BIRMINGHAM STEEL CORPORATION EXECUTIVES APPOINTED TO LACLEDE STEEL BOARD OF DIRECTORS.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 8, 1997--Birmingham Steel Corporation (NYSE NYSE See: New York Stock Exchange :BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) ) today announced that three of the Company's executive officers have been appointed to the board of directors of Laclede Steel Laclede Steel, incorporated in 1911, was a manufacturer of alloy and carbon steel. The company owned one electric furnace, and owned mills in Alton, Illinois, Fairless Hills, Pennsylvania, Vandalia, Illinois. Its products included strip, hot rolled bars, wire and plate. Company (Nasdaq:LCLD). Birmingham Steel recently purchased 24.9% of Laclede's outstanding common shares from IVACO, Inc. The Company also obtained certain rights relating to IVACO's remaining holdings in Laclede which entitle Birmingham Steel to vote 50.3% of Laclede's outstanding voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. . The Birmingham Steel executives joining the Laclede board are: Robert A. Garvey, Chairman and Chief Executive Officer; William R. Lucas William R. Lucas (born March 1, 1922) was the fourth Director of the NASA Marshall Space Flight Center. He served as director from June 15, 1974 to July 3, 1986; when he was forced to resign as a result of the Challenger tragedy. , Jr., Executive Vice President-Administration and General Counsel; and Joseph Alvarado, Executive Vice President-Commercial. Concurrent with the appointment of the Birmingham Steel executives to the board, Laclede announced the resignations of four outside board members and the appointment of an additional director. Donald F. Gunning, Lawrence K. Roos, Edwin J. Spiegel, Jr., and Lester Varn, Jr. resigned as Laclede directors. In addition, Michael H. Lane, Vice President-Finance, Treasurer and Secretary of Laclede, was appointed to the board. With these changes, Birmingham Steel representatives now hold three of the nine positions on the Laclede board. Laclede, headquartered in St. Louis, Missouri, is a manufacturer of carbon and alloy steel products, including pipe products, hot rolled products, wire products and welded chain. Laclede operates facilities located in Illinois, Indiana, Missouri, Pennsylvania, Tennessee and Oregon. Birmingham Steel operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States. The Company specializes in producing steel reinforcing bar, merchant products and SBQ SBQ Sociedade Brasileira de Quimica (Portugese) SBQ Special Bar Quality (special bar quality) bar, rod and wire. The common stock of Birmingham Steel Corporation is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "BIR." CONTACT: Birmingham Steel Corp., Birmingham J. Daniel Garrett, 205/970-1213 |
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