Gerdau S.A. Seeks to Complete Acquisition of Gerdau Ameristeel

Gerdau S.A. has delivered to the Gerdau Ameristeel board of directors a proposal to acquire all of the shares of Gerdau Ameristeel Corp. that Gerdau S.A. does not already own. Gerdau, which presently owns slightly more than 66 percent of Gerdau Ameristeel, is offering $11 per share for the remaining shares.

Gerdau Ameristeel’s board has determined that it would support a transaction at the price contemplated by the proposal, subject to finalization of definitive documentation for the transaction.

Once Gerdau Ameristeel is wholly owned by Gerdau S.A., the combined business hope to benefit from additional business development opportunities in the context of Gerdau S.A.'s global strategy.