Russel Metals Inc.: Rating Report

On February 28, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of Russel Metals Inc. (the Company) at BBB (low) with a Stable trend. The rating confirmation reflects solid 2022 operating results that were essentially in line with DBRS Morningstar’s expectation. The Stable trend reflects DBRS Morningstar’s expectation that the Company’s financial profile is forecast to remain stable and continue to support its investment-grade rating despite a projected normalizing in earnings and cash flows in 2023 and 2024, reflecting a softening market in comparison to 2022.