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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      HOLDINGS, LTD.                                               |
|   |   | By:                                                                                        | /s/      Gilbert E. Playford |
|   |   |                                                                                       | Name:  Gilbert      E. Playford |
|   |   |                                                                                       |   | Title:    General      Partner   |
|   |   | GILBERT      E. PLAYFORD REVOCABLE TRUST                                         |
|   |   | By:                                                                                        | /s/      Gilbert E. Playford |
|   |   |                                                                                       | Name:  Gilbert      E. Playford |
|   |   |                                                                                       |   | Title:     Trustee  |
|   |   | THE      GILBERT E PLAYFORD 2007 CHARITABLE REMAINDER TRUST U/A/D      6/12/07   |
|   |   | 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.                                                                                                                                                                         | 1,172,500        | 19            |                                                                   | March      7, 2010 (3 years from IPO prospectus date) | March      6, 2007     |
| Gilbert      E. Playford Revocable Trust[Playford      SPAC Portfolio Ltd. received shares in March 2007 and transferred them to      the Trust after Nov. 15, 2007]                                      | ---              | ---           | 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[Received      625,000 shares on Nov. 15, 2007 (Certificate #SH 0004), transferred      580,331 of them to Trust Dec. 2008] | 44,669           | SH      00___ | ---                                                                    | November      15, 2009 (2 years from issuance date)   | ---                    |
| Gilbert      E. Playford Revocable Trust[Received      312,500 shares (Cert. # SH 0005 dated 11/15/07) from Playford Holdings,      Ltd., 580,331 from CRT Dec. 2008]                                | 892,831          | SH      00___ | ---                                                                    | November      15, 2009 (2 years from issuance date)   | ---                    |
| 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        | ---           | ---                                                                    |                                                  | ---                    |

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