Gerdau Ameristeel and United Steelworkers Union reach agreements at Beaumont, Texas, St. Paul, Minnesota and Wilton, Iowa Mills

    TAMPA, FL, March 8 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA;
TSX: GNA.TO) today announced it has reached agreements with the USW at Gerdau
Ameristeel's Beaumont, Texas, St. Paul, Minnesota and Wilton, Iowa steel
mills. The new contracts are effective March, 2007 and run through March 2010,
July 2010 and September 2010, respectively.
    "Our goal throughout all the negotiations has always been to work with
the union to reach fair labor agreements that will help to position the
company to deal with the cyclical nature of the steel industry and provide our
employees with competitive compensation and benefits," said Jim Rogers, Gerdau
Ameristeel's Vice President of Human Resources.
    Negotiations continue at the company's steel mills in Calvert City
Kentucky; Joliet, Illinois; Sand Springs, Oklahoma; and Whitby, Canada.

    About Gerdau Ameristeel

    Gerdau Ameristeel is the second largest minimill steel producer in North
America with annual manufacturing capacity of over 9.0 million tons of mill
finished steel products. Through its vertically integrated network of 17
minimills (including one 50%-owned joint venture minimill), 17 scrap recycling
facilities and 51 downstream operations (including seven joint venture
fabrication facilities), Gerdau Ameristeel serves customers throughout North
America. The Company's products are generally sold to steel service centers,
to steel fabricators, or directly to original equipment manufacturers (or
"OEMs") for use in a variety of industries, including construction,
automotive, mining, cellular and electrical transmission, metal building
manufacturing and equipment manufacturing. Gerdau Ameristeel's common shares
are traded on the Toronto Stock Exchange under the symbol GNA.TO and on the
New York Stock Exchange under the symbol GNA. For additional financial and
investor information, visit

    %SEDAR: 00000593E          %CIK: 0001203748

For further information:

For further information: Tom J. Landa, Vice President and Chief
Financial Officer, Gerdau Ameristeel, (813) 207-2300; Media Contact: Rebekah
Morgan, (866) 762-9722

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