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Gerdau Ameristeel to hold controlling share in new JV

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Gerdau Ameristeel Corporation, Pacific Coast Steel Inc (PCS) and Bay Area Reinforcing (BAR) have reached an agreement to set up a new joint venture. Gerdau will hold the controlling stake in the JV with an investment of about $104 million. The deal is expected to be finalized as in the fourth quarter of this year as awaiting regulatory reviews and anti-trust reviews and some other customary closing conditions. PCS and BAR are contractors with several projects in fabrication and installation of reinforcing steel throughout California and Nevada. Gerdau Ameristeel, the second largest mini-mill steelmakers in North America, operates 17 mini mills, 17 scrap recycling facilities and 46 downstream operations with production capacity of over 9.0 million tons. (Oct. 20)
News Date 20 Oct 2006 18:48:45 reported by Richard Kuo

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