Rigrodsky & Long, P.A. Investigates Gerdau Ameristeel Corporation Buyout Offer

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Gerdau Ameristeel Corporation (“Gerdau Ameristeel” or the “Company”) (NYSE: GNA; TSX: GNA) concerning the Company’s receipt of a proposal to be acquired by Gerdau S.A. (“Gerdau”) in a transaction valued at approximately US$1.6 billion. ( http://www.rigrodskylong.com/news/GNA).

The investigation concerns whether Gerdau Ameristeel’s board of directors is adequately shopping the Company and working to obtain the best price possible for Gerdau Ameristeel’s shareholders. Gerdau has proposed to acquire all of the shares of Gerdau Ameristeel it does not already own for US$11.00 per share in cash. Gerdau already owns 66.3% of Gerdau Ameristeel’s outstanding common stock.

The Gerdau Ameristeel board of directors has established a Special Committee of independent directors to, among other things, supervise the preparation of a formal valuation and oversee the finalization of a definitive agreement in connection with the proposal. Additionally, the Special Committee has retained RBC Capital Markets (“RBC”) as its independent valuator for the purpose of providing a valuation in accordance with applicable regulatory requirements. RBC has delivered its valuation to the Special Committee, which concludes that the value of the common shares of Gerdau Ameristeel is in the range of US$11.00 to US$13.00 per share.

If you own the common stock of Gerdau Ameristeel and purchased your shares before June 2, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at [phone], or by e-mail to [e-mail].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.