Gerdau Ameristeel acquires Sheffield Steel

Gerdau Ameristeel Corporation on June 12 announced that its U.S. operating subsidiary, Gerdau Ameristeel US Inc., acquired all of the outstanding shares of Sheffield Steel Corporation of Sand Springs, Okla. Sheffield Steel primarily produces rebar and merchant bars with annual shipments of 550,000 net tons of finished products. The company has a melt shop and rolling mill in Sand Springs, Oklahoma, another rolling mill in Joliet, Illinois, and three downstream fabrication facilities in Kansas City and Sand Springs. Subject to certain post-closing adjustments, the purchase price for all of the shares of Sheffield was approximately $103 million in cash plus the assumption of approximately $84 million of debt and other long term liabilities net of cash.