RUS Russel Metals Inc

TORONTO, ONTARIO today announced that it has received approval from The Toronto Stock Exchange (the "Exchange") to make a Normal Course Issuer Bid, pursuant to which Russel Metals may purchase for cancellation up to 6,000,000 of its common shares, representing approximately 10% of its public float of 61,783,330. The number of common shares that are currently issued and outstanding is 63,066,092. The purchases may commence on February 22, 2008 and will terminate on February 21, 2009 or such earlier date as Russel Metals may complete its purchases pursuant to the Notice of Intention filed with the Exchange. The purchases will be made by Russel Metals in accordance with the by-laws and rules of the Exchange and the prices that Russel Metals will pay for any common shares will be the market price of such shares at the time of acquisition. Russel Metals will make no purchases of common shares other than open-market purchases. All common shares purchased by the Company under the bid will be cancelled.

The average daily trading volume of Russel Metals over the previous six months (August 2007 - January 2008) was 261,923 common shares (the "ADTV"). Under the Exchange Rules, Russel Metals may purchase up to 25% of the ADTV per trading day.

Russel Metals believes that the market price of its common shares at times may not fully reflect the underlying value of its business and its future business prospects. As a result, Russel Metals believes that its outstanding common shares represent an attractive investment and an appropriate and desirable use of its available funds.

A copy of the Notice of Intention may be obtained without charge from SEDAR at www.sedar.com or by contacting Russel Metals.

Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three distribution segments: metals service centers, energy tubular products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits Specialises, Milspec Industries, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.

Statements contained in this press release or on the related conference call that relate to Russel Metals' beliefs or expectations as to certain future events are not statements of historical fact and are forward-looking statements. Russel Metals cautions readers that there are important factors, risks and uncertainties, including but not limited to economic, competitive and governmental factors affecting Russel Metals' operations, markets, products, services and prices that could cause its actual results, performance or achievements to be materially different from those forecasted or anticipated in such forward looking statements.

The forward-looking statements in this document reflect management's current beliefs and are based on information currently available to management. The material assumptions applied in making the forward-looking statements in this document include the following: there will be steady demand in the manufacturing, resource and construction segments of the Canadian economy, oil and gas prices will not change materially, there will be continued consolidation of steel producers, the recent stability in the price of steel will continue, and the Canadian dollar will maintain recent gains while not appreciating significantly. Although the forward-looking statements contained in this document are based upon what management believes to be reasonable estimates and assumptions, Russel Metals cannot ensure that actual results will not be materially different from those expressed or implied by these forward-looking statements.

Contacts: Russel Metals Inc. Marion E. Britton, C.A. Vice President and Chief Financial Officer (905) 819-7407 Email: info@russelmetals.com Website: www.russelmetals.com

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