BUSINESS NEWS: Gerdau Ameristeel to Acquire Sheffield Steel
Gerdau Ameristeel Corp. (Tampa, Fla.) announced that its U.S. subsidiary, Gerdau Ameristeel U.S. Inc., has entered into a definitive agreement to acquire all outstanding shares of Sheffield Steel Corp., Sand Springs, Okla. Sheffield operates a melt and rolling mill in Sand Springs, a smaller rolling mill in Joliet, Ill., and three downstream steel facilities in Kansas City and Sand Springs. Subject to certain closing adjustments, the purchase price for all Sheffield shares is expected to be approximately $76 million in cash plus the assumption of approximately $94 million of debt and certain long-term liabilities, net of cash. The transaction is expected to close in the second quarter of 2006.
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