Birmingham Steel Corporation Issues Statement in Response to Shareholder Group.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Aug. 25, 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 issued the following statement in response to the preliminary proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed by The United Company Shareholder Group: "The strategic restructuring we announced on August 18th, which we will discuss in detail in our forthcoming proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other , will focus Birmingham Steel on its core mini-mill and scrap operations, which under the leadership of Bob Garvey and his management team have been consistently strong and profitable. It will also seek to divest a division that was acquired by previous management, that also has significant potential, but that has required a tremendous and continuing commitment of our operational and financial resources. As such, we believe our strategic restructuring is the best opportunity to build the near- and long-term value of Birmingham Steel for the benefit of all of our shareholders." Birmingham Steel operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States. The Company produces steel reinforcing bar, merchant products and SBQ SBQ Sociedade Brasileira de Quimica (Portugese) SBQ 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." Notice: 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, as well as other risks described from time to time in the Corporation's periodic and special filings with Securities and Exchange Commission. Any forward-looking statements contained in this document speak only as of the date hereof, and the Corporation disclaims any intent or obligation to update such forward-looking statements. |
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