SCHEDULE 14A
(RULE 14A-101)
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE
ACT OF 1934
(AMENDMENT NO. )
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BIRMINGHAM STEEL CORPORATION
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(Name of Registrant as specified in its charter)
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(Name of person(s) filing proxy statement, if other than Registrant)
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CONTACT: ROY WINNICK
KEKST AND COMPANY
212-521-4842
SPECIAL COMMITTEE OF BIRMINGHAM STEEL BOARD NAMED
TO OVERSEE REVIEW OF STRATEGIC ALTERNATIVES
INCLUDING POSSIBLE SALE OF THE COMPANY
BIRMINGHAM, Ala., November 30, 1999 -- Birmingham Steel Corporation (NYSE:
BIR) today said that the Company's Board of Directors has appointed a
Special Committee of three independent directors to oversee the review of
strategic alternatives which, as announced on November 24, include the
possible sale of the Company. The members of the Special Committee include
Alfred C. DeCrane, Jr., former Chairman and CEO of Texaco Inc., Robert D.
Kennedy, former Chairman and CEO of Union Carbide Corporation, and C.
Stephen Clegg, Chairman and CEO of Diamond Home Services and of Midwest
Spring Manufacturing Company.
The Company stated: "This step further underscores our commitment to
realize full value for our shareholders. The Special Committee will be
responsible for overseeing the active pursuit by management and the
Company's financial advisors of any alternatives, including the possible
sale of the Company, that offer the potential to maximize shareholder
value."
Birmingham Steel announced on November 24 that, reflecting interest
expressed by third parties in possible transactions involving the whole
Company, and the long-standing commitment of its Board of Directors to
build and realize value for all of the Company's shareholders, the Board
had authorized management and the Company's financial advisors, Credit
Suisse First Boston, to explore actively all potentially attractive
strategic alternatives, including the sale of the Company, while also
continuing to pursue the sale of its SBQ operations.
As indicated on that date, the Board believes that the strategic
restructuring program that the Company is currently implementing will
succeed, but also believes that, by also pursuing potential interest in a
sale of the Company, the Company's shareholders will be given another
opportunity to realize value in the near term.
Birmingham Steel operates in the mini-mill sector of the Steel industry and
conducts operations at facilities located across the United States. The
common stock of Birmingham Steel is traded on the New York Stock Exchange
under the symbol "BIR."
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