Gerdau Ameristeel Obtains Final Order for Plan of Arrangement |
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Gerdau Ameristeel Corporation
4221 W. Boy Scout Blvd., Suite 600
Tampa, FL, 33607
USA
Press release date: August 27, 2010
TAMPA, FL, Aug. 27 -- 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 Sao Paulo (Bovespa: GGBR4, GGBR3, GOAU4, GOAU3 and AVIL3), New York (NYSE:GNA)(NYSE: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.
Source: Gerdau Ameristeel Corporation
CONTACT: Investor Relations Contacts: Osvaldo Burgos Schirmer, Executive Vice President, Director of Investor Relations, Gerdau S.A., Office: +55 51 3323-2703, Email: inform@gerdau.com.br;
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