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Article Excerpt
Ryerson Tull Inc., Chicago, has agreed to acquire Integris Metals Inc., Minneapolis, in a $660 million deal that combines the service center industry's No. 1 and No. 4 competitors. The merger, which creates a $5 billion distribution giant, is expected to close by late January.
The merger is part of a global trend, said Neil Novich, Ryerson chairman, president and CEO, during a conference call with the media Oct. 27.
"Industries around the world are consolidating to capture the advantages of greater efficiencies and technology," he said, pointing to Ispat's recent acquisition of International Steel Group to form Mittal Steel, the world's largest steel producer. "In our view the same opportunity exists in the metal service center industry, which remains highly fragmented. I cannot imagine a better combination than Ryerson Tull and Integris."
While he did not elaborate...
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