Ryerson Tull, Inc. announced completion of its acquisition of J&F Steel.

Ryerson Tull acquired J&F Steel from Arbed Americas, LLC, a subsidiary of Arcelor, for $55.3 million in cash, subject to a post-closing adjustment. The payment includes funds deposited in escrow and reserved for the redemption of $13.5 million of existing J&F Industrial Development Revenue Bonds, which is expected to be completed in approximately 60 days.

"J&F is an excellent strategic fit with RTCP," stated Jay Gratz, Executive Vice President and CFO of Ryerson Tull and president of RTCP. "The combination expands our customer base and enhances our presence in targeted geographic markets. It also strengthens our customer service, while reducing our overall cost structure. Financially, we expect the acquisition to be additive to earnings, following any integration costs."

In conjunction with the closing of the J&F acquisition, Ryerson Tull amended its bank line of credit agreement, increasing the facility to $525 million from $450 million. Additionally, its maturity was extended from December 2006 to July 2008. "The increased availability more than covers the cash requirements necessary to complete the acquisition," said Gratz.

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.