Novamerican Steel Inc. Announces the Listing and Trading of Its Securities on The Nasdaq Capital Market

    NEW YORK, December 31 /CNW/ - Novamerican Steel Inc. ("Novamerican")
(Nasdaq:   TONS and TONSW) announced today that its common stock, $0.001 par
value (the "Common Stock"), and warrants to purchase one share of Common Stock
(the "Warrants" and, together with the Common Stock, the "Securities") began
trading today on The Nasdaq Capital Market ("NASDAQ"). The Securities and
Novamerican's units, consisting of one share of Common Stock and one Warrant
(the "Units"), formerly traded on the American Stock Exchange. The Units,
which had traded as a separate class of security, ceased to trade as such and
all outstanding Units have been automatically separated into one share of
Common Stock and one Warrant.

    Corrado De Gasperis, Novamerican's CEO, said, "We believe the TONS symbol
has been an integral part of the Novamerican awareness within the investor
community and look forward to the continuity of that recognition as a new
member of NASDAQ."

    About Novamerican

    Novamerican 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. Novamerican also
produces roll formed steel sections and manufactures heavy equipment parts and
accessories. Novamerican's flat rolled processing capabilities include
pickling, slitting, blanking, leveling, temper-rolling and cutting-to-length
to precise customer specifications. Additionally, Novamerican 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
Novamerican, 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. Forward-looking statements
are statements that are not historical facts. Such forward-looking statements,
based upon the current beliefs and expectations of Novamerican's management,
are subject to risks and uncertainties (including those described in
Novamerican'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 to continue to comply
with government regulations; adoption of or changes in legislation or
regulatory environments or requirements adversely affecting Novamerican's
businesses; changes in the financial stability of major customers of
Novamerican 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 disclaims any obligation to update these
forward-looking statements.

For further information:

For further information: Novamerican Steel Inc. Karen G. Narwold,
646-429-1540 (Cell) 917-207-7924 V.P., Chief Administrative Officer and
General Counsel

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