Ryerson Tull, Inc. has completed its acquisition of Integris Metals, Inc., from its shareholders, Alcoa Inc. and BHP Billiton. Ryerson Tull purchased all of the equity interest in Integris for $410 million plus assumption of approximately $234 million of Integris' debt.

Ryerson Tull utilized its newly closed $1.1 billion revolving credit agreement to finance the acquisition. As previously disclosed, the company also completed the private placement of $175 million of convertible senior notes and $150 million of senior notes in the fourth quarter of 2004, following the announcement of the definitive agreement to purchase Integris Metals on October 26, 2004.

"Since the October announcement, integration teams from Ryerson Tull and Integris have been identifying synergies and best practices from each of the two companies, to be used by the new organization," stated Neil S. Novich, Chairman, President, and CEO of Ryerson Tull. "The new organizational structure is in place, and we are more excited than ever about our ability to create a company that brings unparalleled levels of service to customers and competitiveness to the marketplace. Additionally, with the new financings in place, we have adequate liquidity — with approximately $300 million available under our credit facility — and the financial flexibility to support our expanded organization and corporate initiatives."

Ryerson Tull expects the acquisition to be immediately accretive. The company also plans to capture efficiencies and generate annualized cost savings of at least $30 million, within the next 18 to 24 months.

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. Integris Metals, Inc. is the fourth-largest metals service center in North America, with leading market positions in aluminum and stainless steel and 2003 revenues of $1.5 billion.