Puts Purchased on Gerdau Ameristeel (GNA)

Shares of Gerdau Ameristeel Corp. GNA are higher on the session by 0.23%, currently trading at $10.96. The stock has been moving largely sideways for the past two months following a privatization offer. Options traders are picking up some puts today. The September $10.00 put was purchased 4,200 times, on the offer, earlier in the session. Open interest on the strike is 13,088 contracts. Put volume is now running at 3.58x the daily average with 94% of all puts traded being purchases on the offer. Gerdau Ameristeel Corporation is a mini-mill steel producer in North America with annual manufacturing capacity of approximately 12 million tons of mill finished steel products.