Gerdau Ameristeel Announces Record Second Quarter 2008 Earnings



    TAMPA, FL, Aug. 6 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA;
TSX: GNA) today reported net income of $262.1 million ($0.60 per share fully
diluted) for the three months ended June 30, 2008, an 88.4% increase in
comparison to net income of $139.1 million ($0.45 per share fully diluted) for
the three months ended June 30, 2007.
    For the six months ended June 30, 2008, net income was $425.1 million
($0.98 per share fully diluted), an increase of 55.9% compared to net income
of $272.7 million ($0.89 per share fully diluted) for the six months ended
June 30, 2007.
    Net sales for the three months ended June 30, 2008 increased 92.3% to
$2.5 billion from $1.3 billion for the three months ended June 30, 2007. For
the three months ended June 30, 2008, finished steel shipments increased to
2.5 million tons, an increase of 805 thousand tons from the three months ended
June 30, 2007, primarily as a result of the acquisition of Chaparral Steel in
September 2007. Additionally, average mill finished steel selling prices for
the three months ended June 30, 2008 increased 36.1% over the level in this
same period in 2007 and 19.9% over first quarter 2008 levels. In comparison to
the first quarter of 2008, shipment volume increased 5.1%.
    For the three months ended June 30, 2008, metal spread, the difference
between mill selling prices and scrap raw material costs, was $499 per ton, an
increase of $83 per ton from the same period in 2007. The increase is
primarily attributable to the higher margin structural products. For the six
months ended June 30, 2008, metal spread was $478 per ton, an increase of $85
per ton from the same period in the prior year. Partially offsetting this
increase in metal spread has been a significant increase in alloys, energy and
other raw material consumables used in our production process.
    Earnings before interest, taxes, depreciation and amortization ("EBITDA")
was $521.1 million for the three months ended June 30, 2008, compared to
EBITDA of $240.3 million for the three months ended June 30, 2007. For the six
months ended June 30, 2008, EBITDA was $908.5 million compared to
$484.9 million for the six months ended June 30, 2007.
    In the prior year, the Company purchased investments that are comprised
of variable rate debt obligations, known as auction rate securities. During
the three and six months ended June 30, 2008, the Company recorded a
$17.0 million and $39.7 million charge to writedown the carrying value of
these investments to their fair market value of $54.2 million. The original
investment in these securities was approximately $102.8 million. The impact to
earnings per share of this writedown for the three and six months ended
June 30, 2008 was approximately $0.04 and $0.09 per share, respectively. The
effective tax rate was unfavorably impacted by this writedown as no associated
tax benefit was recorded for this item.
    On April 1, 2008, Pacific Coast Steel ("PCS"), a majority owned and
consolidated joint venture of the Company, acquired substantially all the
assets of Century Steel, Inc. ("CSI"), a reinforcing and structural steel
contractor specializing in the fabrication and installation of structural
steel and reinforcing steel products for $148.5 million. CSI, headquartered in
Las Vegas, Nevada, operates reinforcing and structural steel contracting
businesses in Nevada, California, Utah and New Mexico. Concurrently with the
acquisition of CSI, the Company paid $82.0 million to increase its equity
participation in PCS to approximately 84%.
    In June 2008, the Company increased its Senior Secured Credit Facility
from $650.0 million to $950.0 million. At June 30, 2008, there was nothing
drawn against this facility which is secured by the Company's inventory and
accounts receivable.
    On July 14, 2008, the Company acquired substantially all of the assets of
Hearon Steel Co., a rebar fabricator and epoxy coater with locations in
Muskogee, Tulsa and Oklahoma City, Oklahoma.
    On August 5, 2008, the Board of Directors approved a quarterly cash
dividend of $0.02 (two US$ cents) per common share, payable September 4, 2008
to shareholders of record at the close of business on August 20, 2008.

    CEO Comments

    Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
    "We recorded the highest quarterly level of shipments, revenue and
earnings in the history of Gerdau Ameristeel during the second quarter,
attributable to the successful execution of our strategic plans over the past
several years. The acquisition of Chaparral Steel diversified our product mix
into high margin structural steel products while our acquisition of Century
Steel expands our value added downstream fabrication and installation business
in the western United States markets. Our expansive product offerings and
large geographic footprint reduce our dependence on any one customer industry
segment and help us produce these attractive results for our shareholders. In
addition, our recycling facilities, which provide a captive source for
approximately 40% of our scrap raw material requirements, have reduced the
impact of the significant volatility that has been experienced in this market
during 2008.
    While we continue to experience significant inflation in our raw material
costs, we have been able to increase selling prices to preserve our margins.
North American demand remains solid across our main product lines including
rebar, merchant and structural bars and wire rod. In addition, we have been
able to supplement our North American shipments with strategic export
opportunities to keep our facilities operating at near capacity levels.
    Our customer base has shown resilience to the general weakening of the
North American economy as our order backlog remains solid and new contract
activity continues in our downstream business which is a leading indicator for
our mill demand. This, combined with import levels which have moderated from
historical highs, global steel demand remaining strong, and relatively low
inventory levels throughout the North American system, gives us a positive
outlook for the coming months."

    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; increases in the cost of steel scrap, energy
and other raw materials; steel imports and trade regulations; a change in
China's steelmaking capacity or slowdown in China's steel consumption; the
Company's participation in the consolidation of the steel industry; the
substantial capital investment and similar expenditures required in the
Company's business; unexpected equipment failures and plant interruptions or
outages; the Company's level of indebtedness; 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; the Company's
ability to fund its pension plans; the ability to renegotiate collective
bargaining agreements and avoid labor disruptions; currency exchange rate
fluctuations; actions or potential actions taken by the Company's principal
stockholder, Gerdau S.A., the liquidity of the Company's short-term
investments, including investments in auction rate securities, and the
Company's reliance on its 50%-owned 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 second
quarter conference call on Wednesday, August 6, 2008, at 3:00 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 68 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.



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

                                   Three Months             Six Months
                                   Ended June 30,          Ended June 30,
                              ----------------------- -----------------------
                                 2008        2007        2008        2007
                              ----------- ----------- ----------- -----------

    NET SALES                 $2,545,810  $1,331,818  $4,577,472  $2,674,814

    OPERATING EXPENSES
      Cost of sales (exclusive
       of depreciation
       and amortization)       1,980,192   1,051,191   3,580,819   2,120,063
      Selling and
       administrative             74,829      52,148     129,405     102,811
      Depreciation                51,984      29,051     104,504      57,143
      Amortization of
       intangibles                26,257         251      50,420         709
      Other operating
       income, net                  (340)       (573)       (890)     (1,256)
                              ----------- ----------- ----------- -----------
                               2,132,922   1,132,068   3,864,258   2,279,470

    INCOME FROM OPERATIONS       412,888     199,750     713,214     395,344

    INCOME FROM 50% OWNED
     JOINT VENTURES               41,727      14,334      60,107      32,029
                              ----------- ----------- ----------- -----------
    INCOME BEFORE OTHER
     EXPENSES AND INCOME TAXES   454,615     214,084     773,321     427,373

    OTHER EXPENSES
      Interest expense            35,564       8,965      87,403      19,268
      Interest income             (2,638)     (3,004)     (9,301)     (5,356)
      Foreign exchange (gain)
       loss, net                    (451)     (4,021)     (4,329)     (4,269)
      Amortization of deferred
       financing costs             2,691         691       5,382       1,376
      Writedown of investments    17,004           -      39,671           -
      Minority interest            3,543       5,274       7,938       9,886
                              ----------- ----------- ----------- -----------
                                  55,713       7,905     126,764      20,905

    INCOME BEFORE INCOME TAXES   398,902     206,179     646,557     406,468

    INCOME TAX EXPENSE           136,795      67,051     221,442     133,805
                              ----------- ----------- ----------- -----------

    NET INCOME                $  262,107  $  139,128  $  425,115  $  272,663
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------
    EARNINGS PER COMMON
     SHARE - BASIC            $     0.61  $     0.46  $     0.98  $     0.89
    EARNINGS PER COMMON
     SHARE - DILUTED          $     0.60  $     0.45  $     0.98  $     0.89



    GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (US$ in thousands)
    (Unaudited)

                                                   June 30,     December 31,
                                                    2008           2007
                                                -------------- --------------
    ASSETS

    Current Assets
      Cash and cash equivalents                  $    311,740   $    547,362
      Short-term investments                                -         94,591
      Accounts receivable, net                      1,134,949        705,929
      Inventories                                   1,474,709      1,203,107
      Deferred tax assets                              38,082         21,779
      Costs and estimated earnings in excess
       of billings on uncompleted contracts            20,211          3,844
      Income taxes receivable                           5,144         23,986
      Other current assets                             29,982         25,880
                                                -------------- --------------
        Total Current Assets                        3,014,817      2,626,478

    Investments in 50% Owned Joint Ventures           180,502        161,168
    Long-Term investments                              54,220              -
    Property, Plant and Equipment, net              1,873,165      1,908,617
    Goodwill                                        3,182,190      3,050,906
    Intangibles                                       567,281        598,528
    Deferred Financing Costs                           39,259         44,544
    Deferred Tax Assets                                 1,718         12,433
    Other Assets                                       69,534         25,846
                                                -------------- --------------

    TOTAL ASSETS                                 $  8,982,686   $  8,428,520
                                                -------------- --------------
                                                -------------- --------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities
      Accounts payable and accrued liabilities   $    604,454   $    376,634
      Accrued salaries, wages and employee
       benefits                                       138,231        169,658
      Accrued interest                                 50,408         40,631
      Income taxes payable                             50,461         28,143
      Accrued sales, use and property taxes            14,298         11,970
      Current portion of long-term
       environmental reserve                            4,528          3,704
      Billings in excess of costs and estimated
       earnings on uncompleted contracts               64,400         17,448
      Other current liabilities                        20,231         25,901
      Current portion of long-term borrowings          15,527         15,589
                                                -------------- --------------
        Total Current Liabilities                     962,538        689,678

    Long-term Borrowings, Less Current Portion      3,054,185      3,055,431
    Accrued Benefit Obligations                       229,242        252,422
    Long-term Environmental Reserve,
     Less Current Portion                              12,038         11,830
    Other Liabilities                                  94,638         78,401
    Deferred Tax Liabilities                          428,792        433,822
    Minority Interest                                  34,517         42,321
                                                -------------- --------------

    TOTAL LIABILITIES                               4,815,950      4,563,905
                                                -------------- --------------

    Contingencies, commitments and guarantees

    Shareholders' Equity
      Capital stock                                 2,550,303      2,547,123
      Retained earnings                             1,553,001      1,253,196
      Accumulated other comprehensive income           63,432         64,296
                                                -------------- --------------

    TOTAL SHAREHOLDERS' EQUITY                      4,166,736      3,864,615
                                                -------------- --------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $  8,982,686   $  8,428,520
                                                -------------- --------------
                                                -------------- --------------



    GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (US$ in thousands)
    (Unaudited)

                                   Three Months             Six Months
                                   Ended June 30,          Ended June 30,
                              ----------------------- -----------------------
                                 2008        2007        2008        2007
                              ----------- ----------- ----------- -----------

    OPERATING ACTIVITIES
    Net income                $  262,107  $  139,128  $  425,115  $  272,663
    Adjustment to reconcile
     net income to net cash
     provided by operating
     activities:
      Minority interest            3,543       5,274       7,938       9,886
      Depreciation                51,984      29,051     104,504      57,143
      Amortization of
       intangibles                26,257         251      50,420         709
      Amortization of deferred
       financing costs             2,691         691       5,382       1,376
      Deferred income taxes      (14,134)      3,583     (15,968)     10,256
      Loss (gain) on
       disposition of property,
       plant and equipment           254         (13)       (269)        291
      Income from 50% owned
       joint ventures            (41,727)    (14,334)    (60,107)    (32,029)
      Distributions from 50%
       owned joint ventures       30,000      11,250      40,404      31,654
      Compensation cost from
       share-based awards         12,611       8,223      15,799      17,005
      Excess tax benefits from
       share-based payment
       arrangements                 (469)       (463)     (1,133)       (989)
      Realized loss on writedown
       of investments             17,004           -      39,671           -
      Facility closure expenses        -           -         990           -

    Changes in operating
     assets and liabilities,
     net of acquisitions:
      Accounts receivable       (228,495)      6,427    (357,691)   (164,268)
      Inventories               (225,035)    (31,484)   (271,958)     (9,322)
      Other assets                (1,951)     (1,363)     (3,085)     22,843
      Liabilities                 97,082     (88,045)    182,976     (17,427)
                              ----------- ----------- ----------- -----------
    NET CASH (USED IN) PROVIDED
     BY OPERATING ACTIVITIES      (8,278)     68,176     162,988     199,791

    INVESTING ACTIVITIES
      Additions to property,
       plant and equipment       (35,004)    (38,672)    (65,710)    (92,786)
      Proceeds received from
       the disposition of
       property, plant and
       equipment                     312         409       1,614       1,165
      Acquisitions              (203,500)     (4,988)   (203,500)     (4,988)
      Change in restricted
       cash                            -           -           -          (6)
      Purchases of short-term
       investments                     -    (243,969)          -    (461,658)
      Sales of short-term
       investments                   700     257,835         700     457,630
                              ----------- ----------- ----------- -----------
    NET CASH USED IN
     INVESTING ACTIVITIES       (237,492)    (29,385)   (266,896)   (100,643)

    FINANCING ACTIVITIES
      Proceeds from issuance
       of debt                         1      19,508         499      19,508
      Payments on term
       borrowings                 (4,234)        (92)     (4,259)       (154)
      Additions to deferred
       financing costs              (108)       (521)       (108)       (521)
      Cash dividends              (8,645)     (6,106)   (125,310)    (94,617)
      Distributions to
       subsidiary's minority
       shareholder                     -      (3,944)     (3,065)     (5,165)
      Proceeds from exercise of
       employee stock options        630         322       1,124         617
      Excess tax benefits from
       share-based payment
       arrangements                  469         463       1,133         989
                              ----------- ----------- ----------- -----------
    NET CASH (USED IN) PROVIDED
     BY FINANCING ACTIVITIES     (11,887)      9,630    (129,986)    (79,343)

    Effect of exchange rate
     changes on cash and
     cash equivalents                452         533      (1,728)        564
                              ----------- ----------- ----------- -----------

    (DECREASE) INCREASE IN
     CASH AND CASH EQUIVALENTS  (257,205)     48,954    (235,622)     20,369

    CASH AND CASH EQUIVALENTS
     AT BEGINNING OF PERIOD      568,945      80,651     547,362     109,236
                              ----------- ----------- ----------- -----------

    CASH AND CASH EQUIVALENTS
     AT END OF PERIOD         $  311,740  $  129,605  $  311,740  $  129,605
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Supplemental Information:

      Cash payments for
       income taxes           $  176,998  $   89,665  $  195,045  $   97,963
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------
      Cash payments for
       interest               $    4,029  $      275  $   78,113  $   21,673
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------



    EBITDA (EBITDA is calculated by adding earnings before interest and other
    expense on debt, taxes, depreciation, amortization, writedown of
    short-term investments, foreign exchange gain/loss, net, minority
    interest and cash distributions from 50% owned joint ventures, and
    deducting interest income and earnings 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
                                                -----------------------------

                                                June 30, 2008  June 30, 2007
                                                -------------- --------------
    ($000s)
      Net income                                 $    262,107   $    139,128
      Income tax expense                              136,795         67,051
      Interest and other expense on debt               35,564          8,965
      Interest income                                  (2,638)        (3,004)
      Depreciation                                     51,984         29,051
      Amortization of intangibles                      26,257            251
      Amortization of deferred financings costs         2,691            691
      Earnings from 50% owned joint ventures          (41,727)       (14,334)
      Cash distribution from 50% owned
       joint ventures                                  30,000         11,250
      Foreign exchange (gain) loss, net                  (451)        (4,021)
      Writedown of investments                         17,004              -
      Minority interest                                 3,543          5,274
                                                -------------- --------------

    EBITDA                                       $    521,129   $    240,301
                                                -------------- --------------
                                                -------------- --------------


                                                     For the Six Months
                                                     Ended - Unaudited
                                                -----------------------------

                                                June 30, 2008  June 30, 2007
                                                -------------- --------------
    ($000s)
      Net income                                 $    425,115   $    272,663
      Income tax expense                              221,442        133,805
      Interest and other expense on debt               87,403         19,268
      Interest income                                  (9,301)        (5,356)
      Depreciation                                    104,504         57,143
      Amortization of intangibles                      50,420            709
      Amortization of deferred financings costs         5,382          1,376
      Earnings from 50% owned joint ventures          (60,107)       (32,029)
      Cash distribution from 50% owned
       joint ventures                                  40,404         31,654
      Foreign exchange (gain) loss, net                (4,329)        (4,269)
      Writedown of investments                         39,671              -
      Minority interest                                 7,938          9,886
                                                -------------- --------------

    EBITDA                                       $    908,542   $    484,850
                                                -------------- --------------
                                                -------------- --------------



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

       THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                       For the Three Months Ended
                                  June 30, 2008           June 30, 2007
                              ----------------------  ----------------------

                                  Tons                    Tons
                              -----------             -----------
    Production
      Melt Shops               2,504,088               1,799,841
      Rolling Mills            2,406,082               1,749,515

                                  Tons         %          Tons         %
                              -----------  ---------  -----------  ---------
    Finished Steel Shipments
      Rebar                      489,694       20%       396,770       23%
      Merchant/Special
       Sections/Structurals    1,423,274       57%       754,135       45%
      Rod                        193,421        7%       181,832       11%
      Fabricated Steel           393,696       16%       362,275       21%
                              -----------  ---------  -----------  ---------
        Total Shipments        2,500,085      100%     1,695,012      100%


                                 $/Ton                   $/Ton
                              -----------             -----------
    Selling Prices
      Mill external shipments   $    882                $    648
      Fabricated steel
       shipments                   1,098                     878

    Scrap Charged                    383                     232

    Metal Spread (Selling
     price less scrap)
      Mill external shipments        499                     416
      Fabricated steel
       shipments                     715                     646

    Mill manufacturing cost          332                     255

    Operating Income                 165                     118

    EBITDA                           208                     142



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

       THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                        For the Six Months Ended
                                  June 30, 2008           June 30, 2007
                              ----------------------  ----------------------

                                  Tons                    Tons
                              -----------             -----------
    Production
      Melt Shops               4,931,262               3,526,961
      Rolling Mills            4,708,986               3,482,856

                                  Tons         %          Tons         %
                              -----------  ---------  -----------  ---------
    Finished Steel Shipments
      Rebar                      994,941       20%       873,453       24%
      Merchant/Special
       Sections/Structurals    2,775,125       57%     1,630,467       45%
      Rod                        392,727        8%       378,595       11%
      Fabricated Steel           715,896       15%       702,912       20%
                              -----------  ---------  -----------  ---------
        Total Shipments        4,878,689      100%     3,585,427      100%


                                 $/Ton                   $/Ton
                              -----------             -----------
    Selling Prices
      Mill external shipments   $    809                $    617
      Fabricated steel
       shipments                   1,036                     870

    Scrap Charged                    331                     224

    Metal Spread (Selling
     price less scrap)
      Mill external shipments        478                     393
      Fabricated steel
       shipments                     705                     646

    Mill manufacturing cost          319                     253

    Operating Income                 146                     110

    EBITDA                           186                     135



    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 -    Six Months Ended -
                                    Unaudited              Unaudited
                                June 30,    June 30,    June 30,    June 30,
                                 2008        2007        2008        2007
                              ----------- ----------- ----------- -----------

    Tons Shipped                 217,651     200,817     433,853     400,802

    Operating Income          $   41,869  $   14,981  $   60,449  $   33,101
    Net Income                    41,724      14,334      60,101      32,029
    EBITDA                        44,694      17,458      66,182      38,279


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

    Average Selling Price            879         554         753         542
    Scrap Charged                    474         273         401         261

    Metal Spread                     405         281         352         281

    Operating Income                 192          75         139          83
    EBITDA                           205          87         153          96

    





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

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GERDAU AMERISTEEL CORPORATION

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