November 20, 1997 Third Quarter Report To Shareholders

Sales for the nine months to September 30, 1997 were $490.0 million, an increase of 45.4% over the $337.1 million achieved in the comparable period of last year while third quarter sales, at $168.3 million, were 43.1% ahead of last year's $117.7 million. Results this year include the sales of the Interlake Packaging businesses which were acquired effective September 30, 1996.

Earnings for the nine months were $23.1 million or $1.34 per share, an improvement of 18.4% over the $19.5 million or $1.13 earned last year. For the third quarter, earnings were $7.2 million or $0.42 per share which represents an increase of 8.1% over the $6.7 million or $0.39 per share achieved in the comparable period of last year.

At the Strapping Group, operating profits during the third quarter were substantially ahead of last year despite launching costs at the new polyester manufacturing facility in Fort Mill, South Carolina. Although performance at Fort Mill improved during the quarter this facility continued to incur losses which negatively impacted earnings in the quarter by $0.03 per share.

The Steel Pickling Group and the Steel Fab Divisions turned in strong performances in the third quarter compared to last year, offsetting lower earnings at the Roll Form Group which were impacted by a change in product mix at the CMRM Division. Earnings at the A.T.I. and Unalloy- IWRC Divisions, although down from the second quarter due to seasonal factors, were comparable to earnings in the third quarter of last year. These two divisions continue to operate in a highly-competitive market place.

On September 5, 1997, the Company completed the purchase of the strapping machine parts and service business of AMCA Machinery Inc. ("AMCA") of Rock Hill, South Carolina and Handling Technologies Inc. ("HTI") of Concord, Ontario. The purchase included a manufacturing agreement whereby AMCA and HTI will manufacture and assist the Company's Strapping Group in marketing strapping machine systems in North America.

The outlook for the balance of the year and for 1998 remains positive.

Mark C. Samuel

President

November 20, 1997

CONSOLIDATED FINANCIAL SUMMARY
Nine Months Ended September 30, 1997 (unaudited)
(thousands of dollars except per share amounts)

Consolidated Statement of Earnings	3RD QUARTER			NINE MONTHS
	1997	1996		1997	1996
Net Sales	$168,327	$117,664		$489,980	$337,084
Costs (Income) and Expenses:
Cost of sales, selling and administration	148,838	104,098		430,168	296,083
Depreciation and amortization	5,777	3,083		16,731	8,997
Interest on long-term debt	2,925	419		7,842	1,258
Interest on short-term debt	142	209		340	830
Interest income	(210)	(62)		(262)	(249)
	157,472	107,747		454,819	306,919
Earnings Before Income Taxes	10,855	9,917		35,161	30,165
Provision for Income Taxes	3,650	3,250		12,050	10,650
Net Earnings	$ 7,205	$ 6,667		$23,111	$19,515
Earnings per Share	$ 0.42	$ 0.39		$1.34	$1.13
Consolidated Statement of Changes in Financial Position				1997	1996
Cash Provided by (Used in):
Operating Activities:
Net Earnings				$23,111	$19,515
Items not involving cash:
Depreciation and amortization				16,731	8,997
Deferred income taxes				555	533
				40,397	29,045
Change in non-cash operating working capital:
Accounts receivable				(19,069)	(5,673)
Inventories				(20,248)	7,845
Prepaids and sundry				1,304	(4,736)
Accounts payable and accrued liabilities				11,956	1,228
Income taxes payable				(1,311)	(514)
				13,029	27,195
Investing Activities:
Proceeds on sale of fixed assets				152	853
Purchase of fixed assets				(17,351)	(9,993)
Deferred pension costs				266
Cumulative translation adjustment				1,365	(83)
Business acquisitions				(2,761)	(8,901)
				(18,329)	(18,124)
Financing Activities:
Purchase of common shares				(23)
Decrease in long-term debt, net				(7,110)	(2,962)
Decrease in post-retirement benefits other than pensions				(144)
				(7,277)	(2,962)
Dividends Paid on Common Shares				(4,150)	(4,150)
Decrease in cash during the period				(16,727)	1,959
Cash and Cash Equivalents,  Beginning of Period				5,098	326
Cash and Cash Equivalents,  End of Period				$(11,629)	$(2,285)

Cash and cash equivalents is comprised of cash less bank indebtedness.

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