Birmingham Steel Reports Progress Toward Completion of Transaction to Sell SBQ Operations.Business Editors BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 31, 2001 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Metals, Ltd. Reports It is Completing Financing Commitments for the Transaction; Federal Trade Commission Approves Hart-Scott-Rodino Filing 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) ) said today it expects to finalize the sale of its special bar quality (SBQ SBQ Sociedade Brasileira de Quimica (Portugese) SBQ Special Bar Quality ) operations to North American Metals, Ltd. (NAM) by March 23, 2001. Based upon NAM's significant progress in securing its financing for the purchase, Birmingham Steel has agreed to extend the closing date for the transaction until March 23, 2001. The Company said NAM reported it has received commitments sufficient to provide the equity investment to complete the transaction, and it expects to complete the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay associated with the transaction within a few weeks. Also, the Hart-Scott-Rodino filings necessary to complete the transaction have been approved by the Federal Trade Commission and the U.S. Department of Justice. The Company said it had agreed to extend the closing date from January 31, 2001, to March 23, 2001, in order to accommodate the timetable needed by NAM's lenders and investors to complete the financing. Birmingham Steel said the transaction remains 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, "We are pleased to report significant progress in the proposed transaction to sell our SBQ operations in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , and Memphis, Tennessee. We have agreed to extend the Purchase Agreement with NAM in order to accommodate the timetable required by NAM's lenders and equity investors to complete financing for the transaction. However, we are optimistic the transaction can be completed prior to 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 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 suck 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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