----

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|   |   |  NOVAMERICAN      STEEL INC.                                                                                   |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|
|   |   | By:                                                                                                                           | /s/      Karen G. Narwold |
|   |   |                                                                                                                          | Name:  Karen      G. Narwold |
|   |   |                                                                                                                          |   | Title:    Vice      President, Chief Administrative Officer, General Counsel and      Secretary  |
|   |   |  PLAYFORD      SPAC PORTFOLIO LTD. By:  PLAYFORD      SPAC MANAGEMENTCORP., as General      Partner  |
|   |   | By:                                                                                                                           | /s/      Gilbert E. Playford |
|   |   |                                                                                                                          | Name:  Gilbert      E. Playford |
|   |   |                                                                                                                          |   | Title:    President   |
|   |   | GILBERT      E. PLAYFORD REVOCABLE TRUST                                                                            |
|   |   | By:                                                                                                                           | /s/      Gilbert E. Playford |
|   |   |                                                                                                                          | Name:  Gilbert      E. Playford |
|   |   |                                                                                                                          |   | Title:    Trustee  |
|   |   | PLAYFORD      GRANTOR RETAINED ANNUITY TRUST U/A/D 2/12/07                                                          |
|   |   | By:                                                                                                                           | /s/      Gilbert E. Playford |
|   |   |                                                                                                                          | Name:  Gilbert      E. Playford |
|   |   |                                                                                                                          |   | Title:    Trustee  |
|   |   | CONTINENTAL      STOCK TRANSFER & TRUST COMPANY, as Escrow Agent                                                |
|   |   | By:                                                                                                                           | /s/      John W. Comer, Jr. |
|   |   |                                                                                                                          | Name:   John      W. Comer, Jr. |
|   |   |                                                                                                                          |   | Title:     Vice      President |

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| Existing Stockholder                                                                                                                                                                                                                                                                                                                                                                            | Number of Shares      | Stock Cert. # | Shares Issued in Directed Unit      Program*(with Stock Cert. #) | Escrow Period                                         | Date of Insider Letter |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|---------------|------------------------------------------------------------------|-------------------------------------------------------|------------------------|
| Original Stockholders:                                                                                                                                                                                                                                                                                                                                                                          |                  |          |                                                             |                                                  |                   |
| Corrado      De Gasperis                                                                                                                                                                                                                                                                                                                                                                        | 1,875,000             | 16            | ---                                                              | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Playford      SPAC Portfolio Ltd.                                                                                                                                                                                                                                                                                                                                                               | N/A                   | N/A           | N/A                                                              | N/A                                                   | N/A                    |
| Gilbert      E. Playford Revocable Trust [Playford SPAC Portfolio Ltd. (a) received      125,000 shares in 3/07 and transferred them to the Trust after 11/15/07;      and (b) transferred 1,172,500 shares (Cert. #19) to Playford Grantor      Retained Annuity Trust u/a/d 2/12/07 in 2/09, which immediately      transferred such shares to Gilbert E. Playford Revocable      Trust] | 1,172,500             | [___]         | 125,000      / #3                                                | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Domenico      Lepore                                                                                                                                                                                                                                                                                                                                                                            | 700,000               | 18            | ---                                                              | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Scott      Carter Mason                                                                                                                                                                                                                                                                                                                                                                         | 235,000               | 10            | 18,750      / #2                                                 | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| M.      Ridgway Barker                                                                                                                                                                                                                                                                                                                                                                          | 235,000               | 12            | 25,000      / #1                                                 | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Robert      W. Ramage, Jr.                                                                                                                                                                                                                                                                                                                                                                      | 235,000               | 15,17         | ---                                                              | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Donald      C. Bailey                                                                                                                                                                                                                                                                                                                                                                           | 235,000               | 11            | ---                                                              | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
|        Subtotal                                                                                                                                                                                                                                                                                                                                              | 4,687,500             |          |                                                             |                                                  |                   |
| 11/07 Stockholders:                                                                                                                                                                                                                                                                                                                                                                             |                  |          |                                                             |                                                  |                   |
| The      Gilbert E Playford 2007 Charitable Remainder Trust U/A/D 6/12/07 (“CRT”) [Received 625,000 shares on      11/15/07 (Cert. #4), transferred      580,331 of them to Trust 12/08]                                                                                                                                                                                            | 44,669                | 26            | ---                                                              | November      15, 2009 (2 years from issuance date)   | ---                    |
| Gilbert      E. Playford Revocable Trust[Received      312,500 shares (Cert. #5 dated 11/15/07) from Playford Holdings, Ltd.,      580,331 from CRT 12/08]                                                                                                                                                                                                                                      | 312,500580,331892,831 | 2425          | ---                                                              | November      15, 2009 (2 years from issuance date)   | ---                    |

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| Lions      Den Investments SA                      | 312,500   | SH      0006 | ---    | November      15, 2009 (2 years from issuance date) | ---    |
|----------------------------------------------------|-----------|--------------|--------|-----------------------------------------------------|--------|
| Chongwe      Investments SA                        | 312,500   | SH      0007 | ---    | November      15, 2009 (2 years from issuance date) | ---    |
| Etosha      Investments SA                         | 312,500   | SH      0008 | ---    | November      15, 2009 (2 years from issuance date) | ---    |
|        Subtotal | 1,875,000 |         |   |                                                |   |
| TOTAL                                              | 6,562,500 | ---          | ---    |                                                | ---    |