GERDAU AMERISTEEL OBTAINS FINAL ORDER FOR PLAN OF ARRANGEMENT
28 August 2010 - 2:30AM
PR Newswire (Canada)
TAMPA, FL, Aug. 27 /CNW/ -- TAMPA, FL, Aug. 27 /CNW/ - 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. %SEDAR: 00000593E 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; Barbara R. Smith, Vice President and Chief
Financial Officer, Gerdau Ameristeel Corporation, Office: (813)
319-4324, Email: basmith@gerdauameristeel.com
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