Birmingham Steel Corporation Agrees to January 31, 2001 Closing Date for Sale of SBQ Operations; North American Metals Reports Substantial Progress Toward Completion of Transaction.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Nov. 29, 2000 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 reported it has agreed to a revised closing date of January 31, 2001, for the sale of its Cleveland and Memphis SBQ SBQ Sociedade Brasileira de Quimica (Portugese) SBQ Special Bar Quality operations to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Metals, Ltd. ("NAM"). The closing for the transaction had previously been set for December 1, 2000. Birmingham Steel said the transaction is subject to the approval of the Company's board of directors and its lenders. John Correnti, Chairman and Chief Executive Officer of Birmingham Steel, commented, "NAM requested an extension of the Purchase Agreement in order to finalize certain details regarding the financing of the transaction. Based upon NAM's demonstrated progress toward securing financial support for the transaction and its recent success in attracting experienced management for the venture, we have agreed to extend the deadline for closing the purchase until January 31, 2001. However, we are optimistic the transaction can be completed prior the revised closing date." Birmingham Steel operates in the mini-mill segment of the steel industry. Birmingham Steel's stock 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". Except for historical information, the matters described in this press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including economic conditions, market demand factors, equipment breakdowns or failures, the Company's continued compliance with its financing arrangements and its principal debt agreements, as well as other risks described from time to time in the Company's periodic and special filings with the Securities and Exchange Commission. Any forward-looking statements contained in this document speak only as of the date hereof, and the Company disclaims any intent or obligation to update such forward-looking statements. Refer to the risk factors in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2000. |
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