Gerdau Ameristeel Announces Third Quarter 2007 Results



    TAMPA, FL, Nov. 6 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA;
TSX: GNA) today reported net income of $123.8 million, or $0.40 per share
fully diluted, for the three months ended September 30, 2007, a 35% increase
in comparison to net income of $91.4 million, or $0.30 per share fully
diluted, for the three months ended September 30, 2006.
    For the nine months ended September 30, 2007, net income is
$396.5 million, or $1.29 per share fully diluted, an increase of 29% compared
to net income of $307.9 million, or $1.01 per share fully diluted, for the
nine months ended September 30, 2006.
    Revenues for the three months ended September 30, 2007 increased 20% to
$1.4 billion from $1.2 billion for the three months ended September 30, 2006.
For the three months ended September 30, 2007, finished steel shipments
increased to 1.8 million tons, an increase of 123 thousand tons from the three
months ended September 30, 2006, primarily as a result of the acquisitions of
Chaparral Steel and Pacific Coast Steel. Average mill finished steel selling
prices increased 11% over the level in this same period in 2006.
    For the nine months ended September 30, 2007, revenues were $4.1 billion
compared to $3.4 billion for the nine months ended September 30, 2006. For the
nine months ended September 30, 2007, finished steel shipments increased to
5.4 million tons, an increase of 309 thousand tons from the nine months ended
September 30, 2006, primarily as a result of the acquisitions of Chaparral
Steel, Sheffield Steel, and Pacific Coast Steel. Average mill finished steel
selling prices increased 11% over those in this same period in 2006.
    For the three months ended September 30, 2007, metal spread, the
difference between mill selling prices and scrap raw material costs, was
$440 per ton, and an increase of $50 per ton from the same period in 2006. For
the nine months ended September 30, 2007, metal spread was $409 per ton, an
increase of $35 per ton from the same period in 2006.
    EBITDA was $253.8 million for the three months ended September 30, 2007
and $742.9 million for the nine months ended September 30, 2007, compared to
EBITDA of $211.4 million for the three months ended September 30, 2006 and
$607.0 million for the nine months ended September 30, 2006.
    Included in selling and administrative expense for the three and nine
months ended September 30, 2007 is a non-cash pretax expense reversal of
$2.0 million and a non-cash pretax expense of $16.0 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 reversal of $0.6 million and a non-cash pretax expense of
$30.6 million, respectively, for the three and nine months ended September 30,
2006.
    On September 14, 2007, the Company completed its $4.2 billion acquisition
of Chaparral Steel Company ("Chaparral"), broadening Gerdau Ameristeel's
product portfolio and giving it a wide range of structural steel products.
Chaparral is a leading producer of structural steel products in North America
and also a major producer of steel bar products. It operates two mini-mills,
one located in Midlothian, Texas, and the other located in Petersburg,
Virginia. The acquisition was financed with credit facilities totaling
$3.9 billion. As a result of Chaparral's operations only being included
subsequent to the acquisition date and fair value purchase accounting
adjustments required under US GAAP, the Chaparral assets did not significantly
contribute to the operating income of the Company for the three months ended
September 30, 2007.
    On November 1, 2007, the Company filed a final short form prospectus with
the securities regulatory authorities in each of the provinces and territories
of Canada and with the United States Securities and Exchange Commission, in
connection with an offering in the United States and Canada of 110 million of
its common shares. Gerdau S.A., which currently owns approximately 66.5% of
the outstanding common shares of the Company, has agreed to purchase
approximately 73 million common shares from the Company in the offering.
Approximately 37 million common shares will be distributed to the public
through an underwriting syndicate. The offering is expected to close on
November 7, 2007. The net proceeds of the offering of approximately
$1.3 billion will be used to partially repay the loans incurred by the Company
in connection with the acquisition of Chaparral (described above). The Company
has also granted the underwriters an option to purchase up to an additional
5,535,750 common shares at the public offering price (as adjusted, if
applicable, for any dividends declared and payable on the common shares prior
to exercise of the option), less underwriting commission within 30 days
following the closing of the offering. Gerdau S.A. has agreed to purchase,
within two days after the exercise of the overallotment option, a number of
additional common shares to maintain its approximate 66.5% ownership interest,
at the public offering price (as adjusted, if applicable, for any dividends
declared and payable on the Company common shares prior to exercise of the
option).
    On November 5, 2007, the Board of Directors approved a quarterly cash
dividend of $0.02 (two US$ cents) per common share, payable December 12, 2007
to shareholders of record at the close of business on November 27, 2007.

    CEO Comments

    Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
    "Our operations have performed well during 2007 and earnings through the
first nine months of 2007 have already surpassed our full year earnings from
2006. The slowdown in the North American residential construction segment has
little direct impact to our demand as we primarily service the infrastructure
and non-residential construction industry which remains strong.
    We are focused on executing on our integration strategy for Chaparral
which to date has proceeded well. Employees from both organizations have been
fully engaged in this process, sharing best practices to seek to ensure that
synergy opportunities are realized.
    With the expected completion of our equity offering generating
approximately $1.3 billion of cash, prior to any exercise of the overallotment
option, to reduce our debt levels, we believe that our capital structure will
be well positioned for the coming years."

    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 third
quarter conference call on Tuesday, November 6, 2007, at 2:30 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 11.7 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 62 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
    and minority interest, 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
                                                -----------------------------
                                                 September 30,  September 30,
                                                     2007           2006
                                                                 As Amended
                                                -------------- --------------
    ($000s)
      Net income                                  $   123,814    $    91,436
      Income tax expense                               56,772         51,471
      Interest and other expense on debt               18,326         16,147
      Depreciation and amortization                    39,726         61,608
      Earnings from 50% owned joint ventures          (10,188)       (39,641)
      Cash distribution from 50% owned
       joint ventures                                  20,424         30,423
      Minority interest                                 4,948              -
                                                -------------- --------------

      EBITDA                                      $   253,822    $   211,444
                                                -------------- --------------
                                                -------------- --------------



                                                     For the Nine Months
                                                      Ended - Unaudited
                                                -----------------------------
                                                 September 30,  September 30,
                                                     2007           2006
                                                                 As Amended
                                                -------------- --------------
    ($000s)
      Net income                                  $   396,477    $   307,914
      Income tax expense                              190,577        157,744
      Interest and other expense on debt               32,238         36,580
      Depreciation and amortization                    98,954        116,187
      Earnings from 50% owned joint ventures          (42,217)      (103,018)
      Cash distribution from 50% owned
       joint ventures                                  52,078         91,576
      Minority interest                                14,834              -
                                                -------------- --------------

      EBITDA                                      $   742,941    $   606,983
                                                -------------- --------------
                                                -------------- --------------



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

       THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                      For the Three Months Ended
                            September 30, 2007          September 30, 2006
                        -------------------------   -------------------------

                            Tons                        Tons
                        -----------                 -----------
    Production
      Melt Shops         1,766,667                   1,751,565
      Rolling Mills      1,765,185                   1,716,506

                            Tons            %           Tons            %
                        -----------   -----------   -----------   -----------
    Finished Steel
     Shipments
      Rebar                387,893         22%         402,310         24%
      Merchant/Special
       Sections            856,760         48%         765,120         45%
      Rod                  182,659         10%         208,885         13%
      Fabricated Steel     366,082         20%         293,599         18%
                        -----------   -----------   -----------   -----------
        Total Shipments  1,793,394        100%       1,669,914        100%


                           $/Ton                       $/Ton
                                                    As Amended
                        -----------                 -----------
    Selling Prices
      Mill external
       shipments               659                         593
      Fabricated steel
       shipments               891                         762

    Scrap Charged              219                         203

    Metal Spread (Selling
     price less scrap)
      Mill external
       shipments               440                         390
      Fabricated steel
       shipments               672                         559

    Mill manufacturing cost    273                         249



    SUPPLEMENTAL OPERATING AND FINANCIAL INFORMATION - UNAUDITED

       THE INFORMATION IN THIS TABLE EXCLUDES 50% OWNED JOINT VENTURES

                                      For the Nine Months Ended
                            September 30, 2007          September 30, 2006
                        -------------------------   -------------------------

                            Tons                        Tons
                        -----------                 -----------
    Production
      Melt Shops         5,293,628                   5,153,852
      Rolling Mills      5,248,041                   4,917,344

                            Tons            %           Tons            %
                        -----------   -----------   -----------   -----------
    Finished Steel
     Shipments
      Rebar              1,261,346         23%       1,173,710         23%
      Merchant/Special
       Sections          2,487,227         47%       2,438,399         48%
      Rod                  561,254         10%         587,064         12%
      Fabricated Steel   1,068,994         20%         870,593         17%
                        -----------   -----------   -----------   -----------
        Total Shipments  5,378,821        100%       5,069,766        100%



                           $/Ton                       $/Ton
                                                    As Amended
                        -----------                 -----------
    Selling Prices
      Mill external
       shipments               632                         571
      Fabricated steel
       shipments               877                         750

    Scrap Charged              223                         197

    Metal Spread (Selling
     price less scrap)
      Mill external
       shipments               409                         374
      Fabricated steel
       shipments               654                         553

    Mill manufacturing cost    259                         244



    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 with Dofasco Inc.

                          Three Months Ended -        Nine Months Ended -
                              Unaudited                   Unaudited

                      September 30, September 30, September 30, September 30,
                          2007          2006          2007          2006
                      ------------- ------------- ------------- -------------

    Tons Shipped           201,908       205,078       602,709       615,210

    ($000s)
      Income from
       Operations      $    10,403   $    39,933   $    43,504   $   103,282
      Net Income            10,188        39,641        42,217       103,018
      EBITDA                13,365        40,647        51,644       108,800


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

    Average Selling Price   526.42        641.48        536.89        598.55
    Scrap Charged           266.72        256.59        263.17        243.28
                      ------------- ------------- ------------- -------------

    Metal Spread            259.70        384.89        273.72        355.27
                      ------------- ------------- ------------- -------------

    Income from Operations   51.52        194.72         72.18        167.88
    EBITDA                   66.19        198.20         85.69        176.85



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


                          Three Months Ended          Nine Months Ended
                      September 30, September 30, September 30, September 30,
                          2007          2006          2007          2006
                                     As Amended                  As Amended
                      ------------- ------------- ------------- -------------

    NET SALES          $ 1,397,176   $ 1,160,050   $ 4,071,990   $ 3,425,070

    OPERATING EXPENSES
      Cost of sales
       (exclusive of
       depreciation and
       amortization)     1,127,924       932,909     3,247,987     2,765,856
      Selling and
       administrative       41,667        39,820       144,478       136,679
      Depreciation and
       amortization         37,926        60,897        95,778       114,067
      Other operating
       (income) expense,
       net                  (2,228)        9,002        (3,484)        8,019
                      ------------- ------------- ------------- -------------
                         1,205,289     1,042,628     3,484,759     3,024,621

    INCOME FROM
     OPERATIONS            191,887       117,422       587,231       400,449

    INCOME FROM 50%
     OWNED JOINT
     VENTURES               10,188        39,641        42,217       103,018
                      ------------- ------------- ------------- -------------

    INCOME BEFORE
     OTHER EXPENSES AND
     INCOME TAXES          202,075       157,063       629,448       503,467

    OTHER EXPENSES
      Interest, net         18,326        16,147        32,238        36,580
      Foreign exchange
       (gain) loss, net     (3,585)       (2,702)       (7,854)         (891)
      Amortization of
       deferred financing
       costs                 1,800           711         3,176         2,120
      Minority interest      4,948             -        14,834             -
                      ------------- ------------- ------------- -------------
                            21,489        14,156        42,394        37,809

    INCOME BEFORE
     INCOME TAXES          180,586       142,907       587,054       465,658

    INCOME TAX EXPENSE      56,772        51,471       190,577       157,744
                      ------------- ------------- ------------- -------------

    NET INCOME         $   123,814   $    91,436   $   396,477   $   307,914
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    EARNINGS PER COMMON
     SHARE - BASIC     $      0.41   $      0.30   $      1.30   $      1.01
    EARNINGS PER COMMON
     SHARE - DILUTED   $      0.40   $      0.30   $      1.29   $      1.01


    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 nine months ended
    September 30, 2006 resulting in a decrease in net income of $4.6 million
    and $1.4 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
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (US$ in thousands, except earnings per share data)
    (Unaudited)

                                                  September 30,  December 31,
                                                      2007          2006
                                                                 As Amended
                                                  ------------- -------------
    ASSETS

    Current Assets
      Cash and cash equivalents                    $   113,844   $   109,236
        Restricted cash                                      -           498
        Short-term investments                         104,219       123,430
        Accounts receivable, net                       816,411       460,828
        Inventories                                  1,203,091       820,485
        Deferred tax assets                             28,058        38,538
        Costs and estimated earnings in excess
         of billings on uncompleted contracts            2,570         2,977
        Income taxes receivable                         23,986        23,623
        Other current assets                            29,461        17,428
                                                  ------------- -------------
          Total Current Assets                       2,321,640     1,597,043

    Investments in 50% Owned Joint Ventures            159,219       167,466
    Property, Plant and Equipment, net               1,964,490     1,119,458
    Goodwill                                         3,019,984       252,599
    Intangibles                                        598,333         9,216
    Deferred Financing Costs                            49,772        12,029
    Deferred Tax Assets                                 11,794        12,948
    Other Assets                                        20,439         5,629
                                                  ------------- -------------

    TOTAL ASSETS                                   $ 8,145,671   $ 3,176,388
                                                  ------------- -------------
                                                  ------------- -------------


    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities
      Accounts payable and accrued liabilities     $   462,706   $   317,425
      Accrued salaries, wages and employee
       benefits                                        175,233       110,237
      Accrued interest                                  22,247        20,909
      Income taxes payable                              19,058        19,478
      Accrued sales, use and property taxes             14,948         8,024
      Current portion of long-term
       environmental reserve                             3,129        12,238
      Billings in excess of costs and estimated
       earnings on uncompleted contracts                24,806        15,443
      Other current liabilities                         35,949        19,629
      Current portion of long-term borrowings        1,150,123           214
                                                  ------------- -------------
        Total Current Liabilities                    1,908,199       523,597

    Long-term Borrowings, Less Current Portion       3,205,349       431,441
    Accrued Benefit Obligations                        264,626       238,503
    Long-term Environmental Reserve,
     Less Current Portion                               11,987         9,993
    Other Liabilities                                   62,476        38,082
    Deferred Tax Liabilities                           445,967        53,733
    Minority Interest                                   34,857        27,581
                                                  ------------- -------------

    TOTAL LIABILITIES                                5,933,461     1,322,930
                                                  ------------- -------------

    Contingencies, commitments and guarantees

    Shareholders' Equity
      Capital stock                                  1,020,153     1,016,287
      Retained earnings                              1,120,444       828,998
      Accumulated other comprehensive income            71,613         8,173
                                                  ------------- -------------

    TOTAL SHAREHOLDERS' EQUITY                       2,212,210     1,853,458
                                                  ------------- -------------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $ 8,145,671   $ 3,176,388
                                                  ------------- -------------
                                                  ------------- -------------



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


                          Three Months Ended          Nine Months Ended
                      September 30, September 30, September 30, September 30,
                          2007          2006          2007          2006
                                     As Amended                  As Amended
                      ------------- ------------- ------------- -------------

    OPERATING ACTIVITIES
    Net income         $   123,814   $    91,436   $   396,477   $   307,914
    Adjustment to
     reconcile net income
     to net cash provided
     by operating
     activities:
      Minority interest      4,948             -        14,834             -
      Depreciation and
       amortization         37,926        60,897        95,778       114,067
      Amortization of
       deferred financing
       costs                 1,800           711         3,176         2,120
      Write off
       unamortized fair
       value market
       adjustment                -         5,604             -         5,604
      Deferred income
       taxes               (11,247)        2,724          (991)       12,045
      Loss (gain) on
       disposition of
       property, plant
       and equipment         2,616             -         2,907        (8,914)
      Income from 50%
       owned joint
       ventures            (10,188)      (39,641)      (42,217)     (103,018)
      Distributions
       from 50% owned
       joint ventures       20,424        30,423        52,078        91,576
      Melt shop closure
       expenses                  -         9,400             -         9,400
      Compensation
       (benefit) cost from
       share-based awards   (2,146)       (1,553)       14,859        30,571
      Excess tax
       benefits from
       share-based
       payment arrangements   (135)         (320)       (1,124)       (1,461)

    Changes in operating
     assets and
     liabilities, net
     of acquisitions:
      Accounts receivable   15,021        55,000      (149,247)      (75,916)
      Inventories          (13,932)      (37,339)      (23,254)       13,410
      Other assets         (30,239)        1,628        (7,396)          633
      Liabilities           70,093       (67,514)       52,666       (11,909)
                      ------------- ------------- ------------- -------------
    NET CASH PROVIDED
     BY OPERATING
     ACTIVITIES            208,755       111,456       408,546       386,122

    INVESTING ACTIVITIES
      Additions to
       property, plant
       and equipment       (40,864)      (60,754)     (133,650)     (148,707)
      Proceeds received
       from the
       disposition of
       property, plant
       and equipment           122             -         1,287        14,110
      Acquisitions      (4,248,774)        4,399    (4,253,762)     (110,438)
      Opening cash from
       acquisitions        528,823             -       528,823        22,371
      Change in
       restricted cash         504            (5)          498           (19)
      Purchases of short-
       term investments   (130,581)     (319,135)     (592,239)   (1,209,680)
      Sales of
       short-term
       investments         153,820       387,000       611,450     1,037,030
                      ------------- ------------- ------------- -------------
    NET CASH (USED IN)
     PROVIDED BY
     INVESTING
     ACTIVITIES         (3,736,950)       11,505    (3,837,593)     (395,333)

    FINANCING ACTIVITIES
      Proceeds from
       issuance of
       new debt          4,051,213             -     4,070,721             -
      Payments on
       term borrowings    (150,072)         (843)     (150,226)       (4,413)
      Additions to
       deferred
       financing costs     (40,305)            -       (40,826)         (404)
      Retirement of
       bonds              (341,644)      (88,493)     (341,644)      (88,493)
      Retirement of
       convertible
       debentures                -      (111,990)            -      (111,990)
      Cash dividends        (6,109)       (6,099)     (100,726)      (85,286)
      Distributions to
       subsidiary's
       minority
       shareholder          (2,392)            -        (7,557)            -
      Proceeds from
       issuance of
       employee stock
       purchases               599           191         1,216         1,028
      Excess tax
       benefits from
       share-based
       payment
       arrangements            135           320         1,124         1,461
                      ------------- ------------- ------------- -------------
    NET CASH PROVIDED
     BY (USED IN)
     FINANCING
     ACTIVITIES          3,511,425      (206,914)    3,432,082      (288,097)

    Effect of exchange
     rate changes on
     cash and cash
     equivalents             1,009            (2)        1,573           303
                      ------------- ------------- ------------- -------------

    (DECREASE) INCREASE
     IN CASH AND CASH
     EQUIVALENTS           (15,761)      (83,955)        4,608      (297,005)

    CASH AND CASH
     EQUIVALENTS AT
     BEGINNING OF PERIOD   129,605       201,209       109,236       414,259
                      ------------- ------------- ------------- -------------

    CASH AND CASH
     EQUIVALENTS AT
     END OF PERIOD     $   113,844   $   117,254   $   113,844   $   117,254
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------
    

    %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

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GERDAU AMERISTEEL CORPORATION

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