Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Gerdau Ameristeel Closes Sheffield Steel Acquisition

Jun 14 2006

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Gerdau Ameristeel Corporation has announced that its U.S. operating subsidiary, Gerdau Ameristeel US Inc., acquired all of the outstanding shares of Sheffield Steel Corporation of Sand Springs, Oklahoma.

Sheffield Steel is a mini-mill producer of long steel products, primarily rebar and merchant bars with annual shipments of approximately 550,000 tons of finished steel products. Sheffield operates a melt shop and rolling mill in Sand Springs, Oklahoma, a smaller rolling mill in Joliet, Illinois, and three downstream steel fabricating 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.

http://www.gerdauameristeel.com

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