Shares of Ameron International traded higher at $62.16/share (up 3.63%) on the announcement that Gerdau, Brazilian steelmaker, has agreed to buy Tamco. Tamco, a small steelmaker in California, is owned by Ameron International. Wall Street analysts are saying that the Steel market is heating up. This may bode well for U.S. steel in the near future.
Gerdau will pay $82.5 Million for 50% stake in Tamco. The remaining $82.5 Million will go to Tokyo Steel and trading house Mitsui & Co., which control another 50 percent in Tamco.
