Gerdau's 2.5% convertible senior debentures due 2034 are convertible in second quarter

By Devika Patel

Knoxville, Tenn., May 5 - Gerdau Macsteel, Inc. announced that its 2.5% convertible senior debentures due May 15, 2034 are convertible by holders effective May 1.

The convertibility is a result of the company's common stock closing at a price that exceeded the contingent conversion threshold price for at least 20 of the last 30 trading days of the quarter ended April 30.

As a result, holders may convert the principal amount of their securities during the fiscal quarter ending July 31.

Gerdau is a Porto Alegre, Brazil-based steel manufacturer.

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