September 06, 2008

Gerdau Ameristeel buys Re Bars Inc in Savannah

Tampa Bay Business Journal reported that Gerdau Ameristeel Corp has acquired a Georgia steel manufacturer for an undisclosed amount. Gerdau bought Re Bars Inc an independent manufacturer that was started in 1963 and serves the Savannah area.

Mr J Neal McCullohs vice president of commercial and downstream operations said that "This gives us an entry into a market we have had very little participation in and allows us to continue the expansion of our ReBar Express model."

Tampa based Gerdau Ameristeel has a plant in Baldwin and is the 13th largest manufacturer in Northeast Florida, according to the Business Journal's 2007 Book of Lists, with more than 300 employees. The mill buys and recycles more than 700,000 tons of scrap steel per year, 40% of which is supplied by an onsite recycling operation. Gerdau spent USD 78 million on upgrades at its Baldwin plant over the last year and a half.