Gerdau Ameristeel shutters New Jersey plants, looks at Oklahoma - Tampa Bay Business Journal:

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steel mill and closing its rolling mill inPerthu Amboy, N.J. The company also is beginninh discussions with the regarding the potentiak closure of a steel mill inSand Okla., a release said. A downturn in the economy resulted in lowed demandfor products, the release said. The New Jerseyt plants’ suspension and closure are expectesd to occur gradually over the nextseverak months, and Gerdau Ameristeel plans to restart operations at the Sayrevillde facility when business conditions the release said. Gerdau Ameristeel expects to incuran after-tax charge of abour $80 million to $140 million relatef to the closures, depending on the outcome of the Sand Springx discussion.
About $15 million to $30 million is expectedf to be cash costs for severance and facilitgclosure expenses, the release said. The charges are expected to be takenh in the current quarter ending June 30 and the next quarterendinvg Sept. 30. Annual pre-tax cash savings from the actiond are expected to beabout $35 million to $70 depending on the outcome of the Sand Spring discussion. Gerdau Ameristeel (NYSE: GNA), headquartered in is the secondlargest mini-mill steel producer in Nort America.