Merger between Chaparral Steel and Gerdau Ameristeel Moves Another Step Closer

Chaparral Steel Company and Gerdau Ameristeel Corporation today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), in connection with the Agreement and Plan of Merger signed by Chaparral, Gerdau Ameristeel and certain other parties, expired at 11:59 p.m. (Eastern Time) on August 22, 2007 without action by either the Federal Trade Commission or the Department of Justice.

Expiration of the HSR waiting period without action by such regulators is a condition to completion of the proposed merger. The consummation of the merger remains subject to other customary conditions, including adoption of the Agreement and Plan of Merger by Chaparral's stockholders.