Symmetry Holdings Inc. Announces Closing of Acquisition of Novamerican Steel Inc.



    NEW YORK, November 15 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:  
SHJ, SHJ-U, and SHJ-WS) today announced that it has completed its previously
announced acquisition of all of the outstanding common stock of Novamerican
Steel, Inc. ("Novamerican"), a well-established steel service center,
processor and tubing manufacturer in North America. The acquisition was
carried out pursuant to an arrangement agreement under a court-approved
statutory plan of arrangement governed by the Canada Business Corporations
Act. Novamerican's shareholders received US$56.00 in cash per share (US$585.2
million in cash in the aggregate) for all of the outstanding shares of
Novamerican. The acquisition was approved by Symmetry's stockholders on
October 25, 2007 and by Novamerican's shareholders on October 31, 2007. As
part of the completion of the transaction, a wholly-owned, indirect Canadian
subsidiary of Symmetry was amalgamated with Novamerican, and the successor
corporation is named Novamerican Steel Inc.

    Corrado De Gasperis, Symmetry's CEO, said, "We are pleased to have
successfully completed the transactions in full accordance with the plan of
arrangement. Novamerican is well suited for the implementation of our
operating methodology, The Decalogue, and we are ready to begin implementing
our plan."

    Funding for the acquisition purchase price and related expenses was
provided as previously announced and included approximately US$112 million of
cash held in trust by Symmetry that was raised in its initial public offering
in March 2007 and the proceeds from the sale of US$315 million aggregate
principal amount of debt securities, US$68 million of borrowings under a
US$175 million senior secured asset-based credit facility and the sale of
1,875,000 units of Symmetry to affiliates of Symmetry's Chairman and Special
Advisor, for an aggregate of US$15 million, in a private placement.

    In accordance with the arrangement agreement, Novamerican paid a special
dividend to Novamerican shareholders immediately prior to the closing of the
acquisition, on a pro rata basis, equal to US$1.50 in cash per share
(US$15.675 million in cash in the aggregate). Symmetry stockholders who
properly exercised their conversion rights will be entitled to receive US$7.84
in cash per share (US$30.3 million in cash in the aggregate) in exchange for
their shares of Symmetry common stock.

    This press release is not an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction.

    About Symmetry Holdings Inc.

    Symmetry is a company initially formed for the specific purpose of
acquiring a business in the basic industries sector. Following its acquisition
of Novamerican, Symmetry has twenty-two operating locations in Canada and the
United States. It processes and distributes carbon steel, stainless steel and
aluminum products and operates as an intermediary between primary metal
producers and manufacturers that require processed metal, often on a
just-in-time delivery basis. Symmetry also produces roll formed steel sections
and manufactures heavy equipment parts and accessories. Symmetry's flat rolled
processing capabilities include pickling, slitting, blanking, leveling,
temper-rolling and cutting-to-length to precise customer specifications.
Additionally, Symmetry performs many of these processing services for
customers who provide their own steel, referred to in the industry as toll
processing. For additional information on Symmetry Holdings Inc., visit its
website at http://www.symmetryholdings.com.

    Forward-Looking Statements

    This press release and any related discussions may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 about Symmetry, the acquisition described above
and its business. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, based upon the current
beliefs and expectations of Symmetry's management, are subject to risks and
uncertainties (including those described in Symmetry's and Novamerican's
public filings with the Securities and Exchange Commission), which could cause
actual results, events and circumstances to differ materially from the
forward-looking statements. In some cases, one can identify forward-looking
statements by terminology such as "may," "should," "could," "would," "expect,"
"plan," "anticipate," "believe," "estimate," "continue," or the negative of
such terms or other similar expressions. The reader is cautioned not to rely
on these forward-looking statements. Symmetry disclaims any obligation to
update these forward-looking statements.




For further information:

For further information: For Symmetry Holdings Inc. Karen G. Narwold
General Counsel 646-429-1540 (office) 917-207-7924 (cell)

Organization Profile

SYMMETRY HOLDINGS INC.

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