TAMPA, FL, Aug. 27 /PRNewswire-FirstCall/ - Gerdau
Ameristeel Corporation (TSX: GNA, NYSE: GNA) and Gerdau S.A.
(Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) announced today that the
Ontario Superior Court of Justice has issued a final order
approving the previously announced plan of arrangement (the
"Arrangement") involving, among other things, the acquisition by
Gerdau S.A. of all of the issued and outstanding common shares of
Gerdau Ameristeel not already owned, directly or indirectly, by it
for US$11.00 per share. The
Arrangement is currently scheduled to close on Monday, August 30, 2010, following the
satisfaction of certain customary conditions.
About Gerdau S.A.
Gerdau S.A. is the leading 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 metric tons of steel. It is the largest recycler in
Latin America, transforming
millions of metric tons of scrap into steel every year. With over
140,000 shareholders, Gerdau S.A.'s publicly-held companies are
listed in the stock exchanges of São Paulo (Bovespa: GGBR4, GGBR3,
GOAU4, GOAU3 and AVIL3), New York
(NYSE: GNA, GGB), Toronto (TSX:
GNA), Madrid (Latibex: XGGB) and
Lima (BVL: SIDERC1).
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer
in North America, with annual
manufacturing capacity of approximately 10 million metric tons of
mill finished steel products. Through its vertically integrated
network of mini-mills, scrap recycling facilities and downstream
operations, Gerdau Ameristeel serves customers throughout
the United States and Canada. The Company's products are generally
sold to steel service centers, steel fabricators, or directly to
original equipment manufacturers for use in a variety of
industries, including non-residential, infrastructure, commercial,
industrial and residential construction, metal building,
manufacturing, automotive, mining, cellular and electrical
transmission and equipment manufacturing. Gerdau Ameristeel's
majority shareholder is Gerdau S.A.
Forward Looking Statements
This release contains forward-looking statements relating to the
acquisition by Gerdau S.A. of the shares of Gerdau Ameristeel that
Gerdau S.A. does not already own, including statements regarding
the completion of the proposed transaction and other statements
that are not historical facts. Such forward-looking statements are
subject to important risks and uncertainties including, without
limitation, the satisfaction or waiver of certain conditions
contemplated by the definitive arrangement agreement. As a result
of these risks and uncertainties, the proposed transaction could be
modified, restructured or not be completed, and the results or
events predicted in these forward-looking statements may differ
materially from actual results or events. These forward-looking
statements are not guarantees of future performance, given that
they involve risks and uncertainties. Gerdau S.A. and Gerdau
Ameristeel do not assume and expressly renounce any obligation to
update any of these forward-looking statements, which are only
applicable on the date on which they were made. Additionally,
Gerdau S.A. and Gerdau Ameristeel undertake no obligation to
comment on expectations of, or statements made by third parties in
respect of the proposed transaction.
SOURCE Gerdau Ameristeel Corporation
Copyright . 27 PR Newswire