|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **UNITED STATES SECURITIES AND EXCHANGE COMMISSION**                                                                                                               |                                                          |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Washington, DC   20549**                                                                                                                               |                                                          |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **FORM 40-F**                                                                                                                                                      |                                                          |
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| [  ]**    **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF1934;**                                                                           |
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| **OR**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| [X]**    **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934**                                                                         |
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| For the fiscal year ended December 31, 2003                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                    | Commission File Number 0-22774                           |
| **            **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **RUSSEL METALS INC.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (Exact name of Registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| **   **  ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Canada**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     | **6711**                                                 |      | **41-1443629** |
| (Province or other jurisdiction of incorporation or Organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                     | (Primary Standard Industrial Classification Code Number) |      | (I.R.S. Employer Identification Number (if applicable)) |
| **     **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Suite 210, 1900 Minnesota Court, Mississauga, Canada ON L5N 3C9, (905)819-7777**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (Address and telephone number of Registrant's principal executiveoffices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| **FIL (US) Inc., c/o CT Corporation Suite 300, 801 West Tenth Street,Anchorage, Alaska 99801 U.S.A., (905) 819-7777**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (Name, address (including zip code) and telephone number (including areacode)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| of agent for service in the United States                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Securities registered or to be registered pursuant to Section 12(b) of theAct.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **None**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **           **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Securities registered or to be registered pursuant to Section 12(g) of theAct.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **None**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| Securities for which there is a reporting obligation pursuant to Section15(d) of the Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **10% Senior Notes Due June 1, 2009**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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| For annual reports, indicate by check mark the information filed with thisForm:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                  [X] Annual InformationForm                                                            [X]Audited annual financial statements                                                                                                                                                        |
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| Indicate the number of outstanding shares of each of the issuer's classes of capital orcommon stock as of the close of the period covered by the annual report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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| **Common Shares - 43,023,342**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **Class II Preference Shares, Series C - 1,200,000**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **         **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Indicate by check mark whether the Registrant by filing the information contained in thisForm is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of1934 (the "Exchange Act").   If "Yes" is marked, indicate the file number assigned to the Registrant in connection with suchRule.                                                                                                                                                                                                                                                                                                                                      |
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|                  Yes [  ] 82-___________________________                                No [X]                                                                                                                                                                                                                                                                                                                                              |
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| Indicate by check mark whether the Registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such other shorter period that theRegistrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.                                                                                                                                                                                                                                                                                                                                                              |
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|                  Yes[X]                                                                                             No[  ] |
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| **Documents Included in this Form**        |
|--------------------------------------------|
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| **No. **                              | **Documents** |
|                        |  |
| 1.                     | Annual Information Form of the Registrant for the fiscal year ended December 31, 2003,dated April 14, 2004.  |
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| 2.                     | Management's Discussion and Analysis of the Registrant for the year ended December 31, 2003. |
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| 3.                | Consolidated Financial Statements for the year ended December 31, 2003. |
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| **DISCLOSURE CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **          **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Disclosure controls and procedures are defined by the Securities and Exchange Commissionas those controls and other procedures that are designed to ensure that information required to be disclosed by the Registrant inreports filed or submitted by it under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported withinthe time periods specified in the Securities and Exchange Commission's rules and forms.  The Registrant's Chief ExecutiveOfficer and Chief Financial Officer have evaluated the Registrant's disclosure controls and procedures as of the end of the periodcovered by this Annual Report on Form 40-F and have determined that such disclosure controls and procedures areeffective. |
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| **CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **        **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Since the most recent evaluation of the Registrant's internal control over financialreporting, there have not been any significant changes in the Registrant's internal control over financial reporting that hasmaterially affected or is reasonably likely to materially affect, the Registrant's internal control over financialreporting.                                                                                                                                                                                                                                                                                                                                                                                                       |
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| The design of the Registrant's system of controls and procedures is based, in part, uponassumptions about the likelihood of future events.  There can be no assurance that the design of such system of controls andprocedures will succeed in achieving its goals under all potential future conditions, regardless of how remote.                                                                                                                                                                                                                                                                                                                                                                                                            |
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| **AUDIT COMMITTEE FINANCIAL EXPERT**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| The Registrant's board of directors has determined that Robbert Hartog and James F.Dinning, both individuals serving on the audit committee of the Registrant's board of directors, are audit committee financialexperts, as that term is defined in paragraph 8(b) of General Instruction B to the Form 40-F under the Securities Exchange Act of1934, as amended.  The Registrant's board of directors has also determined that both are independent, as that term is definedin the applicable listing standards of the Nasdaq Stock Market, Inc.                                                                                                                                                                                            |
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| **CODE OF ETHICS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| The Registrant has adopted a code of ethics that applies to its chief executive officerand chief financial officer and its principal accounting officer.  The Registrant has posted the text of its code of ethics onits website. The text of the code of ethics can be viewed by visiting www.russelmetals.com and selecting the "CorporateInformation" icon.                                                                                                                                                                                                                                                                                                                                                                                 |
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| **PRINCIPAL ACCOUNTANT FEES AND SERVICES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **          **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Audit Fees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| The fees charged by Deloitte & Touche LLP (D&T) for audit services for the yearsended December 31, 2002 and 2003 were Cdn $563,000 and Cdn $772,000, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| **Audit Related Fees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| The fees charged by D&T for audit related services rendered were for 2002 - Cdn$47,000 and 2003 - Cdn $185,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
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| **Tax Fees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| The tax fees charged by D&T were for 2002 - Cdn $120,000 and 2003 - Cdn$270,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| **Other Fees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| D&T did not charge any other fees in 2002 or 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| **Independence of Auditors**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| D&T and the audit committee of the Company have considered all relationships betweenD&T and its related entities and the Company and its related entities in light of the independence standards issued by theIndependence Standards Board and have determined that the non-audit services provided by D&T to the Company are compatible withmaintaining D&T independence.                                                                                                                                                                                                                                                                                                                                                          |
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| Since the enactment of the Sarbanes-Oxley Act of 2002 on July 30, 2002, all non-auditservices performed by the Registrant's auditor are required to be approved by the audit committee of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| **UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**                                                                                                                                                                                                                                                                                                                                                                                   |
| **          **                                                                                                                                                                                                                                                                                                                                                                    |
| A.     **Undertaking**                                                                                                                                                                                                                                                                                                                                                                                     |
| **          **                                                                                                                                                                                                                                                                                                                                                                    |
| The Registrant undertakes to make available, in person or by telephone, representatives torespond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff,information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation tofile an annual report on Form 40-F arises; or transactions in said securities. |
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| B.     **Consent to Service ofProcess**                                                                                                                                                                                                                                                                                                                                                                    |
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| The Registrant has previously filed with the Commission a Form F-X in connection with the10% Senior Notes Due June 1, 2009.                                                                                                                                                                                                                                                                                                         |
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| **EXHIBITS**                                                 |
|            |
| **The following exhibits are filed as part of this report:** |
|                                          |  |
| **Exhibit**                |                                                                                         |
|----------------------------|-----------------------------------------------------------------------------------------|
| **No****.**                | **Title**                                                                               |
|        |                                                                                         |
| 1.     | Consent of Deloitte & Touche LLP.                                                   |
|        |                                                                                         |
| 31.         | Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                         |
| 32.         | Certification of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                         |
|                            |

| **SIGNATURES**                                                                                                                                                                                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **        **                                                                                                                                                                                                                                                                                                   |
| Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meetsall of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by theundersigned, thereto duly authorized.                                                                                                  |
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|                                                           |          | RUSSEL METALS INC. |                     |
|                                                                                                                                                               |         |         |
|                                                                                                                                                               |         |         |
| April 14, 2004                                                                                                                                                                                                                                                                                                                                         |         | By: /s/BRIAN R. HEDGES |
|                                                                                                                  |         | Brian R. Hedges |
|                                                                                                                  |         | Executive Vice President & CFO |
|                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                        |
| **EXHIBIT INDEX**              |
|--------------------------------|
| **No****.   **  | **Document** |  | **Sequential Page No****.** |
|       |       |    |      |
| 1.              | Consent of Deloitte & Touche LLP. |  |  |
|                      |      |    |      |
| 31.             | Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of2002 |  |  |
|                      |      |    |      |
| 32.             | Certification of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of2002 |  |  |