Russel Metals to redeem 8%, 7.5% convertibles

New York, Feb. 20 - Russel Metals Inc. said it will redeem its 8% convertible subordinated debentures due June 15, 2006 and 7.5% cumulative redeemable convertible class II preferred shares, series C.

The Toronto metals distribution company will redeem the 8% convertibles on March 26 at par plus C$25.37 per C$1,000 principal amount of accrued interest.

The preferreds will be redeemed on March 22 at par plus C$0.04 cents per C$25 principal amount of accrued dividends.

As of Dec. 31, Russel had C$30 million of the 8% convertibles outstanding and C$30 million of the convertible preferreds, according to a 6-K filing with the Securities and Exchange Commission.

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