Puts Purchased on Gerdau Ameristeel (GNA)

Shares of Gerdau Ameristeel Corp. GNA are higher on the session by 0.18%, currently trading at $10.97. The stock has been running largely sideways ever since the company received an $11.00 cash offer to go private. Options traders are buying some protection on the name today. The March 2011 $10.00 put was purchased 4,500 times for $0.05 a short while ago. There was no open interest on the strike. Put volume is now running at 5x the daily average. 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. Through its vertically integrated network of 19 mills, 24 scrap recycling facilities and 56 downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada.