Lane Berry Advises Sheffield Steel on Its Sale to Gerdau Ameristeel; Combination Accelerates Consolidation in the Steel Industry.

BOSTON -- Lane, Berry & Co. International, LLC, announced today that it is serving as financial adviser to the Special Committee of the Board of Directors of Sheffield Steel Corporation, a mini-mill producer of long steel products, with respect to its announced acquisition by Gerdau Ameristeel Corporation (NYSE: GNA), the second largest mini-mill steel producer in North America. The purchase price for all of Sheffield's outstanding shares is expected to amount to approximately $76 million in cash plus the assumption of approximately $94 million of debt and certain long-term liabilities, net of cash.

The transaction is expected to close in the second quarter of 2006 and is subject to Sheffield shareholder approval, satisfactory completion of anti-trust and applicable regulatory reviews and other customary closing conditions. Lane Berry acted as financial adviser to the Special Committee of the Board of Directors of Sheffield Steel and provided a fairness opinion to its Board of Directors in connection with the transaction. Further information about the proposed acquisition can be found in Gerdau Ameristeel's press release and 8-K filing available via www.gerdauameristeel.com.

Headquartered in Sand Springs, Oklahoma, Sheffield Steel is a mini-mill producer of long steel products, primarily rebar and merchant bars with annual shipments of approximately 550,000 tons of finished steel products. Sheffield operates a melt shop and rolling mill in Sand Springs, OK, a smaller rolling mill in Joliet, IL, and three downstream steal fabricating facilities in Kansas City and Sand Springs.

Gerdau Ameristeel is the second largest mini-mill steel producer in North America with an annual manufacturing capacity of over 8.4 million tons of mill finished steel products. The company operates an integrated network of 15 mini-mills (including one 50% owned mini-mill), 17 scrap recycling facilities and 43 downstream operations that serves customers in the eastern two-thirds of North America. Gerdau's products are generally sold to steel service centers, steel fabricators or directly to original equipment manufacturers for use in a variety of industries including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing.

David Clark, Director of Lane Berry and lead banker for the transaction commented, "The acquisition of Sheffield by Gerdau is further evidence of the strength of the domestic steel market and the significant benefits from the ongoing consolidation in the global steel industry. Sheffield will help strengthen Gerdau's presence in the Southwest markets and increase Gerdau's annual manufacturing capacity to over 9 million tons of finished steel products."

Stephen P. Hines, Managing Director of Lane Berry's Industrial, Manufacturing & Services Group, said, "Working closely with the Special Committee of Sheffield's Board of Directors, Lane Berry's team conducted a comprehensive review of strategic alternatives and provided hands-on transaction execution by a team of senior bankers to drive a competitive auction process. We are proud and gratified that our trusted advisory relationship with Sheffield has resulted in the creation of significant value for its shareholders, customers and employees."

About Sheffield Steel

Sheffield Steel is a mini-mill producer of SBQ and MBQ hot-rolled bar products, concrete reinforcing bar and fabricated products, including fabricated rebar, steel fence posts and railroad track spikes. The company's headquarters and largest manufacturing facility is located in Sand Springs, Oklahoma, where it has an annual billet making capacity of 650,000 tons. It also has a rolling mill in Joliet, Illinois, two fabrication shops in the Kansas City area, and a railroad spike producer in Sand Springs, Oklahoma. Sheffield also owns the Sand Springs Railway, which connects the Sand Springs industrial corridor to Tulsa, Oklahoma. For more information about Sheffield Steel, visit www.sheffieldsteel.com.

About Gerdau Ameristeel

Gerdau Ameristeel is the second largest mini-mill steel producer in North America with annual manufacturing capacity of over 8.4 million tons of mill finished steel products. Through its vertically integrated network of 15 mini-mills (including one 50% owned mini-mill), 17 scrap recycling facilities and 43 downstream operations, Gerdau Ameristeel primarily serves customers in the eastern two-thirds of North America. The company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. The common shares of Gerdau Ameristeel are traded on the New York Stock Exchange under the symbol NYSE: GNA; and the Toronto Stock Exchange under the symbol GNA.TO. For additional financial and investor information, visit www.gerdauameristeel.com.

About Lane Berry

Lane, Berry & Co. International, with offices in Boston, New York and Denver, provides investment banking services to corporations, their Boards, Special Committees of Boards and shareholders on matters relating to mergers, acquisitions, divestitures, debt and equity financings, debt restructurings, recapitalizations and corporate governance issues. Lane Berry offers sophisticated, objective advice and transaction execution based upon the extensive experience of its senior investment bankers. For more information about Lane Berry's services, transactions and recruitment opportunities, visit www.laneberry.com.