Birmingham Steel Corporation Comments on Action by Stockholder Group.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Aug. 13, 1999-- 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 said it has been notified by a stockholder group that the group intends to propose a slate of nine directors at the Company's 1999 annual meeting of stockholders, and that the group has identified its nominees. Birmingham Steel stated: "We are extremely disappointed that this stockholder group has rejected our good-faith efforts to enter into constructive dialogue aimed at discussing issues of mutual interest and concern. Instead, the group seems determined to pursue a course of action that can only serve to distract management and the Board from the important task of implementing the Company's strategic programs. We call upon the stockholder group to avoid imposing on the Company's stockholders, customers and employees the cost and distraction of a proxy contest Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. . While the Company remains willing to engage in constructive dialogue, absent a satisfactory resolution of the threatened proxy contest, the Company intends to take all appropriate action to protect the interests of all of the Company's stockholders." Birmingham Steel operates in the mini-mill sector 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 Company produces 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." |
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