Brazil Steel Maker Gerdau To Buy Back 1.2 Million Shares

Date : 01/25/2010 @ 9:47AM
Source : Dow Jones News
Stock : Gerdau Ameristeel Corp (GNA)
Quote : 10.99  0.0 (0.00%) @ 2:05AM

Brazil Steel Maker Gerdau To Buy Back 1.2 Million Shares

Gerdau Ameristeel (NYSE:GNA)
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The board of Brazilian long steel maker Gerdau (GGB, GGBR4.BR) approved a share buyback program, the company said in a regulatory filing on Monday

Gerdau plans to buy back up to 1.2 million preferred shares, or about 0.2% of outstanding preferred shares. The buy back will take place between Friday and Feb. 3, Gerdau said.

Gerdau shares closed Friday at 25.98 reals ($14.31). Brazilian markets were closed Monday for a Sao Paulo state holiday.

-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; jeff.fick@dowjones.com

 
 

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