Ryerson Tull, Inc. announced that it intends to privately offer, subject to market conditions and other factors, $150 million aggregate principal amount of senior notes due 2011.

The offering will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933 and to persons outside the United States in compliance with Regulation S under the Securities Act. The company intends to use the net proceeds to repay borrowings under its revolving credit facility.

The notes will pay interest semi-annually and will be guaranteed by one of the company's subsidiaries, Ryerson Tull Procurement Corp., on a senior unsecured basis.

The notes and the subsidiary guarantee will not be registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. Ryerson Tull cautions that this announcement does not constitute an offer, offer to sell, or solicitation of an offer to buy any securities.

Ryerson Tull, Inc. is a 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.