The Company has provided notice to U.S. Bank National Association ("US Bank"), the indenture trustee, of its election to redeem all of its outstanding 10 3/8% Senior Notes due 2011 in the aggregate principal amount of $405 million (the "Notes"), at a redemption price equal to 101.792% of the outstanding principal amount plus accrued interest to the redemption date (the "Redemption Price"). The Company intends to fund the Redemption Price with cash. The notes will be redeemed in accordance with their terms and the Company expects the redemption to occur on August 31, 2009 (the "Redemption Date"). The notice provided to US Bank by the Company may be cancelled by the Company at any time prior to July 31, 2009, the date on which notice of such redemption must be mailed by US Bank to holders of the Notes in order for the redemption to occur on the Redemption Date. Upon payment of the Redemption Price on the Redemption Date, all of the Company's 10 3/8% Senior Notes due 2011 will have been paid in full.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes nor does it constitute a notice of redemption of the 10 3/8% Senior Notes due 2011. The redemption will be made solely pursuant to a notice of redemption that, if effected, will be delivered to the holders of the notes by US Bank no later than 30 days prior to the Redemption Date in accordance with the terms of the indenture.

Forward-Looking Statements

In this press release, "Gerdau Ameristeel" and "Company" refer to Gerdau Ameristeel Corporation and its subsidiaries and 50%-owned joint ventures. Certain statements in this press release may constitute forward-looking statements. Such statements can often be identified by the words "anticipates," "believes," "estimates," "expects," "intends," "plans," and other words and terms of similar meaning, which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters. Forward-looking statements in this press release include statements about the Company's intended redemption of its Notes. The Company cautions readers that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently projected by the Company.