Sep 25 2002
The proposed combination of steel manufacturers Co-Steel of Canada and Gerdau S.A. of Brazil has been overwhelmingly approved by the shareholders.
Under the terms of the agreement, the two companies will unite their North American steel operations to create a world class steel enterprise. The newly formed operation will be called Gerdau Ameristeel Corporation.
By combining their operations, the newly formed venture will possess the financial resources, operating critical mass and the expertise to become a leader in the north American steel industry. The new organisation will have an enhanced product range and sound platform for growth.
The deal is expected to be closed by October 1, pending approvals from regulatory bodies.
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