Birmingham Steel Corporation Sale to Nucor Clears Anti-Trust Review.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 30, 2002 Birmingham Steel Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: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 ) today announced that the United States Department of Justice “Justice Department” redirects here. For other uses, see Department of Justice. The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States has closed its investigation of Birmingham Steel Corporation's proposed sale of substantially all of its assets to Nucor Corporation (NYSE NYSE See: New York Stock Exchange :NUE NUE Nitrogen Use Efficiency NUE Nuremberg, Germany - Nuremberg (Airport Code) NUE Non-Upset Ends (piping) ). On May 30, 2002, Birmingham Steel Corporation announced it had reached a definitive agreement to sell substantially all of its assets to Nucor Corporation for $615 million in cash. On June 3, 2002, pursuant to the terms of the definitive agreement, Birmingham Steel filed a Chapter 11 bankruptcy proceeding before the United States Bankruptcy Court for the District of Delaware for purposes of confirming and implementing the sale to Nucor. On September 12, 2002, the Bankruptcy Court approved Birmingham Steel Corporation's Reorganization Plan. Early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. was granted on October 29, 2002. The parties intend to complete the proposed transaction in late November or early December 2002. Birmingham Steel operates in the mini-mill sector of the steel industry and conducts manufacturing, distribution and recycling operations in facilities located across the United States. The common stock of Birmingham Steel is traded on the over the counter bulletin board under the symbol "BIRS." Except for historical information, the matters described in this press release are forward-looking statements within the meaning the safe-harbor provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Action of 1995. These forward-statements are subject to risks and uncertainties that may cause actual results to differ materially, including economic conditions, market the main factors, equipment breakdowns or failures, the Company's continued compliance with its financing arrangements and its principle 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. The forward-looking statements contained in this document speak only as the date hereof, and the Company disclaims any intent or obligation to update such forward-looking statements. |
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