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PCS awarded $41.6M in lawsuit

Dec 05, 2013 | 05:18 PM |

Tags  rebar, Pacific Coast Steel, PCS, Century Steel, Gerdau Long Steel North America, Samuel Frizell


NEW YORK — Pacific Coast Steel Inc. (PCS) has won a $41.6-million lawsuit against Century Steel Inc. after the latter overestimated the value of assets it sold to PCS in 2008.

San Diego-based PCS, now part of Tampa, Fla.-based Gerdau Long Steel North America, acquired Las Vegas-based Century Steel in 2008, including construction project jobs, many of which were on the Las Vegas strip, for $121.5 million, according to an original complaint.

The company discovered its purchased assets had been overvalued and filed the lawsuit in 2009.

Gerdau purchased a controlling interest in PCS in November 2006 (amm.com, Nov. 2, 2006).




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