Gerdau Ameristeel (NYSE:GNA) Shareholders Pass Gerdau S.A. (NYSE:GGB) Acquisition Resolution

Shareholders of Gerdau Ameristeel (NYSE:GNA) approved the acquisition of the remaining shares of Gerdau S.A. (NYSE:GGB) they don't already own.

Under the Canada Business Corporations Act, shareholders passes a special resolution which approved of the acquisition of common shares not already owned, directly or indirectly, by it for $11.00 in cash for each common share.

Close to 93 percent of shareholders voted to approve of the deal who held common shares, and 74 percent of minority shareholders gave their approval. A minority shareholder is defined as a party outside of Gerdau S.A. or those related to them.

The deal is expected to close in August 2010, subject to normal regulatory and court approval.

Nucor (NYSE:NUE) Acquiring Companies, Own Shares

Nucor (NYSE:NUE) seems to be getting on surer footing in a tough steel market, as residential and non-residential construction markets continue to be tough.

Expansion through acquisition and acquiring shares in their own company has been much of the focus recently, as they prepare for what they hope is an upswing in the steel market.

Nucor has increased production at their steel mills from last year, and is looking for an even better quarter than the the first quarter.

Along with competitor Gerdau Ameristeel (NYSE:GNA) (TSE:GNA), they've also commited to keeping prices for wide-flange steel beams where they're at now, as they want to continue the industry on a more even keel, after several years of extreme challenges.