Bayou Steel Corporation Selects Ernst & Young LLP as Independent Accountants.Business Editors LAPLACE, La.--(BUSINESS WIRE)--June 20, 2002 Bayou Steel Corporation (AMEX AMEX See: American Stock Exchange :BYX) announced today that its board of directors has approved the selection of Ernst & Young LLP LLP - Lower Layer Protocol as its independent accountants for fiscal 2002. Bayou Steel Corporation's board of directors acted upon the recommendation of its audit committee, which reviewed the qualifications of several multi-national accounting firms as part of its on-going corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. process. "We look forward to working with Ernst & Young in the firm's new role as our independent accountants," said Richard J. Gonzalez Vice President, Chief Financial Officer, Treasurer, and Secretary of Bayou Steel Corporation. "They have demonstrated that they have the expertise and knowledge to provide the highest level of quality service." Ernst & Young replaces Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP who has served as the Company's independent accountants since 1979. Gonzalez continued, "Andersen's New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded office provided many years of excellent, high quality service. However, we have concluded that this change is in the best interest of the Company at this time." Bayou Steel Corporation manufacturers light structural and merchant bar products in LaPlace, Louisiana and Harriman, Tennessee. The Company also operates three stocking locations along the inland waterway system near Pittsburgh, Chicago, and Tulsa. |
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