PCS awarded $41.6M in lawsuit
Dec 05, 2013 | 06:18 PM
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).