Symmetry Holdings Inc. Announces Launch of Offering of Senior Notes

    NEW YORK, October 29 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:  
SHJ, SHJ-U, and SHJ-WS) today announced that it has launched a private
offering of $315 million aggregate principal amount of senior secured notes
under Rule 144A and Regulation S. Symmetry intends to use the net proceeds
from the offering in partial payment of the purchase price for its proposed
acquisition of all of the issued and outstanding shares of Novamerican Steel
Inc. ("Novamerican") (NASDAQ:   TONS) by way of a court-approved statutory plan
of arrangement under the Canada Business Corporations Act.

    The senior notes will be issued by Novamerican Steel Finco Inc., a wholly
owned subsidiary of Symmetry, and guaranteed by Symmetry and its other
existing domestic subsidiaries.

    The senior notes have not been and may not be offered or sold in the
United States absent such registration or an applicable exemption from the
registration requirements of the Securities Act.

    This press release is not an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction.

    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 Symmetry, Novamerican, the proposed
transaction and their combined business after completion of the proposed
transaction. Forward-looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current beliefs and
expectations of Symmetry's management, are subject to risks and uncertainties
(including those described in Symmetry's and 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. 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. Symmetry disclaims any obligation to update these
forward-looking statements.

For further information:

For further information: Symmetry Holdings Inc. Karen G. Narwold,
646-429-1540 (office) 917-207-7924 (cell) General Counsel

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