Gerdau Ameristeel Corporation and Gerdau S.A. Friday announced that the Ontario Superior Court of Justice has issued a final order approving the previously announced plan of 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.
Gerdau S.A. is a 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.
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.