Gerdau Ameristeel and United Steelworkers Union reach agreements at Beaumont, Texas, St. Paul, Minnesota and Wilton, Iowa Mills

Mar 08, 2007, 00:00 ET from Gerdau Ameristeel Corporation

    TAMPA, FL, March 8 /PRNewswire-FirstCall/ - Gerdau Ameristeel
 Corporation (NYSE:   GNA; TSX: GNA.TO) today announced it has reached
 agreements with the USW at Gerdau Ameristeel's Beaumont, Texas, St. Paul,
 Minnesota and Wilton, Iowa steel mills. The new contracts are effective
 March, 2007 and run through March 2010, July 2010 and September 2010,
     "Our goal throughout all the negotiations has always been to work with
 the union to reach fair labor agreements that will help to position the
 company to deal with the cyclical nature of the steel industry and provide
 our employees with competitive compensation and benefits," said Jim Rogers,
 Gerdau Ameristeel's Vice President of Human Resources.
     Negotiations continue at the company's steel mills in Calvert City
 Kentucky; Joliet, Illinois; Sand Springs, Oklahoma; and Whitby, Canada.
     About Gerdau Ameristeel
     Gerdau Ameristeel is the second largest minimill steel producer in
 North America with annual manufacturing capacity of over 9.0 million tons
 of mill finished steel products. Through its vertically integrated network
 of 17 minimills (including one 50%-owned joint venture minimill), 17 scrap
 recycling facilities and 51 downstream operations (including seven joint
 venture fabrication facilities), Gerdau Ameristeel serves customers
 throughout North America. The Company's products are generally sold to
 steel service centers, to steel fabricators, or directly to original
 equipment manufacturers (or "OEMs") for use in a variety of industries,
 including construction, automotive, mining, cellular and electrical
 transmission, metal building manufacturing and equipment manufacturing.
 Gerdau Ameristeel's common shares are traded on the Toronto Stock Exchange
 under the symbol GNA.TO and on the New York Stock Exchange under the symbol
 GNA. For additional financial and investor information, visit

SOURCE Gerdau Ameristeel Corporation