Aug 19 (Reuters) - Russel Metals Inc RUS.TO :
* RUSSEL METALS ANNOUNCES AGREEMENT TO ACQUIRE CITY PIPE & SUPPLY CORP.
* DEAL FOR APPROXIMATELY $160 MILLION
* TRANSACTION WILL BE FINANCED BY CASH HELD WITHIN U.S. OF APPROXIMATELY $100 MILLION AND REMAINDER FROM OUR BANK FACILITY
* TRANSACTION WILL BE ACCRETIVE TO EARNINGS
* CURRENT MANAGEMENT TEAM WILL REMAIN IN PLACE AND BRETT LOSSIN WILL CONTINUE TO SERVE AS PRESIDENT OF CITY PIPE