”
Russel Metals is one of the largest metals distributors and processors in North America.
By David Schollaert, David@SteelMarketUpdate.com

David Schollaert
Read more from David SchollaertLatest in Service Centers

Worthington Steel set to move HQ across town
Worthington Steel is preparing to move its corporate headquarters to the Easton area of Columbus, Ohio.

Reliance reports record tons sold in Q1
A factor in the sales was customers buying ahead of tariff-related price increases.

Galv buyers notched strong Q1, but see uncertainty on the horizon
Participants on the HARDI Sheet Metal/Air Handling Council call said underlying demand is solid but there are slower pockets in some markets.

GM names Worthington a 2024 Supplier of the Year
This is the Ohio-based steelmaker’s fourth time winning the award.

Olympic taps Hegler for GM role at Action Stainless
Olympic Steel has named Alex Hegler as general manager for its Action Stainless facility in Rock Hill, S.C.