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Exhibit 99.2




|Market Driven...Process Based

1

November 19, 2007

This presentation includes
forward-looking statements
about the prospects of
Quanex Corporation.

Please review the complete
forward-looking disclosure
statement in the Company's
10-K report filed on
December 15, 2006.

Transaction Overview:

Building Products Spin-off and Merger of Quanex Corp.
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|3

Spin-off of Building Products to existing Quanex Corp. shareholders

Company to be named Quanex Building Products Corp.

Expected to be listed on the NYSE

Spin-off will be taxable to Quanex Corp.

One share of Quanex Building Products Corp. for every share of Quanex Corp.

Expected to close by end of first calendar quarter 2008


Transaction Overview: Spin-off

Quanex
Corporation

Vehicular
Products

Building
Products

100%

Quanex
Corporation

Quanex Building
Products
Corporation

100%

100%

Vehicular
Products

Building
Products

Quanex
Shareholders

Quanex
Shareholders
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|5

Transaction Overview: Merger

Merger of Quanex Corp. with Gerdau S.A. for $39.20 per share in cash

Implied enterprise value of approximately $1.673 billion for Vehicular Products

FY2007E EBITDA of $162 million (after a $9.9 million LIFO charge) for Vehicular
Products(a)

Expected to close by end of first calendar quarter 2008


Gerdau
S.A.

Existing
Operations

Quanex
Shareholders

Quanex
Shareholders

Quanex
Corporation

Quanex
Building
Products
Corporation

100%

Vehicular
Products

Building
Products

100%

$39.20 Per
Share in Cash

Quanex Corp.
Shares

Gerdau
S.A.

Quanex
Corporation

Vehicular
Products

Existing
Operations

+

$39.20 Per
Share in Cash

Quanex
Building
Products
Corporation

(a) Refer to schedule in Appendix A
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|7

Illustrative Reconciliation to Enterprise Value for Vehicular Products



($ in millions, except per share amounts)

Estimates:  to be adjusted post distribution and closing.
   Cash Per Share   $39.20
   Shares Outstanding   37.2   Includes basic and restricted shares outstanding as of 10/31/07
   Equity Value   $1,458
   Plus Estimated Corporate Adjustments:
   Convertible Bond(a)   275   Assumes premium settled in cash
   Spin-off Tax(a)     85
   Cash Settlement of Options(a)     26   After-tax cash settlement of premium
   Debt        4   As of 10/31/07
   Transaction and Other Costs   22
   Cash   (197)   As of 10/31/07 after $21 million transfer to Quanex Building Products
   Enterprise Value   $1,673
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|9

Transactions are the result of an extensive strategic review



Building Products strategic review result

Vehicular Products and Building Products are distinct businesses better
served separate from each other

Spin-off to Quanex Corp. shareholders

Building Products performing well in light of challenging end-market
conditions; consistently outperforming the market



Merger of Quanex Corp. / Vehicular Products

Benefits from active global steel consolidation

Significant cash value to Quanex Corp. shareholders

Well positioned to thrive as part of a broader steel-focused enterprise


Rationale
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|11

Quanex Building Products: Overview

Excludes inter-company eliminations.

Excludes corporate overhead expenses.

Quanex Building
Products

Aluminum Sheet
Building Products

Engineered Building
Products
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|13

Vision:    Become North America's leading manufacturer of residential
building products sold to OEMs and distributors



Strategy:

Expand residential footprint

Add new products:  solar panel components, composite window profiles, etc.

Expand upon existing product lines: PVC profiles, patio doors, screens, door
thresholds, insulated glass spacer systems

Pursue fenestration adjacencies

Exterior residential building products components (roofing, siding, column,
railing, decking, etc.)

Components for interior residential building products (venting, cabinets, stairs,
etc.)

Pursue tight product and process adjacencies in commercial markets

Strengthen leadership position in energy efficient products and applications

Increase degree of integration for fenestration components as appropriate:

Related marketing programs (e.g., apply TruSeal's Enviro-Sealed(tm) program to
Mikron)

Evaluate opportunities for centralized invoicing, purchasing and customer service

Quanex Building Products: Strategy
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|15

Includes $16.5 million of stand-alone annual corporate overhead expenses and $2.0 million of stand-alone annual option expenses.

Assumes $21 million of net cash and 4.5% annual interest earned.

Assumes 36.9% tax rate.

Assumes 37.2 million basic and restricted shares outstanding as of 10/31/07.

Quanex Building Products: Financial Summary
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|17

Appendix A

Illustrative Reconciliation of EBITDA to Operating Income

($ in millions)
   Estimate as of 10/31/07   Vehicular Products   Building Products
   Operating Income   $132.7   $109.5
   D & A add back       39.0       37.8
   Est. LIFO allocation   (9.9)   0.0
   EBITDA   $161.8   $147.3

EBITDA is defined as operating income plus depreciation and amortization.
The Company is providing EBITDA to assist investors in determining relevant
transaction metrics.
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|Market Driven...Process Based

19

November 19, 2007

This presentation includes
forward-looking statements
about the prospects of
Quanex Corporation.

Please review the complete
forward-looking disclosure
statement in the Company's
10-K report filed on
December 15, 2006.

Building Products Spin-off and Merger of Quanex Corp.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------