Gerdau Ameristeel Corporation and Gerdau S.A. Tuesday announced that Gerdau Ameristeel's shareholders passed a special resolution to approve an arrangement for the acquisition by Gerdau S.A. of all of the issued and outstanding common shares of Gerdau Ameristeel they do not already own for US$11.00 in cash for each common share.
It is expected that the arrangement will be completed in August 2010, following the receipt of Canadian court approval and the satisfaction of other 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.
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