Gerdau Ameristeel announces agreement to acquire Century Steel

Gerdau Ameristeel Corp. has announced that Pacific Coast Steel(PCS), a majority owned Gerdau Ameristeel joint venture, has signed a definitive agreement to acquire all the assets of Century Steel, Inc. (CSI), a reinforcing and structural steel contractor specializing in the fabrication and installation of structural steel and reinforcing steel products, for consideration totaling $151.5 million. The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to close before the end of the first quarter.

CSI, headquartered in Las Vegas, Nevada, operates reinforcing and structural steel contracting businesses in Nevada, California, Utah and New Mexico. Its fabrication facilities have an annual capacity in excess of 250,000 tons per year.

Gerdau Ameristeel also announced that, concurrently with the acquisition of Century, Gerdau Ameristeel will pay approximately $68.0 million to increase its equity participation in the PCS joint venture to approximately 84 percent.