Ryerson Tull, Inc. announced pricing of its Rule 144A private offering of $145 million aggregate principal amount of Convertible Senior Notes due 2024. Closing of the offering is expected to take place on November 10, 2004, subject to customary closing conditions. Initial purchasers will have the option to purchase up to an additional $30 million aggregate principal amount of notes.

Ryerson Tull intends to use net proceeds from the offering to repay indebtedness under its existing revolving credit facility.

The notes, which will bear interest at a rate of 3.5% per year, will be guaranteed by one of the company's subsidiaries, Ryerson Tull Procurement Corp., on a senior unsecured basis.

The notes will be convertible into the company's common stock at an initial conversion price of approximately $21.37 per share (equal to an initial conversion rate of 46.7880 shares per $1,000 principal amount) upon the occurrence of certain events. The initial conversion price represents a 45% premium to the closing sale price of the company's common stock on the New York Stock Exchange on November 4, 2004, which was $14.74 per share. The conversion rate is subject to customary anti-dilution adjustments. Upon conversion, the company will deliver cash equal to the lesser of the aggregate principal amount of the notes being converted and the company's total conversion obligation, and common stock in respect of the remainder.

The notes, the subsidiary guarantee and the shares of common stock issuable upon conversion have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

Ryerson Tull, Inc. is leading North American distributor and processor of metals, with 2003 revenues of $2.2 billion. The company services customers through a network of service centers across the United States and in Canada, Mexico, and India.