40-year-old Tampa steel company sells for $79.5 million

Russel Metals, a Toronto-based metal distribution company, is buying Tampa Bay Steel Corp., agreeing to pay $79.5 million for the 40-year-old local company.

Russel Metals announced the deal in a statement, saying the sale price includes working capital, buildings and equipment, and real estate.

“Tampa Bay Steel has a long standing and well-respected management team in the central Florida region, and its business includes significant value added-processing and non-ferrous products,” the company says in the statement.