TORONTO, Aug. 13 /PRNewswire-FirstCall/ - Gerdau
Ameristeel Corporation (TSX: GNA, NYSE: GNA) and Gerdau S.A.
(Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) announced that the
rescheduled special meeting to approve a proposed 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 that Gerdau S.A. does not already own for
US$11.00 per share will be held on
August 24, 2010 at 11:00 a.m. (Toronto time) at the TMX Broadcast Centre, The
Exchange Tower, 130 King Street West, Toronto, Ontario, Canada.
The special meeting was rescheduled to accommodate the
regulatory review of certain disclosure documents related to the
transaction. That review has now been completed and Gerdau
Ameristeel has prepared an amended 13E-3 and a supplement to the
management proxy circular dated July 7,
2010, which are available on Gerdau Ameristeel's website at
www.gerdauameristeel.com. These documents have also been filed with
the Canadian securities regulators and with the U.S. Securities and
Exchange Commission and are available on the Canadian SEDAR website
at www.sedar.com and on the U.S. Securities and Exchange
Commission's website at www.sec.gov.
The record date of June 18, 2010
has not been changed. If you have not yet deposited your proxies,
you may continue to do so. No further action need be taken by
shareholders that already have deposited proxies in respect of
their shares for those shares to be voted at the special meeting.
Proxies must be received by Gerdau Ameristeel's transfer agent,
CIBC Mellon Trust Company, by no later than 11:00 a.m. (Toronto time) on August
20, 2010. Voting instructions and information about the
mechanics for depositing proxies are provided in the management
proxy circular which has been mailed to shareholders and which is
available on the SEDAR website at www.sedar.com.
The hearing in respect of the final order of the Ontario
Superior Court of Justice will take place on August 27, 2010 at 10:00
a.m.
About Gerdau S.A.
-----------------
Gerdau S.A. is the leading 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. It is the largest recycler in
Latin America, transforming
millions of metric tons of scrap into steel every year. With over
140,000 shareholders, Gerdau S.A.'s publicly-held companies are
listed in the stock exchanges of São Paulo (Bovespa: GGBR4, GGBR3,
GOAU4, GOAU3 and AVIL3), New York
(NYSE: GNA, GGB), Toronto (TSX:
GNA), Madrid (Latibex: XGGB) and
Lima (BVL: SIDERC1).
About Gerdau Ameristeel
-----------------------
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. Through its vertically integrated
network of mini-mills, scrap recycling facilities and downstream
operations, Gerdau Ameristeel serves customers throughout
the United States and Canada. The Company's products are generally
sold to steel service centers, steel fabricators, or directly to
original equipment manufacturers for use in a variety of
industries, including non-residential, infrastructure, commercial,
industrial and residential construction, metal building,
manufacturing, automotive, mining, cellular and electrical
transmission and equipment manufacturing. Gerdau Ameristeel's
majority shareholder is Gerdau S.A.
Forward Looking Statements
--------------------------
This release contains forward-looking statements relating to the
acquisition by Gerdau S.A. of the shares of Gerdau Ameristeel that
Gerdau S.A. does not already own, including statements regarding
the completion of the proposed transaction and other statements
that are not historical facts. Such forward-looking statements are
subject to important risks and uncertainties including, without
limitation, court approvals and the satisfaction or waiver of
certain other conditions contemplated by the definitive arrangement
agreement. As a result of these risks and uncertainties, the
proposed transaction could be modified, restructured or not be
completed, and the results or events predicted in these
forward-looking statements may differ materially from actual
results or events. These forward-looking statements are not
guarantees of future performance, given that they involve risks and
uncertainties. Gerdau S.A. and Gerdau Ameristeel do not assume and
expressly renounce any obligation to update any of these
forward-looking statements, which are only applicable on the date
on which they were made. Additionally, Gerdau S.A. and Gerdau
Ameristeel undertake no obligation to comment on expectations of,
or statements made by third parties in respect of the proposed
transaction.
SOURCE Gerdau Ameristeel Corporation
Copyright . 13 PR Newswire