Gerdau Ameristeel goes private

The deal is done, Gerdau Ameristeel is going private.

Shareholders of Gerdau Ameristeel Corp., which has operated a mill in Knoxville for many years, on Tuesday approved a deal taking the company private.

 
bjgreenreport02_MP_13231.jpgBrazilian steelmaker Gerdau’s plan to buy all of the shares it did not already own for $11 each was approved by 93 percent of the votes cast in a special shareholders meeting, Gerdau Ameristeel announced.

The deal is expected to be completed by the end of August.

Original announcement of Gerdau’s stock purchase plan.

Photo: Knoxville News Sentinel/ Michael Patrick

A section of molten steel is cut to length during the manfacturing of rebar at Gerdau Ameristeel in Knoxville.