Gerdau Ameristeel Announces Acquisition of Century Steel
04/03/2008 - Gerdau Ameristeel’s majority-owned joint venture Pacific Coast Steel acquires the assets of Las Vegas based Century Steel for approximately $152 million.
Gerdau Ameristeel Corp. announced that Pacific Coast Steel, a majority owned Gerdau Ameristeel joint venture, has acquired all the assets of Century Steel, Inc. for approximately $152 million.
Las Vegas, Nev., based Century Steel is a reinforcing and structural steel contractor. Specializing in the fabrication and installation of structural steel and reinforcing steel products, the company operates reinforcing and structural steel contracting businesses in Nevada, California, Utah and New Mexico.
With fabrication facilities that have an annual capacity in excess of 250,000 tons per year, Century Steel participates in virtually all segments of the marketplace in the western United States.
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 Pacific Coast Steel joint venture to approximately 84%.
Gerdau Ameristeel is the second-largest minimill steel producer in North America with annual manufacturing capacity of approximately 12 million tons of mill finished steel products. Through its vertically integrated network of 19 mini-mills (including one 50% owned joint venture minimill), 19 scrap recycling facilities, and 61 downstream operations, Gerdau Ameristeel serves customers throughout North America. The company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing.
