S&P rates Ryerson Tull notes B

Standard & Poor's said it assigned its B rating to Ryerson Tull Inc.'s proposed $150 million senior notes due 2011. At the same time, S&P affirmed its BB- corporate credit and B unsecured debt ratings. The outlook is negative.

Proceeds from the proposed notes issue will be used to repay borrowings under the company's revolving credit facility prior to the company's planned acquisition of Integris Metals Inc. in a debt-financed transaction for $660 million.

S&P said the ratings on Ryerson reflect the significant volatility associated with its markets and cash flows and its aggressive financial policies.

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