Birmingham Steel Corporation Comments On Nucor Offer.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 14, 2002 Birmingham Steel Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BIRS BIRS Banff International Research Station (Canada) BIRS Banca Internazionale per la Ricostruzione e lo Sviluppo (Italian) BIRS Basic Indexing and Retrieval System BIRS Battlefield Information Reporting System ) issued the following statement today: This morning, Nucor Corporation issued a press release, which reported that Nucor has offered to purchase substantially all of the operating assets Operating Assets Another term for working capital. of Birmingham Steel Corporation for $500 million. Birmingham Steel was unaware that an offer from Nucor was forthcoming until the issuance of the press release early today. Although Birmingham Steel and its advisors have not had ample time to fully assess the Nucor offer, the Company noted that the proposed purchase price is less than the Company's total debt obligations and the proposal provides no value to Birmingham Steel's shareholders. Birmingham Steel recently engaged CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Corp. to assist in evaluating solicited and unsolicited offers as well as to advise the Company with respect to other financial and strategic alternatives that Birmingham Steel is considering. With respect to Nucor's offer, the Company said its board of directors would rely upon the expertise of its financial and legal advisors and act in accordance with its fiduciary responsibilities to all of Birmingham Steel's stakeholders. Birmingham Steel operates in the mini mill segment of the steel industry and conducts operations at facilities located across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The common stock of Birmingham Steel is traded on the OTC bulletin board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol "BIRS." Except for historical information, the matters described in the 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. |
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