Shareholders Approve Merger between Chaparral Steel and Gerdau Ameristeel

Chaparral Steel Company announced that its stockholders at a special meeting held in Dallas, Texas today adopted the merger agreement under which Chaparral is to be acquired by Gerdau Ameristeel Corporation. Approximately 99.7% of the shares voted were cast in favor of the merger. The number of shares voted in favor of the merger represented approximately 75% of the total shares outstanding and entitled to vote at the meeting.

Tommy Valenta, President and CEO of Chaparral Steel, commented: "We are pleased to announce that our stockholders have approved the proposed merger with Gerdau Ameristeel. I am excited because this was a decision made by our stockholders and they voted overwhelmingly in favor of the transaction. Our stockholders clearly share our belief that the merger creates significant value and a bright future for the company and for the exceptional people who have participated in our success."

Chaparral also announced that it expects the merger will be consummated on Friday, September 14, 2007.