Sons and Daughters of BBCMF , Dow 30 With Point and Figure Charts , Dow Discussion...

[mick]

Novamerican Steel misses by $0.03, beats on revs; misses by $0.03, beats on revs; provides outlook and update on Symmetry's proposed acquisition (TONS) 51.10 -0.46 : Reports Q3 (Aug) earnings of $0.70 per share, $0.03 worse than the Reuters Estimates consensus of $0.73; revenues fell 9.4% year/year to $191.5 mln vs the $185.4 mln consensus... Management believes that the bottom of the current steel price cycle occurred in August. Recently announced price increases in steel coil and structural tubing should benefit the Company in its fiscal fourth quarter. Management also believes that weakness in the US dollar will have a positive effect on U.S. exports which should increase demand for North American steel. In addition, the lower value of the US dollar will make it more difficult for imported steel to be competitive in North America... The previously announced acquisition of all the issued and outstanding shares of Novamerican at $56.00 per share by way of plan of arrangement by Symmetry Holdings Inc. will require court approval as well as a vote by the shareholders of both Symmetry and Novamerican. Symmetry's proxy is currently under customary review by the U.S. Securities and Exchange Commission. As Symmetry completes the SEC review process of the proxy, Novamerican will request an interim court order to, among other things, set the date of the special meeting of shareholders and mail the proxy materials required to approve the plan of arrangement. At this time, it is not possible to determine the exact date of the shareholder meetings. However, management expects that the transaction will be completed in November 2007.