U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 40-F (Check One) [ ] Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 or [X] Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2005 Commission file number: 333-101591 GERDAU AMERISTEEL CORPORATION (Exact name of registrant as specified in its charter) ONTARIO 3312 59-0792436 (Province or other (Primary Standard (I.R.S. Employer jurisdiction of Industrial Classification Identification Number incorporation Code Number (if applicable)) (if Applicable)) or organization)
4221 BOY SCOUT BOULEVARD, SUITE 600 TAMPA, FLORIDA 33607 (813) 286-8383 (Address and Telephone Number of Registrant's Principal Executive Offices) MARIO LONGHI CHIEF EXECUTIVE OFFICER GERDAU, AMERISTEEL CORPORATION 4221 BOY SCOUT BOULEVARD, SUITE 600 TAMPA, FLORIDA 33607 (813) 286-8383 (Name, Address (Including Zip Code) and Telephone Number (Including Area Code) of Agent For Service in the United States) Securities registered or to be registered pursuant to Section 12(b) of the Act. TITLE OF EACH CLASS NAME OF EXCHANGE ON WHICH REGISTERED ------------------- ------------------------------------ COMMON STOCK NEW YORK STOCK EXCHANGE Securities registered or to be registered pursuant to Section 12(g) of the Act: NONE Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. SENIOR NOTES DUE 2011 For annual reports, indicate by check mark the information filed with this Form: [X] Annual Information Form [X] Audited Annual Financial Statements Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 304,729,125 [content excised] GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (US$ in thousands) DECEMBER 31, DECEMBER 31, 2005 2004 ------------ ------------ ASSETS CURRENT ASSETS Cash and cash equivalents $ 414,259 $ 88,132 Restricted cash 473 465 Accounts receivable, net of allowance of $4,000 in 2005 and 2004 344,758 360,379 Inventories (note 4) 745,165 853,155 Deferred tax assets (note 10) 23,212 8,754 Other current assets 23,236 31,698 ---------- ---------- TOTAL CURRENT ASSETS 1,551,103 1,342,583 INVESTMENTS (note 6) 153,439 177,795 PROPERTY, PLANT AND EQUIPMENT (note 5) 955,601 919,862 GOODWILL 122,716 122,716 DEFERRED FINANCING COSTS 14,451 13,616 DEFERRED TAX ASSETS (note 10) 23,424 8,234 OTHER ASSETS 8,717 7,725 ---------- ---------- TOTAL ASSETS $2,829,451 $2,592,531 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 285,019 $ 295,001 Accrued salaries, wages and employee benefits 66,744 59,318 Accrued interest 21,003 21,071 Other current liabilities 61,271 54,715 Acquisition liability -- 51,790 Current portion of long-term borrowings (note 7) 1,014 4,644 ---------- ---------- TOTAL CURRENT LIABILITIES 435,051 486,539 LONG-TERM BORROWINGS, LESS CURRENT PORTION (note 7) 432,737 432,823 CONVERTIBLE DEBENTURES (note 9) 96,594 86,510 ACCRUED BENEFIT OBLIGATIONS (note 11) 147,167 114,792 OTHER LIABILITIES 65,246 68,325 DEFERRED TAX LIABILITIES (note 10) 68,637 38,778 ---------- ---------- TOTAL LIABILITIES 1,245,432 1,227,767 ---------- ---------- SHAREHOLDERS' EQUITY Capital stock (note 13) 1,010,341 1,008,511 Retained earnings 540,415 311,853 Accumulated other comprehensive income 33,263 44,400 ---------- ---------- TOTAL SHAREHOLDERS' EQUITY 1,584,019 1,364,764 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $2,829,451 $2,592,531 ========== ========== See accompanying notes to consolidated financial statements. GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (US$ in thousands, except earnings per share data) YEAR ENDED --------------------------- DECEMBER 31, DECEMBER 31, 2005 2004 ------------ ------------ NET SALES $3,897,143 $3,009,854 OPERATING EXPENSES Cost of sales (exclusive of depreciation) 3,253,865 2,450,945 Selling and administrative 125,558 109,384 Depreciation 103,035 79,311 Other operating expense (income) 14,180 (3,062) ---------- ---------- 3,496,638 2,636,578 ---------- ---------- INCOME FROM OPERATIONS 400,505 373,276 EARNINGS FROM JOINT VENTURES 91,201 141,474 ---------- ---------- INCOME BEFORE OTHER EXPENSES AND INCOME TAXES 491,706 514,750 OTHER EXPENSES Interest, net 50,420 56,330 Foreign exchange (gain) loss (1,554) 8,123 Amortization of deferred financing costs 2,656 2,551 ---------- ---------- 51,522 67,004 ---------- ---------- INCOME BEFORE INCOME TAXES 440,184 447,746 INCOME TAX EXPENSE (note 10) 144,687 110,077 ---------- ---------- $ 295,497 $ 337,669 NET INCOME ========== ========== EARNINGS PER COMMON SHARE - BASIC $ 0.97 $ 1.46 EARNINGS PER COMMON SHARE - DILUTED $ 0.97 $ 1.45 See accompanying notes to consolidated financial statements. ACCUMULATED OTHER NUMBER OF INVESTED RETAINED EARNINGS COMPREHENSIVE SHARES CAPITAL (ACCUMULATED DEFICIT) INCOME TOTAL ----------- ---------- --------------------- ----------------- ---------- BALANCES AT DECEMBER 31, 2003 198,090,861 $ 547,601 $(25,816) $ 11,822 $ 533,607 ---------- Net income 337,669 337,669 Other comprehensive income: Foreign exchange 36,400 36,400 Minimum pension liability, net of tax of $2,100 (3,822) (3,822) ---------- Comprehensive income 370,247 ---------- Stock issuance 105,562,000 460,203 460,203 Employee stock options 375,261 707 707 ----------- ---------- -------- -------- ---------- BALANCES AT DECEMBER 31, 2004 304,028,122 1,008,511 311,853 44,400 1,364,764 ---------- Net income 295,497 295,497 Other comprehensive income: Foreign exchange 8,626 8,626 Minimum pension liability, net of tax of $8,900 (19,763) (19,763) ---------- Comprehensive income 284,360 Dividends (66,935) (66,935) Employee stock options 443,371 1,830 1,830 ----------- ---------- -------- -------- ---------- BALANCES AT DECEMBER 31, 2005 304,471,493 $1,010,341 $540,415 $ 33,263 $1,584,019 =========== ========== ======== ======== ========== [content excised]