Gerdau Ameristeel Announces Acquisition of Metro Recycling

    TAMPA, FL, Oct. 27 /CNW/ - Gerdau Ameristeel (TSX: GNA, NYSE:   GNA), a
leading mini-mill steel producer, announced today that it has acquired Metro
Recycling, a scrap processor headquartered in Guelph, Ontario. Terms of the
transaction were not disclosed. Metro Recycling is a premier central Ontario
recycler with three locations, two in Guelph and the other in Mississauga.
    "Metro's operations and experienced leadership team will enhance Gerdau
Ameristeel's continuing strategy to grow our scrap processing capability
throughout North America," said Matt Yeatman, Gerdau Ameristeel's Vice
President of Raw Materials. "Metro is an excellent complement to our existing
recycling and production facilities."

    About Gerdau Ameristeel

    Gerdau Ameristeel is the second largest mini-mill steel producer in North
America with 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), 22 scrap
recycling facilities and 66 downstream operations, Gerdau Ameristeel serves
customers throughout the United States and Canada. The company's products are
generally sold to steel service centers, steel producers, 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 majority shareholder is the Gerdau Group, a 100+ year old steel
company, the largest producer of long steel products in the Americas and the
world leader in specialty long steel for the automotive industry. Gerdau
Ameristeel's common shares are traded on the New York Stock Exchange, and the
Toronto Stock Exchange under the ticker symbol GNA.

    %SEDAR: 00000593E

For further information:

For further information: Investor Relations Contact: Barbara R. Smith,
Vice President & CFO, (813) 319-4324,; Media
Contact: Steven Hendricks, External Communications, (813) 319-4858,

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