Symmetry Holdings Receives Final Regulatory Approval for Acquisition of Novamerican Steel



    NEW YORK, October 15 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:  
SHJ, SHJ-U, and SHJ-WS) is pleased to announce that it has received notice
from the Minister of Industry that its offer to acquire all of the issued and
outstanding shares of Novamerican Steel Inc. ("Novamerican") (NASDAQ:   TONS)
has been approved by the Minister under the Investment Canada Act as being of
net benefit to Canada. In connection with the approval granted under the
Investment Canada Act, Symmetry made commitments to the Minister of Industry
with respect to the growth of Novamerican's Canadian operations that highlight
the net benefit to Canada that will result from the transaction. Symmetry
previously received clearance under the Competition Act (Canada) and the
requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 has expired. Accordingly, Symmetry has now received all regulatory
approvals necessary to consummate the acquisition of Novamerican.

    Symmetry has set October 25, 2007 for its Special Meeting of Stockholders
to consider and vote upon the proposal to approve the acquisition of
Novamerican. On October 5, 2007, Symmetry first mailed its Notice of Special
Meeting and related proxy statement. The close of business on October 2, 2007
was the record date for the determination of stockholders entitled to notice
of and to vote at the Special Meeting.

    About Symmetry Holdings Inc.

    Symmetry is a company formed for the specific purpose of acquiring
businesses that are in the basic industries sector. On June 21, 2007, Symmetry
entered into an Arrangement Agreement with Novamerican, pursuant to which it
plans to acquire all of the outstanding common shares of Novamerican by way of
a court-approved statutory plan of arrangement under the Canada Business
Corporation Act. For additional information on Symmetry Holdings Inc., visit
its website at http://www.symmetryholdings.com.

    Not a Proxy Statement

    This press release is not a proxy statement or a solicitation of proxies
from the holders of common stock of Symmetry and does not constitute an offer
of any securities of Symmetry for sale. Any solicitation of proxies will be
made only by the definitive proxy statement of Symmetry that has been mailed
to all stockholders. In connection with the proposed acquisition, Symmetry has
filed a definitive proxy statement with the Securities and Exchange
Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE
PROXY STATEMENT, WHICH SYMMETRY HAS MAILED TO ALL ITS STOCKHOLDERS OF RECORD
ON OR AFTER THE RECORD DATE, BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT
SYMMETRY, NOVAMERICAN AND THE PROPOSED ACQUISITION OF NOVAMERICAN. Investors
and security holders are able to obtain a free copy of the definitive proxy
statement and other relevant materials, and investors and security holders may
obtain free copies of other documents filed by Symmetry, at the Securities and
Exchange Commission's web site at http://www.sec.gov.

    Forward-Looking Statements

    This press release contains forward-looking statements, which reflect
Symmetry's current expectations regarding future events. The forward-looking
statements involve risks and uncertainties. Actual events could differ
materially from those projected herein and depend on a number of factors. In
some cases, you 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: Symmetry Holdings Inc. Karen G. Narwold,
646-429-1540 General Counsel Cell: 917-207-7924

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SYMMETRY HOLDINGS INC.

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