Novamerican Steel to Terminate SEC Reporting Obligations
12/06/2007 - Novamerican Steel will file a Form 15F with the SEC to terminate its reporting obligations under the United States Securities Exchange Act of 1934 following its November 15 acquisition by Symmetry Holdings.
Novamerican Steel Inc. has announced its intention to file a Form 15F with the United States Securities and Exchange Commission (SEC) to voluntarily terminate its reporting obligations under the United States Securities Exchange Act of 1934.
The announcement follows Novamerican’s November 15, 2007 acquisition by Symmetry Holdings Inc. At that time, a Form 25 was filed with the SEC to delist the company’s common stock from The NASDAQ Global Market.
The company expects termination of its reporting obligations to take effect no later than ninety days after the Form 15F is filed. Upon filing the Form 15F, the company will immediately cease to file certain reports, including Form 20-F and Form 6-K, with the SEC.
Symmetry, as the parent company, will continue to have its own securities registered under the Exchange Act and therefore will remain a reporting company under the Exchange Act.
Based in Montreal, Canada, Novamerican Steel operates eleven facilities in Canada and eleven facilities in the United States. At these locations, the company processes and distributes carbon steel, stainless steel and aluminum products, including carbon steel tubing for structural and automotive markets.
Symmetry Holdings was initially formed for the specific purpose of acquiring a business in the basic industries sector. Following its acquisition of Novamerican, Symmetry has twenty-two operating locations in Canada and the United States. It processes and distributes carbon steel, stainless steel and aluminum products and operates as an intermediary between primary metal producers and manufacturers that require processed metal, often on a just-in-time delivery basis. Symmetry also produces roll-formed steel sections and manufactures heavy equipment parts and accessories, and its flat rolled processing capabilities include pickling, slitting, blanking, leveling, temper-rolling and cutting-to-length. Symmetry also performs many of these processing services on a toll basis.
