NEWS

FOR IMMEDIATE RELEASE

STOCK SYMBOL: TSX: RUS, RUS.PR.C

RUSSEL METALS ANNOUNCES 17% INCREASE IN DIVIDEND FOR COMMON SHARES

TORONTO, CANADA -- February 17, 2003 -- Russel Metals Inc. announced today that it has increased its quarterly common share dividend by 17% to Cdn 7 centsper share, payable on March 15, 2003 to shareholders of record at the close of business on March 3, 2003. Russel Metals Inc. has increased its quarterly common share dividend by $0.02 or 40% during 2002.

Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: service center, energy sector and import/export, under various names including Russel Metals, A.J. Forsyth, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Drummond McCall, Fedmet Tubulars, McCabe Steel, Métaux Russel, Milspec Industries, Pioneer Pipe, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular & Supply, Vantage Laser, Wirth Steel and York Steel.

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For further information, contact:
Elaine G. Hillis,
Assistant Secretary
Russel Metals Inc.
(905) 819-7419
Web site : www.russelmetals.com
e-mail: info@russelmetals.com