Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CARTERSVILLE, GA-The Birmingham Southeast Mill will have new owners come year’s end as Sao Paulo, Brazil’s the Gerdau Group takes the property off the hands of Alabama-based Birmingham Steel Corp.

The particulars of the deal are not being disclosed, however Birmingham is pressed to raise funds in order to repay some of its $290 million line of revolving credit. Gerdau, making the purchase through its American subsidiary Tampa-based AmeriSteel Corp., aims to increase its presence in the US market.

“Because of current economic conditions in the US,” Birmingham chairman and CEO John D. Correnti says in a statement, “we believe the sale of Cartersville is in the best long-term interests of Birmingham Steel and BSE, LLC. The transaction with AmeriSteel will allow Birmingham Steel to significantly reduce outstanding debt and lease obligations and also decrease cash requirements for working capital.”

The Cartersville mill is located at 384 Old Grassdale Road NE, and produces an annual 40,000 tons of steel and laminates. It was acquired by Birmingham Steel in 1996.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.