TORONTO, Sept. 8, 2015 /CNW/ - Russel Metals Inc. (RUS - TSX) today announced that Ken Wallewein will succeed Don White as President of Apex Distribution Inc. Don White, one of the original founders of Apex Distribution, will retire on December 31, 2015.
Apex Distribution and related companies were purchased by Russel Metals in November, 2012. Ken Wallewein started with Apex Distribution in 2004 as the Estevan branch General Manager, was promoted to Regional General Manager Saskatchewan and most recently was appointed President of Apex Western Fiberglass. Ken will report to John Reid, the Chief Operating Officer of Russel Metals.
Brian R. Hedges, President and CEO commented, "As a leader Don inspired people, one person at a time. His common sense, wisdom, ability to assess business opportunities and recruit strong people developed a culture and achieved a level of success that has won many accolades externally and internally at both Russel Metals and Apex Distribution. Throughout Don's time with Apex he was well respected for his business sense, approachable demeanor, innovative ideas, and high level of integrity. We thank him for his immense contribution in helping make Apex the success it is today."
Mr. Hedges further commented, "Ken has a high energy can-do attitude and leads with a practical direct approach. He assesses business situations quickly and is perceptive in managing employees, customers and vendors alike. We know that Ken's outstanding leadership abilities, strategic thinking, business acumen and operational expertise will ensure a seamless transition in leading Apex."
About Russel Metals
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Siemens Laserworks, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
Cautionary Statement on Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or information within the meaning of applicable securities laws, including statements as to our outlook, future events or our future performance. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us, inherently involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the factors described below.
We are subject to a number of risks and uncertainties which could have a material adverse effect on our future profitability and financial position, including the risks and uncertainties listed below, which are important factors in our business and the metals distribution industry. Such risks and uncertainties include, but are not limited to: the current economic climate; volatility in metal prices; volatility in oil and natural gas prices; cyclicality of the metals industry and the industries that purchase our products; lack of credit availability that may limit the ability of our customers to obtain credit or expand their businesses; significant competition that could reduce our market share; any interruption in sources of metals supply; the integration of future acquisitions, including successfully adapting to a public company control environment and retaining key acquisition management personnel; failure to renegotiate any of our collective agreements and work stoppages; disruption in our customer or suppliers' operations due to labour disruptions or the existence of events or circumstances that cause a force majeure; environmental liabilities; environmental concerns or changes in government regulations in general, and those related to oil sands production, shale fracking or oil distribution in particular; changes in government regulations relating to workplace safety and worker health; product claims from customers, currency exchange risk, particularly between the Canadian and U.S. dollar; the failure of our key computer-based systems, including our enterprise resource and planning systems; the failure to implement new technologies; cyber security breach; the loss of key individuals; the inability to access affordable financing, capital or insurance; interest rate risk; dilution; and change of control.
While we believe that the expectations reflected in our forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct, and our forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release and, except as required by law, we do not assume any obligation to update our forward-looking statements. Our actual results could differ materially from those anticipated in our forward-looking statements including as a result of the risk factors described above and under the heading "Risk" in our MD&A and under the heading "Risks Related to Our Business and the Metals Distribution Industry" in our most recent Annual Information Form and otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.
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SOURCE Russel Metals Inc.
For further information: Marion E. Britton, CPA, CA, Executive Vice President and Chief Financial Officer, Russel Metals Inc., (905) 819-7407, E-mail: [email protected], Website: www.russelmetals.com