On August 30, 2010, Gerdau Ameristeel Corporation completed its sale of all the issued and outstanding common shares of Gerdau Ameristeel Corporation (Gerdau Ameristeel) that Gerdau S.A. does not already hold for US$11.00 in cash per share by way of a plan of arrangement under the Canada Business Corporations Act (the Arrangement). The Arrangement was approved at a special meeting of Gerdau Ameristeel shareholders (including approval by a “majority of the minority”), and was subsequently approved by the Ontario Superior Court of Justice. 145,331,071 common shares were acquired pursuant to the Arrangement, for an aggregate purchase price of approximately US$1.6 billion.
Based in Brazil, Gerdau S.A. is the leading producer of long steel in the Americas and one of the world's largest suppliers of special long steel. Gerdau Ameristeel is the second largest mini-mill steel producer in North America.
Further information is found on Gerdau Ameristeel's website.