Gerdau Ameristeel Defers Early Adoption of International Financial Reporting Standards
01/11/2010 - Gerdau Ameristeel will defer early adoption of IFRS until periods beginning on or after January 1, 2010.
Gerdau Ameristeel Corp. has announced that it will defer the early adoption of International Financial Reporting Standards (IFRS) until periods beginning on or after January 1, 2010.
The company has been contemplating either adopting IFRS for 2009 or deferring adoption until 2010, and has been granted approval by the Ontario Securities Commission to adopt IFRS for periods beginning on or after January 1, 2009.
Gerdau Ameristeel, the second-largest mini-mill steel producer in North America, has annual manufacturing capacity of approximately 12 million tons of mill-finished steel products. Through its vertically integrated network of minimills, scrap recycling facilities, and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers (OEMs) for use in a variety of industries. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world.
