NORTH AMERICA HEADLINESNorth America
Gerdau Ameristeel Obtains Final Order for Plan of Arrangement
Aug. 30, 2010 The Ontario Superior Court of Justice has issued a final order approving the plan of arrangement for Gerdau SA’s acquisition of all remaining common shares of Gerdau Ameristeel.
Under the plan of arrangement, Gerdau will acquire all remaining common shares of Gerdau Ameristeel not already owned by it for US$11.00 in cash per common share.
The company said the arrangement is currently scheduled to close on Monday, August 30, 2010, following satisfaction of certain customary conditions. Once completed, the deal will make Gerdau Ameristeel a wholly owned subsidiary of Gerdau.
Gerdau S.A. is the largest producer of long steel in the Americas and one of the world's largest suppliers of special long steel. It has plants in 14 countries spanning the Americas, Europe and Asia, with total installed capacity of more than 25 million tonnes of steel. It is the largest recycler in Latin America, transforming millions of tonnes of scrap into steel every year.
Gerdau Ameristeel is the second-largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 10 million tonnes of mill-finished steel products. Through its vertically integrated network of minimills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. Gerdau Ameristeel's majority shareholder is Gerdau S.A.