Gerdau Ameristeel Announces Revision of Financial Information Related to Subsidiary Guarantors

    TAMPA, FL, Oct. 9 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA;
TSX: GNA) announced today the revision of the footnote presentation of
historical financial information related to its subsidiary guarantors. The
revisions do not affect the Company's consolidated financial position or
consolidated results of operations for any of the affected periods, nor do the
revisions adversely impact its compliance with debt covenants or ratios. The
revisions are in the condensed consolidating financial information regarding
the Company, GUSAP Partners, the combined guarantors and the combined
non-guarantors of the Company's senior notes presented in the footnotes to the
financial statements. This data is required under U.S. securities laws to be
presented in the notes to the Company's financial statements for so long as
the senior notes are outstanding. The previously reported financial
information did not reflect the investment in subsidiaries under the equity
method. Additionally, a subsidiary which was a guarantor subsidiary was
incorrectly classified as a non-guarantor subsidiary. The Company is
concurrently filing financial statements giving effect to the change as at and
for the years ended December 31, 2006 and 2005 and as of March 31, 2007 and
for the three months ended March 31, 2007 and 2006.
    The revisions for the three and six months ended June 30, 2007 were
reflected in the Company's financial statements for the six months ended
June 30, 2007, filed previously. The financial statements being filed revise
the note as at and for the years ended December 31, 2006 and 2005 and as at
March 31, 2007 and for the three months ended March 31, 2007 and 2006.
    The Company has discussed the matters in this release with Deloitte &
Touche LLP, its independent registered public accounting firm, and
PriceWaterhouseCoopers LLP, its former independent registered public
accounting firm.

    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
minimills (including one 50% owned joint venture minimill), 19 scrap recycling
facilities and 62 downstream operations, 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
manufactures for use in a variety of industries, including construction,
mining, transportation and automotive, cellular and electrical transmission,
metal building manufacturing and equipment manufacturing. Gerdau Ameristeel's
common shares are traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol GNA. For additional investor information, visit

    Forward Looking Statements

    This press release contains forward looking statements with respect to
Gerdau Ameristeel Corporation, including its business operations, strategy,
financial performance, and condition. Although management believes that the
expectations reflected in such forward looking statements are reasonable, such
statements involve risks and uncertainties. Actual results may differ
materially from those expressed or implied by such forward looking statements.
Factors that could cause actual results to differ materially from expectations
include, among other things, general economic and market factors, including
demand for steel products, availability and costs of electricity, natural gas
and raw materials, government regulations and trade policies affecting steel
imports or exports in Canada and the United States, and other factors
discussed in materials filed with applicable securities regulatory authorities
from time to time.

    %SEDAR: 00000593E

For further information:

For further information: Barbara Smith, Vice President Finance and Chief
Financial Officer, Gerdau Ameristeel, (813) 319-4324,

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