Search
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.


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).




Latest Pricing Trends Year Over Year

Poll

When will molybdenum prices recover? With prices down almost 50 percent year on year as of mid-June, when do you think they will return to prior levels?

In the third quarter
In the fourth quarter
In 2016
In 2017
In 2018 or beyond
Never


View previous results