Ryerson Tull to complete acquisition of Integris Metal
According to the statement released by Ryerson Tull Inc,
North America's leading metal distributor and processor, the company will complete acquisition of Integris Metal on January 4, 2005.
As previously reported by SteelOrbis, in October 2004, Australian mining company
BHP Billiton and Alcoa decided to sell their shares in Integris Metals, a metal service center, to Ryerson Tull for $410 million in cash plus assumption of Integris' debt, which was around $250 million as of October 1, 2004. The deal was expected to be completed at the beginning of 2005. The two companies each hold 50% stake in Integris. The two companies decided to sell their stake in Integris Metals as metal
distribution is not the core business of the two companies.
Integris Metals was formed in November 2001 through the merger of Reynolds Aluminum Supply Company (RASCO) and
North America Metals
Distribution (NAMD). These two companies were metal
distribution businesses of Alcoa and
BHP Billiton, respectively.