Canadian distributor Russel Metals finalized its purchase of Boyd Metals, expanding its U.S. footprint. The deal for the Fort Smith, Ark.,-based service center cost $110 million and covers all of Boyd’s assets, the company said.
Boyd operates five steel service centers located in Arkansas, Missouri, Oklahoma, and Texas. They deliver a product mix primarily comprised of carbon steel products. The company also offers stainless steel, aluminum and other industrial products and value-added processing services.
“We are excited to have the Boyd business as part of our operating platform as we welcome Tom Kennon, Brian Newman and all of the Boyd employees to the Russel Metals family,” said Russel President and CEO John Reid.
Boyd’s revenue for the fiscal year ended Sept. 30 totaled $244 million and adjusted EBITDA was $39 million, the company said.
Russel Metals is one of the largest metals distributors and processors in North America.
By David Schollaert, David@SteelMarketUpdate.com
David SchollaertRead more from David Schollaert
Latest in Service Centers
Olympic Steel mulling future buys in all three of its segments
Olympic Steel said it's open to future acquisitions in all three of its business segments.
Olympic Steel earnings soar in Q4
Olympic Steel’s earnings jumped in the fourth quarter, even as the company dealt with "significant" price volatility in hot rolled for full-year 2023.
Ryerson back in black in fourth quarter
Ryerson swung to a net profit in the fourth quarter, though revenue declined from the same period last year.
Friedman earnings slump but sees stronger quarter ahead
Friedman Industries posted lower earnings in its fiscal third quarter but was upbeat on the next quarter due to the effect of increased hot-rolled coil prices.
Reliance updates name, reports ‘strong’ Q4 and annual results
Reliance Inc. – formerly Reliance Steel & Aluminum Co. – introduced its “new company identity” that emphasized its “evolution to more than steel,” the company said in its fourth-quarter and full-year earnings report.