Gerdau going private

Gerdau Ameristeel will be taken private by Gerdau S.A., the firm's Brazil-based parent company, in a deal proposed earlier this month.

Gerdau S.A., which already owns 66.3% of Tampa-based Gerdau Ameristeel, will buy all other shares of the company for $11 per common share, setting the American company's total value at approximately $1.6 billion.

The board of directors at Gerdau Ameristeel has unanimously approved the deal, a release said, and is encouraging other shareholders to support the transaction.