Novamerican Steel Inc. Announces Its Intent to Terminate Its SEC Reporting Obligations

    MONTREAL, December 4 /CNW/ - In connection with the previously announced
acquisition on November 15, 2007 by Symmetry Holdings Inc. ("Symmetry") of all
of the outstanding shares of common stock of Novamerican Steel Inc. (the
"Company"), a Form 25 was filed with the United States Securities and Exchange
Commission (the "SEC") on November 15, 2007 to delist the Company's common
stock from The Nasdaq Global Market. Accordingly, the Company today announced
its intention to file a Form 15F with the SEC to voluntarily terminate its
reporting obligations under the United States Securities Exchange Act of 1934
(the "Exchange Act"). The Company expects the termination to take effect no
later than ninety days after the filing the Form 15F. As a result of the
filing of the Form 15F, the Company will immediately cease to file certain
reports, including Form 20-F and Form 6-K, with the SEC. Symmetry, as the
parent company, will continue to have its own securities registered under the
Exchange Act and therefore will remain a reporting company under the Exchange

    About Novamerican Steel Inc.

    Novamerican Steel Inc., based in Montreal, Canada with eleven operating
locations in Canada and eleven operating locations in the United States,
processes and distributes carbon steel, stainless steel and aluminum products,
including carbon steel tubing for structural and automotive markets. For
additional information on Novamerican Steel Inc., visit our website at

    About Symmetry Holdings Inc.

    Symmetry is a company initially formed for the specific purpose of
acquiring a business in the basic industries sector. Following its acquisition
of Novamerican, Symmetry has twenty-two operating locations in Canada and the
United States. It processes and distributes carbon steel, stainless steel and
aluminum products and operates as an intermediary between primary metal
producers and manufacturers that require processed metal, often on a
just-in-time delivery basis. Symmetry also produces roll formed steel sections
and manufactures heavy equipment parts and accessories. Symmetry's flat rolled
processing capabilities include pickling, slitting, blanking, leveling,
temper-rolling and cutting-to-length to precise customer specifications.
Additionally, Symmetry performs many of these processing services for
customers who provide their own steel, referred to in the industry as toll
processing. For additional information on Symmetry Holdings Inc., visit its
website at

    Forward-Looking Statements

    This press release and any related calls or discussions may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 about Novamerican and Symmetry and their
businesses. Forward-looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current beliefs and
expectations of management, are subject to risks and uncertainties (including
those described in Novamerican's and Symmetry's public filings with the
Securities and Exchange Commission), which could cause actual results, events
and circumstances to differ materially from the forward-looking statements.
The following factors, among others, could cause actual results, events and
circumstances to differ from those set forth in the forward-looking
statements: changes in generally accepted accounting principles; failure of
Novamerican or Symmetry to continue to comply with government regulations;
adoption of or changes in legislation or regulatory environments or
requirements adversely affecting Novamerican's or Symmetry's businesses;
changes in the financial stability of major customers of Novamerican or
Symmetry or in demand for its products and services; the failure to achieve
the benefits anticipated from the recently completed transactions;
competition; changes in general economic conditions; geopolitical events, and
other risks and uncertainties, as well as future decisions by the parties. The
information set forth herein should be read in light of such risks. In some
cases, one 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. Novamerican and Symmetry disclaim any obligation to update these
forward-looking statements.

For further information:

For further information: General Counsel for Novamerican Steel Inc.
Karen G. Narwold 646-429-1540 (office) 917-207-7924 (cell)

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