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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) January 15, 1997
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RYERSON TULL, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-11767 36-3431962
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(Commission File Number) (I.R.S. Employer Identification No.)
2621 West 15th Place, Chicago, Illinois 60608
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(Address of Principal Executive Offices) (Zip Code)
(773) 762-2121
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Page 1 of 5
Index to Exhibits appears at page 4.
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Item 5. Other Events.
The Press Release dated January 16, 1997 attached hereto as an exhibit is
incorporated herein by reference in answer to this Item 5.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RYERSON TULL, INC.
Dated: January 24, 1997 /s/ Charles B. Salowitz
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By: Charles B. Salowitz
Its: Secretary
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INDEX TO EXHIBITS
Exhibit Sequential
No. Document Description Page No.
99.1 Press Release dated January 16, 1997........................5
EXHIBIT 99.1
Press Release
Chicago, Illinois - January 16, 1997 - Ryerson Tull, Inc. (NYSE: RT)
today announced that it has signed a definitive agreement to buy Thypin Steel
Co., Inc., a privately held distributor and processor of carbon and stainless
steel products. Based in Long Island City, New York, Thypin has seven
locations and annual sales of approximately $335 million. Ryerson Tull is
purchasing all of the outstanding stock of Thypin for approximately $120
million in cash. Ryerson Tull will also assume approximately $20 million in
existing Thypin debt. Subject to regulatory clearances and certain closing
conditions, the transaction is expected to close in early 1997.
"An integral part of our profitable growth strategy is to pursue
attractive acquisitions," said Neil S. Novich, president and chief executive
officer of Ryerson Tull. "We have found that with Thypin. Its excellent
reputation and loyal customer base in the eastern United States will further
strengthen Ryerson Tull's presence in that part of the country. In addition,
we believe Thypin's worldwide buying relationships and expertise in stainless
products will benefit all of Ryerson Tull."
Thypin is a general line distributor with facilities located in Long
Island City and Buffalo, NY; Cambridge, MA; Easton and Fairless Hills, PA;
Charlotte, NC; and Birmingham, AL.
The acquired operation will continue to use the Thypin name in its
marketplace and be operated as part of the Ryerson East business unit.
Laurence M. Gilbert, executive vice president of Thypin, will have
responsibility for the seven Thypin facilities and report to Ryerson East's
president, Gary J. Niederpruem.
"By combining with Ryerson Tull, the Thypin and Oltchick families have
ensured that our customers will continue to enjoy excellent quality and a
commitment to service, as well as even greater product breadth and inventory
availability," said Gilbert, who also becomes vice president and general
manager of Ryerson East.
"The purchase of Thypin will significantly increase Ryerson Tull's market
share in the eastern United States, improving our efficiency and allowing us to
better serve customers throughout the region," said Niederpruem. "We are also
excited to be joining forces with the talented and capable group of individuals
at Thypin."
"We expect the transaction to be additive to Ryerson Tull's 1997
earnings," added Novich, "with the benefits of integration increasing over
time."
Ryerson Tull, Inc. is North America's largest distributor and processor
of metals. With annual revenues of approximately $2.5 billion, the company
operates 53 facilities in the United States and several facilities in Mexico
through a joint venture. Ryerson Tull completed an initial public offering of
13 percent of its common stock in June 1996 and trades on the New York Stock
Exchange under the symbol RT. The remaining 87 percent of the stock is owned
by Chicago-based Inland Steel Industries, Inc.
CONTACT: Tim McIntyre of Ryerson Tull, 773/762-2153, Ext. 3206.
