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October 16, 2008


Gerdau Ameristeel announces revised financing for Chaparral Steel

Gerdau Ameristeel Corporation announced that its previously announced financing commitment from JP Morgan Securities Inc to fund the pending acquisition of Chaparral Steel Company has been replaced with a firm commitment from ABN AMRO Bank NV, HSBC and JP Morgan Securities Inc as Joint Lead Arrangers.

The release added that the new financing commitment, which is being syndicated internationally, is fully committed, provides additional flexibility and is on terms that are expected to be at least as favorable as those contemplated by the original financing commitment.

Gerdau has agreed to pay USD 86 per share or a total of USD 4.22 billion for Chaparral. The consummation of the acquisition of Chaparral remains subject to other customary conditions, including adoption of the Agreement and Plan of Merger by Chaparral's stockholders.