Russel Metals and Marubeni Itochu Tubulars America (MITI) announced that their respective Canadian OCTG and Line/Pipe businesses are now combined and Russel Metals holds 50pc of the equity interest with C$138mn ($109.3mn) cash proceeds.
The Canadian processor and distributor operates its business under Triumph Tubular & Supply, while MITI operates under Hallmark Tubulars. Now both Triumph and Hallmark will fall under a newly incorporated company called TriMark Tubulars Ltd.
This joint venture will allow the company to create economies of scale, including diverse product offerings to effectively serve its customers, the company said in a statement.
$1 = C$1.26