Gerdau Ameristeel Announces Completion of 10 3/8% Senior Notes Redemption

    TAMPA, FL, Aug. 31 /CNW/ - Gerdau Ameristeel Corporation (the "Company")
(NYSE:   GNA; TSX: GNA) today announced that it has completed the previously
announced redemption of its $405 million 10 3/8% Senior Notes due 2011 (the
"Notes") at a redemption price in the amount of $417,626,662, representing
101.792% of the outstanding principal amount plus accrued interest to the
redemption date (the "Redemption Price"). The Redemption Price was paid
entirely with cash and the Notes were paid in full and are no longer
    This press release is for informational purposes only and is neither an
offer to purchase nor a solicitation of an offer to sell the Notes nor does it
constitute a notice of redemption of the 10 3/8% Senior Notes due 2011.

    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
mini-mills, scrap recycling facilities, and downstream operations, Gerdau
Ameristeel serves customers throughout the United States and Canada. The
Company's products are generally sold to steel service centers, 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 majority shareholder is the
Gerdau Group, a 100+ year old steel company, the leading company in the
production of long steel in the Americas and one of the major specialty long
steel suppliers in the world. 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 Smith, Vice
President and Chief Financial Officer, Phone: (813) 319-4324, Email:; Media Contact: Philip K. Bell, Director,
External Communications and Public Affairs, Phone: (813) 207-2315, Email:

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