|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 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, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                    | Commission File Number 0-22774                          |
| **            **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **RUSSEL METALS INC.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (Exact name of Registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| **   **  ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Canada**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                     | **6711**                                                |      | **12168 7776** |
| (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)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Edward M. Siegel, Jr., 106 Easton Road, Westport, Connecticut 06881,(203) 454-3135**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (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 - 38,057,001**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **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, 2002,dated May 9, 2003.  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |
| 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Management's Discussion and Analysis of the Registrant for the year ended December 31, 2002. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |
| 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Consolidated Financial Statements for the year ended December 31, 2002. |
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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 within 90 days prior tofiling of this Annual Report on Form 40-F and have determined that such disclosure controls and procedures areeffective. |
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| **INTERNAL CONTROLS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **        **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Since the most recent evaluation of the Registrant's internal controls, there have notbeen any significant changes in the Registrant's internal controls or in other factors that could significantly affect internalcontrols, including any corrective actions with regard to significant deficiencies and material weaknesses.                                                                                                                                                                                                                                                                                                                                                                                                               |
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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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| **NON-AUDIT SERVICES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **          **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Audit Fees**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| The fees charged by Deloitte & Touche for audit services for the year ended December31, 2002 were Cdn $563,000.  The aggregate fees charged by Deloitte & Touche for all other non-audit services rendered byDeloitte & Touche for the fiscal year ended December 31, 2002 were $167,000.  The non-audit service included audits ofemployee benefit plans of $47,000 and U.S. tax compliance work of $120,000.                                                                                                                                                                                                                                                                                                           |
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| **Independence of Auditors**                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| Deloitte & Touche and the audit committee of the Company have considered allrelationships between Deloitte & Touche and its related entities and the Company and its related entities in light of theindependence standards issued by the Independence Standards Board and have determined that the non-audit services provided byDeloitte & Touche to the Company are compatible with maintaining Deloitte & Touche's 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**                                                                                                                                                                                                                                                                                                                                                                                                      |
| **          **                                                                                                                                                                                                                                                                                                                                                                                     |
| 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**                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| **The following exhibits are filed as part of this report:**                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |
| **Exhibit**                |                                                                                         |
|----------------------------|-----------------------------------------------------------------------------------------|
| **No****.**                | **Title**                                                                               |
|        |                                                                                         |
| 1.     | Consent of Deloitte & Touche LLP.                                                   |
|        |                                                                                         |
| 2.          | Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|        |                                                                                         |
| 3.          | 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. |                     |
|                                                           |         | (Registrant) |                     |
|                                                                                                                                                               |         |         |
|                                                                                                                                                               |         |         |
| May 12, 2003                                                                                                                                                                                                                                                                                                                                           |         | By: /s/BRIAN R. HEDGES |
|                                                                                                                  |         | Brian R. Hedges |
|                                                                                                                  |         | Executive Vice President & CFO |
|                                                                                                                  |
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| **EXHIBIT INDEX**                                                                                                                                                                                                                                                                                                                                      |
| **No****.   **  | **Document**                                                                          |              | **Sequential Page No****.** |
|--------------------------------|---------------------------------------------------------------------------------------|--------------|-----------------------------|
|       |                                                              |    |         |
| 1.              | Consent of Deloitte & Touche LLP.                                                 |              |                             |
|                      |                                                                   |    |         |
| 2.              | Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of2002 |              |                             |
|                      |                                                                   |    |         |
| 3.              | Certification of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of2002 |              |                             |