Gerdau Ameristeel Announces Record 2007 Results and Special Dividend Payment



    TAMPA, FL, Feb. 13 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA; TSX:
GNA) today reported net income of $141.4 million ($0.37 per share fully
diluted) for the three months ended December 31, 2007, a 112% increase in
comparison to net income of $66.7 million ($0.22 per share fully diluted) for
the three months ended December 31, 2006.
    For the year ended December 31, 2007, net income was $537.9 million
($1.65 per share fully diluted) an increase of 44% compared to net income of
$374.6 million ($1.23 per share fully diluted) for the year ended December 31,
2006. This represents a record level of annual net income earned by Gerdau
Ameristeel.
    Net sales for the three months ended December 31, 2007 increased 70% to
$1.7 billion from $1.0 billion for the three months ended December 31, 2006.
For the three months ended December 31, 2007, finished steel shipments
increased to 2.2 million tons, an increase of 689 thousand tons from the three
months ended December 31, 2006, primarily as a result of the acquisition of
Chaparral Steel. Additionally, average mill finished steel selling prices for
the three months ended December 31, 2007 increased 17% over the level in this
same period in 2006.
    For the year ended December 31, 2007, net sales were $5.8 billion
compared to $4.5 billion for the year ended December 31, 2006. For the year
ended December 31, 2007, finished steel shipments increased to 7.6 million
tons, an increase of 998 thousand tons from the year ended December 31, 2006,
primarily as a result of the 2007 acquisition of Chaparral Steel, and the 2006
acquisitions of Sheffield Steel and Pacific Coast Steel. Additionally, average
mill finished steel selling prices for the year ended December 31, 2007
increased 13% over those in 2006.
    For the three months ended December 31, 2007, metal spread, the
difference between mill selling prices and scrap raw material costs, was
$456 per ton, and an increase of $52 per ton from the same period in 2006. For
the year ended December 31, 2007, metal spread was $421 per ton, an increase
of $40 per ton from 2006.
    EBITDA was $313.8 million for the three months ended December 31, 2007
and $1.0 billion for the year ended December 31, 2007, compared to EBITDA of
$145.1 million for the three months ended December 31, 2006 and $751.2 million
for the year ended December 31, 2006.
    Included in selling and administrative expense for the three months and
year ended December 31, 2007 is a non-cash pretax expense of $6.7 million and
$22.7 million, respectively, to mark to market outstanding stock appreciation
rights and expenses associated with other executive compensation agreements
compared to a non-cash pretax expense of $3.8 million and $34.4 million,
respectively, for the three months and year ended December 31, 2006.
    On November 7, 2007, the Company completed its offering of 126.5 million
common shares raising net proceeds of approximately $1.5 billion. The funds
were primarily used to partially repay debt that was incurred to finance the
acquisition of Chaparral Steel, which was completed in the third quarter of
2007.
    On February 12, 2008, in addition to the normal quarterly dividend of
$0.02 (two US$ cents), the Board of Directors also approved a special cash
dividend of $0.25 (twenty-five US$ cents) per common share, payable March 13,
2008 to shareholders of record at the close of business on February 28, 2008.

    CEO Comments

    Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
    "This was another outstanding year for Gerdau Ameristeel. It was a record
year for our financial performance, surpassing $1.0 billion in EBITDA for the
first time in our history. When you look past all the financial
accomplishments, I am particularly proud that we continue to make progress
toward our vision of an injury free workplace by continuously reducing our
lost time accident rate; creating a safer work environment for our employees.
    We are also making steady progress with the integration of our
acquisitions, including the recently acquired mills in Midlothian, Texas and
Petersburg, Virginia. We have already begun to see great results in the
commercial area, which is helping to ensure a seamless transition with our
customers, as well as many operational improvements through the implementation
of the Gerdau business system and sharing of best practices. We were able to
capture approximately $15 million dollars of synergies in 2007 for an
annualized rate of over $50 million. We are confident that we can achieve our
target of a $75 million annual rate of synergies by the end of 2008.
    With the completion in November 2007 of one of the largest follow-on
equity offerings in the North American steel industry, our balance sheet is
strong and well positioned to continue to support further growth. In
accordance with our strategic growth plans, earlier today we announced that
our downstream joint venture Pacific Coast Steel ("PCS") has reached an
agreement to acquire Century Steel, a reinforcing and structural steel
contracting and placing services business in Nevada, California, Utah, and New
Mexico and concurrently with the closing of this transaction we will increase
our ownership of PCS to over 80%.
    Despite signs of a slowing North American economy, as we enter 2008,
market conditions remain positive. Import levels remain lower than recent
years, global steel demand and prices are creating export opportunities, and
inventory levels in North America remain at low levels throughout the system.
We have announced price increases in order to offset increases in scrap and
other input costs and we remain focused on keeping metal spreads robust."

    Forward Looking Statements

    In this press release, "Gerdau Ameristeel" and "Company" refer to Gerdau
Ameristeel Corporation and its subsidiaries and 50%-owned joint ventures.
Certain statements in this press release, including, without limitation, the
section entitled "CEO Comments" constitute forward-looking statements. Such
statements describe the Company's assumptions, beliefs and expectations with
respect to its operations, future financial results, business strategies and
growth and expansion plans can often be identified by the words "anticipates,"
"believes," "estimates," "expects," "intends," "plans," and other words and
terms of similar meaning. The Company cautions readers that forward-looking
statements involve risks and uncertainties that could cause actual results to
differ materially from those currently projected by the Company. In addition
to those noted in the statements themselves, any number of factors could
affect actual results, including, without limitation:
    Excess global steel industry capacity and the availability of competitive
substitute materials; the cyclical nature of the steel industry and the
industries served by the Company; steel imports and trade regulations; a
change in China's steelmaking capacity or slowdown in China's steel
consumption; the ability to integrate newly-acquired businesses such as
Chaparral and achieve synergies; the Company's level of indebtedness; the
Company's participation in consolidation of the steel industry; increases in
the cost of steel scrap, energy and other raw materials; the ability to
renegotiate collective bargaining agreements and avoid labor disruptions; the
cost of compliance with environmental and occupational health and safety laws;
the enactment of laws intended to reduce greenhouse gases and other air
emissions; unexpected equipment failures and plant interruptions or outages;
the substantial capital investment and similar expenditures required in the
Company's business; the loss of key employees; interest rate risk; the
Company's ability to fund its pension plans; currency exchange rate
fluctuations; competitors' relief of debt burdens and legacy costs by seeking
protection under the bankruptcy laws; the accuracy of estimates used in the
preparation of the Company's financial statements; and the Company's reliance
on joint ventures that it does not control.
    Any forward-looking statements in this press release are based on current
information as of the date of this press release and the Company does not
undertake any obligation to update any forward-looking statements to reflect
new information, future developments or events, except as required by law.

    Notice of Conference Call

    Gerdau Ameristeel invites you to listen to a live broadcast of its fourth
quarter conference call on Wednesday, February 13, 2008, at 2:00 pm EST. The
call will be hosted by Mario Longhi, President and CEO, and Barbara Smith, VP
and CFO, and can be accessed via our Web site at www.gerdauameristeel.com. Web
cast attendees are welcome to listen to the conference in real-time or
on-demand at your convenience.

    About Gerdau Ameristeel

    Gerdau Ameristeel is the second largest mini-mill steel producer in North
America with an annual manufacturing capacity of approximately 12 million tons
of mill finished steel products. Through its vertically integrated network of
19 mini-mills (including one 50%-owned joint venture mini-mill), 19 scrap
recycling facilities and 61 downstream operations, Gerdau Ameristeel serves
customers throughout the United States and Canada. The Company's products are
generally sold to steel service centers, to steel fabricators, or directly to
original equipment manufacturers ("OEMs") for use in a variety of industries,
including non-residential, infrastructure, commercial, industrial and
residential construction, metal building, manufacturing, automotive, mining,
cellular and electrical transmission and equipment manufacturing. Gerdau
Ameristeel's common shares are traded on the New York Stock Exchange and the
Toronto Stock Exchange under the symbol GNA.


    
    EBITDA (earnings before interest, taxes, depreciation and amortization,
    minority interest, foreign exchange, writedown of short-term investments,
    deducting earnings from 50% owned joint ventures and adding cash
    distributions from 50% owned joint ventures) is a non-GAAP measure that
    management believes is a useful supplemental measure of cash available
    prior to debt service, capital expenditures and income tax. Investors are
    cautioned that EBITDA should not be construed as an alternative to net
    income determined in accordance with GAAP as an indicator of the
    Company's performance or to cash flows from operations as a measure of
    liquidity and cash flows. EBITDA does not have a standardized meaning
    prescribed by GAAP. The Company's method of calculating EBITDA may differ
    from the methods used by other companies and, accordingly, it may not be
    comparable to similarly titled measures used by other companies.
    Reconciliation of EBITDA to net income is shown below:


                                                     For the Three Months
                                                       Ended - Unaudited
                                                 ----------------------------
                                                   December 31,  December 31,
                                                       2007          2006
                                                                  As Amended
                                                 -------------  -------------
    ($000s)
      Net income                                   $   141,392   $    66,682
      Income tax expense                                45,285        38,891
      Interest and other expense on debt                63,986        11,153
      Interest income                                   (6,463)       (4,114)
      Depreciation                                      51,330        29,057
      Amortization, including deferred
       financings costs                                 28,433         1,246
      Earnings from joint ventures                     (11,862)      (12,588)
      Cash distribution from 50% owned
       joint ventures                                   10,000        10,000
      Foreign exchange (gain) loss, net                (25,467)        2,026
      Writedown of short-term investments                8,879             -
      Minority interest                                  8,246         2,713
                                                  ------------- -------------

      EBITDA                                       $   313,759   $   145,066
                                                  ------------- -------------
                                                  ------------- -------------



                                                      For the Year Ended
                                                         - Unaudited
                                                 ----------------------------
                                                   December 31,  December 31,
                                                       2007          2006
                                                                  As Amended
                                                  ------------- -------------
    ($000s)
      Net income                                   $   537,869   $   374,596
      Income tax expense                               235,862       196,635
      Interest and other expense on debt               107,738        62,525
      Interest income                                  (17,977)      (18,906)
      Depreciation                                     143,284       142,985
      Amortization, including deferred
       financings costs                                 35,433         3,505
      Earnings from 50% owned joint ventures           (54,079)     (115,606)
      Cash distribution from 50% owned
       joint ventures                                   62,078       101,576
      Foreign exchange (gain) loss, net                (33,321)        1,135
      Writedown of short-term investments                8,879             -
      Minority interest                                 23,080         2,713
                                                  ------------- -------------

      EBITDA                                       $ 1,048,846   $   751,158
                                                  ------------- -------------
                                                  ------------- -------------



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

        THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                     For the Three Months Ended
                            December 31, 2007           December 31, 2006
                        -------------------------   -------------------------

                            Tons                        Tons
                        -----------                 -----------
    Production
      Melt Shops         2,231,690                   1,525,232
      Rolling Mills      2,129,814                   1,484,951

                            Tons            %           Tons            %
                        -----------   -----------   -----------   -----------
    Finished Steel
     Shipments
      Rebar                419,271         19%         345,117         23%
      Merchant/Special
       Sections          1,242,898         57%         714,306         48%
      Rod                  172,068          8%         142,531         10%
      Fabricated Steel     338,170         16%         281,689         19%
                        -----------   -----------   -----------   -----------
        Total Shipments  2,172,407        100%       1,483,643        100%


                           $/Ton                       $/Ton
                        -----------                 -----------
    Selling Prices
      Mill external
       shipments               687                         587
      Fabricated steel
       shipments               929                         763

    Scrap Charged              231                         183

    Metal Spread (Selling
     price less scrap)
      Mill external
       shipments               456                         404
      Fabricated steel
       shipments               698                         580

    Mill manufacturing cost    294                         266



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

        THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                         For the Year Ended
                            December 31, 2007           December 31, 2006
                        -------------------------   -------------------------

                            Tons                        Tons
                        -----------                 -----------
    Production
      Melt Shops         7,525,318                   6,679,084
      Rolling Mills      7,377,855                   6,402,295

                            Tons            %           Tons            %
                        -----------   -----------   -----------   -----------
    Finished Steel
     Shipments
      Rebar              1,680,617         22%       1,518,827         23%
      Merchant/Special
       Sections          3,730,125         49%       3,152,705         48%
      Rod                  733,322         10%         729,595         11%
      Fabricated Steel   1,407,164         19%       1,152,282         18%
                        -----------   -----------   -----------   -----------
        Total Shipments  7,551,228        100%       6,553,409        100%


                           $/Ton                       $/Ton
                        -----------                 -----------
    Selling Prices
      Mill external
       shipments               648                         575
      Fabricated steel
       shipments               889                         770

    Scrap Charged              227                         194

    Metal Spread (Selling
     price less scrap)
      Mill external
       shipments               421                         381
      Fabricated steel
       shipments               662                         576

    Mill manufacturing cost    272                         249



    50% Owned Joint Venture Results

    The following table summarizes the results of the Company's portion of
    its 50% owned joint ventures, primarily Gallatin Steel, a flat rolled
    mill joint venture.

                           Three Months Ended
                              - Unaudited           Year Ended - Unaudited

                       December 31,  December 31,  December 31,  December 31,
                           2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Tons Shipped           199,359       157,705       802,068       772,915

    ($000s)
      Income from
       Operations      $    11,879   $    13,011   $    55,383   $   116,293
      Net Income            11,864        12,588        54,081       115,606
      EBITDA                14,896        15,932        66,540       126,113


                             $/Ton         $/Ton         $/Ton         $/Ton
                             -----         -----         -----         -----

    Average Selling Price      540           560           538           591
    Scrap Charged              275           239           266           243
                      ------------- ------------- ------------- -------------

    Metal Spread               265           321           272           348
                      ------------- ------------- ------------- -------------

    Income from Operations      60            83            69           150
    EBITDA                      75           101            83           163



    GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF EARNINGS
    (US$ in thousands, except earnings per share data)
    (Unaudited)


                           Three Months Ended              Year Ended
                       December 31,  December 31,  December 31,  December 31,
                           2007          2006          2007          2006
                                      As Amended                  As Amended
                      ------------- ------------- ------------- -------------

    NET SALES          $ 1,734,603   $ 1,039,133   $ 5,806,593   $ 4,464,203

    OPERATING EXPENSES
      Cost of sales
       (exclusive of
       depreciation and
       amortization)     1,375,393       851,300     4,623,380     3,617,156
      Selling and
       administrative       53,554        55,099       198,032       191,778
      Depreciation          51,330        29,057       143,284       142,985
      Amortization          22,327           537        26,151           676
      Other operating
       (income) expense,
       net                   1,897        (2,332)       (1,587)        5,687
                      ------------- ------------- ------------- -------------
                         1,504,501       933,661     4,989,260     3,958,282

    INCOME FROM
     OPERATIONS            230,102       105,472       817,333       505,921

    INCOME FROM 50%
     OWNED JOINT
     VENTURES               11,862        12,588        54,079       115,606
                      ------------- ------------- ------------- -------------

    INCOME BEFORE
     OTHER EXPENSES AND
     INCOME TAXES          241,964       118,060       871,412       621,527

    OTHER EXPENSES
      Interest expense      63,986        11,153       107,738        62,525
      Interest income       (6,463)       (4,114)      (17,977)      (18,906)
      Foreign exchange
       (gain) loss, net    (25,467)        2,026       (33,321)        1,135
      Writedown of
       short-term
       investments           8,879             -         8,879             -
      Amortization of
       deferred financing
       costs                 6,106           709         9,282         2,829
      Minority interest      8,246         2,713        23,080         2,713
                      ------------- ------------- ------------- -------------
                            55,287        12,487        97,681        50,296

    INCOME BEFORE
     INCOME TAXES          186,677       105,573       773,731       571,231

    INCOME TAX EXPENSE      45,285        38,891       235,862       196,635
                      ------------- ------------- ------------- -------------

    NET INCOME         $   141,392   $    66,682   $   537,869   $   374,596
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    EARNINGS PER COMMON
     SHARE - BASIC     $      0.37   $      0.22   $      1.66   $      1.23
    EARNINGS PER COMMON
     SHARE - DILUTED   $      0.37   $      0.22   $      1.65   $      1.23


    Effective January 1, 2007, the Company adopted Financial Accounting
    Standards Board ("FASB") Staff Position No. AUG-AIR-1, "Accounting for
    Planned Major Maintenance Activities". This guidance specifically
    precludes the use of the previously acceptable "accrue in advance" method
    of accounting for these activities. In compliance with this new guidance,
    the Company has retroactively adjusted the Condensed Consolidated
    Statements of Earnings for the three months and year ended December 31,
    2006 resulting in a decrease in net income of $2.7 million and
    $4.1 million, respectively. Additionally, the Company also adjusted the
    Condensed Consolidated Balance Sheet and Condensed Consolidated Statement
    of Changes in Shareholders' Equity for the year ended December 31, 2006
    resulting in an increase in shareholders' equity of $1.3 million.



    GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (US$ in thousands, except earnings per share data)


                                                   December 31,  December 31,
                                                       2007          2006
                                                                  As Amended
                                                  ------------- -------------
    ASSETS

    Current Assets
      Cash and cash equivalents                    $   547,362   $   109,236
      Restricted cash                                        -           498
      Short-term investments                            94,591       123,430
      Accounts receivable, net                         705,929       460,828
      Inventories                                    1,203,107       820,485
      Deferred tax assets                               21,779        38,538
      Costs and estimated earnings in excess
       of billings on uncompleted contracts              3,844         2,977
      Income taxes receivable                           23,986        23,623
      Other current assets                              25,880        17,428
                                                  ------------- -------------
        Total Current Assets                         2,626,478     1,597,043

    Investments in 50% Owned Joint Ventures            161,168       167,466
    Property, Plant and Equipment, net               1,908,617     1,119,458
    Goodwill                                         3,050,906       252,599
    Intangibles                                        598,528         9,216
    Deferred Financing Costs                            44,544        12,029
    Deferred Tax Assets                                 12,433        12,948
    Other Assets                                        25,846         5,629
                                                  ------------- -------------

    TOTAL ASSETS                                   $ 8,428,520   $ 3,176,388
                                                  ------------- -------------
                                                  ------------- -------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities
      Accounts payable and accrued liabilities     $   376,634   $   317,425
      Accrued salaries, wages and employee
       benefits                                        169,658       110,237
      Accrued interest                                  40,631        20,909
      Income taxes payable                              28,143        19,478
      Accrued sales, use and property taxes             11,970         8,024
      Current portion of long-term
       environmental reserve                             3,704        12,238
      Billings in excess of costs and estimated
       earnings on uncompleted contracts                17,448        15,443
      Other current liabilities                         25,901        19,629
      Current portion of long-term borrowings           15,589           214
                                                  ------------- -------------
        Total Current Liabilities                      689,678       523,597

    Long-term Borrowings, Less Current Portion       3,055,431       431,441
    Accrued Benefit Obligations                        252,422       238,503
    Long-term Environmental Reserve,
     Less Current Portion                               11,830         9,993
    Other Liabilities                                   78,401        38,082
    Deferred Tax Liabilities                           433,822        53,733
    Minority Interest                                   42,321        27,581
                                                  ------------- -------------

    TOTAL LIABILITIES                                4,563,905     1,322,930
                                                  ------------- -------------

    Contingencies, commitments and guarantees

    Shareholders' Equity
      Capital stock                                  2,547,123     1,016,287
      Retained earnings                              1,253,196       828,998
      Accumulated other comprehensive income            64,296         8,173
                                                  ------------- -------------

    TOTAL SHAREHOLDERS' EQUITY                       3,864,615     1,853,458
                                                  ------------- -------------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $ 8,428,520   $ 3,176,388
                                                  ------------- -------------
                                                  ------------- -------------



    GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (US$ in thousands, except earnings per share data)
    (Unaudited)


                           Three Months Ended              Year Ended
                       December 31,  December 31,  December 31,  December 31,
                           2007          2006          2007          2006
                                      As Amended                  As Amended
                      ------------- ------------- ------------- -------------

    OPERATING ACTIVITIES
    Net income         $   141,392   $    66,682   $   537,869   $   374,596
    Adjustment to
     reconcile net income
     to net cash provided
     by operating
     activities:
      Minority interest      8,246         2,713        23,080         2,713
      Depreciation          51,331        29,057       143,284       142,985
      Amortization          22,326           537        26,151           676
      Amortization of
       deferred financing
       costs                 6,106           709         9,282         2,829
      Write off
       unamortized fair
       value market
       adjustment                -             -             -         5,604
      Deferred income
       taxes                21,979       (12,354)       20,988          (309)
      Loss (gain) on
       disposition of
       property, plant
       and equipment           388             -         3,295        (8,914)
      Income from 50%
       owned joint
       ventures            (11,862)      (12,588)      (54,079)     (115,606)
      Distributions from
       50% owned joint
       ventures             10,000        10,000        62,078       101,576
      Facilities closure
       expenses              3,178             -         3,178         9,400
      Compensation cost
       from share-based
       awards                6,663         3,800        21,522        34,371
      Realized loss on
       writedown of
       short-term
       investments           8,879             -         8,879             -
      Excess tax benefits
       from share-based
       payment
       arrangements            (35)         (537)       (1,159)       (1,998)

    Changes in operating
     assets and
     liabilities, net
     of acquisitions:
      Accounts receivable  119,210        99,399       (30,037)       23,483
      Inventories           13,544       (24,004)       (9,710)      (10,594)
      Other assets         (19,541)      (22,184)      (26,937)      (21,551)
      Liabilities          (24,465)      (21,743)       26,701       (33,652)
                      ------------- ------------- ------------- -------------
    NET CASH PROVIDED
     BY OPERATING
     ACTIVITIES            357,339       119,487       764,385       505,609

    INVESTING ACTIVITIES
      Additions to
       property, plant
       and equipment       (40,136)      (63,956)     (173,786)     (212,663)
      Proceeds received
       from the
       disposition of
       property, plant
       and equipment            84             -         1,371        14,110
      Acquisitions        (100,973)     (104,500)   (4,354,735)     (214,938)
      Opening cash from
       acquisitions            157          (437)      528,980        21,934
      Change in
       restricted cash           -            (6)          498           (25)
      Purchases of
       short-term
       investments               -      (321,855)     (592,240)   (1,531,535)
      Sales of
       short-term
       investments             749       371,075       612,200     1,408,105
                      ------------- ------------- ------------- -------------
    NET CASH USED IN
     INVESTING
     ACTIVITIES           (140,119)     (119,679)   (3,977,712)     (515,012)

    FINANCING ACTIVITIES
      Proceeds from
       issuance of
       new debt             16,689             -     4,087,410             -
      Payments on
       term borrowings  (1,300,038)       (2,224)   (1,450,264)       (6,637)
      Additions to
       deferred
       financing costs      (1,399)            -       (40,725)         (404)
      Retirement of
       bonds                  (115)            -      (341,759)      (88,493)
      Retirement of
       convertible
       debentures                -             -             -      (111,990)
      Cash dividends        (8,640)       (6,101)     (109,366)      (91,387)
      Distributions to
       subsidiary's
       minority
       shareholder            (783)            -        (8,340)            -
      Proceeds from
       issuance of
       employee stock
       purchases                42           262         1,258         1,290
      Proceeds from
       issuance of
       common stock,
       net               1,526,785             -     1,526,785             -
      Excess tax
       benefits from
       share-based
       payment
       arrangements             35           537         1,159         1,998
                      ------------- ------------- ------------- -------------
    NET CASH PROVIDED
     BY (USED IN)
     FINANCING
     ACTIVITIES            232,576        (7,526)    3,666,158      (295,623)

    Effect of exchange
     rate changes on
     cash and cash
     equivalents           (16,278)         (300)      (14,705)            3

    INCREASE (DECREASE)
     IN CASH AND CASH
     EQUIVALENTS           433,518        (8,018)      438,126      (305,023)

    CASH AND CASH
     EQUIVALENTS AT
     BEGINNING OF
     PERIOD                113,844       117,254       109,236       414,259
                      ------------- ------------- ------------- -------------

    CASH AND CASH
     EQUIVALENTS AT
     END OF PERIOD     $   547,362   $   109,236   $   547,362   $   109,236
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------
    

    %SEDAR: 00000593E




For further information:

For further information: Mario Longhi, President and Chief Executive
Officer, Gerdau Ameristeel, (813) 207-2346, mlonghi@gerdauameristeel.com;
Barbara R. Smith, Vice President and Chief Financial Officer, Gerdau
Ameristeel, (813) 319-4324, basmith@gerdauameristeel.com

Organization Profile

GERDAU AMERISTEEL CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890