SteelNews.com Article
Gerdau Closes Gerdau Ameristeel Transaction
Aug. 31, 2010 Gerdau Ameristeel Corp. and Gerdau SA announced Monday the completion of Gerdau’s acquisition of Gerdau Ameristeel pursuant to the recently announced plan of arrangement.
Gerdau acquired all common shares of Gerdau Ameristeel that it did not already own for US$11.00 in cash per share.
De-listing of the common shares of Gerdau Ameristeel from the Toronto Stock Exchange and the New York Stock Exchange is expected to occur shortly. The company said it would, concurrent with the delisting, apply to all applicable Canadian securities regulatory authorities in order to cease to be a reporting issuer, and to the Securities and Exchange Commission to withdraw its shares from registration.
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.