Dec. 22, 2006 — Gerdau Ameristeel Corp. has reached a collective bargaining agreement with the United Steelworkers Union at its Perth Amboy, N.J., Rolling Mill.

The new contract which is effective December 21, 2006, runs through July 19, 2009.

"The Company is pleased to have this contract completed. It provides a basis for a solid working relationship going forward," commented Mark Quiring, Vice President, New Jersey mills.

The new contract, which covers production and maintenance employees, was ratified on December 21, 2006.

Gerdau Ameristeel is the second largest mini-mill 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 mini-mills (including one 50% owned joint venture minimill), 17 scrap recycling facilities and 50 downstream operations, Gerdau Ameristeel serves customers throughout North America. The company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing.