TAMPA, FL, April 2 /CNW/ - Gerdau Ameristeel Corporation(NYSE: GNA; TSX: GNA) announced today that Pacific Coast Steel (PCS), amajority owned Gerdau Ameristeel joint venture, has acquired all the assets ofCentury Steel, Inc. (CSI), a reinforcing and structural steel contractorspecializing in the fabrication and installation of structural steel andreinforcing steel products, for approximately $152 million.

CSI, headquartered in Las Vegas, Nevada, operates reinforcing andstructural steel contracting businesses in Nevada, California, Utah and NewMexico. With fabrication facilities that have an annual capacity in excess of250,000 tons per year, CSI participates in virtually all segments of themarketplace in the western United States.

Gerdau Ameristeel also announced that, concurrently with the acquisitionof Century, Gerdau Ameristeel will pay approximately $68.0 Million to increaseits equity participation in the PCS joint venture to approximately 84%.

About Gerdau Ameristeel

Gerdau Ameristeel is the second largest mini-mill steel producer in NorthAmerica with annual manufacturing capacity of approximately 12 million tons ofmill finished steel products. Through its vertically integrated network of 19mini-mills (including one 50% owned joint venture mini-mill), 19 scraprecycling facilities and 61 downstream operations, Gerdau Ameristeel servescustomers throughout North America. The company's products are generally soldto steel service centers, steel fabricators, or directly to original equipmentmanufactures for use in a variety of industries, including construction,cellular and electrical transmission, automotive, mining and equipmentmanufacturing. The common shares of Gerdau Ameristeel are traded on the NewYork Exchange, and the Toronto Stock Exchange under the symbol GNA.

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