MONTREAL, November 1, 2007 – Novamerican Steel Inc. (NASDAQ: TONS) announced today that on October 31, 2007 its shareholders approved the plan of arrangement previously announced on June 21, 2007, involving the acquisition by 632422 N.B. Ltd., a wholly-owned indirect subsidiary of Symmetry Holdings Inc., of all the outstanding common shares of Novamerican at $56.00 per share.

The plan was approved by 99.98% of the votes cast by holders of common shares.

The plan of arrangement remains subject to the sanction of the Superior Court of Québec. Novamerican expects that the application for sanction will be heard by the Superior Court on November 7, 2007. Pursuant to the terms of the arrangement agreement dated June 21, 2007, closing of the arrangement will occur within five business days following receipt of such sanction by the Superior Court of Québec.

Upon the plan of arrangement becoming effective, 632422 N.B. Ltd. will deposit or cause to be deposited with the depositary sufficient funds to enable the depositary to make the payments described in the plan.

Novamerican Steel Inc., based in Montreal, Canada with eleven operating locations in Canada and eleven operating locations in the United States, processes and distributes carbon steel, stainless steel and aluminum products, including carbon steel tubing for structural and automotive markets. For additional information on Novamerican Steel Inc., visit our website at http://www.novamerican.com.

FORWARD-LOOKING (SAFE HARBOUR) STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Novamerican and the proposed transaction. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Novamerican’s management, are subject to risks and uncertainties (including those described in Novamerican’s public filings with the SEC), which could cause actual results, events and circumstances to differ materially from the forward-looking statements. The information set forth herein should be read in light of such risks. This press release does not constitute an offer or solicitation as to any securities. Novamerican assumes no obligation to update the information contained in this press release or such discussions.

For further information: Lawrence P. Cannon, CA, Vice President and Chief Financial Officer, Novamerican Steel Inc. (514) 368-6455.