Hedges will step down on 2 May 2018, concluding a 24-year career with the company. He joined Russel Metals as its chief financial officer in 1994.

“Under Brian's stewardship, Russel has operated successfully in a highly cyclical industry and has increased the company's intrinsic value through disciplined acquisitions and investments. In his straightforward, 'no-nonsense' manner, Brian assembled, mentored and led a talented management team, both at the corporate and unit levels. They will continue to serve shareholders well into the future,” board chairman board chairman Jim Dinning said in a statement.

Hedges is to be succeeded by president and chief operating officer John G. Reid. Reid joined Russel Metals in 2007 through its acquisition of the former JMS Metals Services.

“John Reid has an impressive track record with 26 years of industry experience as an entrepreneur, a manager and a leader. John has partnered with Brian Hedges in all key initiatives over the past ten years, and we believe John is uniquely qualified to assume the CEO responsibilities as we advance the growth of our business and support the Russel culture that has made our company the industry leading performer,” Dinning said in a statement.

Both Hedges and Reid are to be nominated to serve on the company’s board of directors, the company said.