Chaparral Steel Company and Gerdau Ameristeel Merger Approved CFIUS

Chaparral Steel Company and Gerdau Ameristeel Corporation today announced that they received this morning a letter dated August 29, 2007 from the Committee on Foreign Investment in the United States ("CFIUS") stating that CFIUS has reviewed the information provided by the companies in connection with the Agreement and Plan of Merger signed by Chaparral, Gerdau Ameristeel and certain other parties, and determined that there are no issues of national security sufficient to warrant a second stage investigation under the Exon-Florio Amendment to the Defense Product Act of 1950, as amended. Accordingly, CFIUS has concluded its review of the proposed transaction. The consummation of the merger remains subject to customary conditions, including adoption of the Agreement and Plan of Merger by Chaparral's stockholders.