Gerdau completes West Coast joint venture

Gerdau Ameristeel Corporation, the second largest mini-mill steel producer in North America, announced today the completion of its West Coast joint venture involving Pacific Coast Steel. Gerdau has completed the acquisition of a controlling interest in a joint venture with Pacific Coast Steel, Inc. and Bay Area Reinforcing. Gerdau Ameristeel funded the transaction with cash on hand, paying approximately $104 million for its interest in Pacific Coast Steel. Pacific Coast Steel consists of one of the country's largest reinforcing steel contractors. It specializes in the fabrication and installation of reinforcing steel products, operating four rebar fabrication facilities in California with combined capacity in excess of 200,000 net tons per year.