I don't think Mr. Webster -- of dictionary fame -- has a definition for "blew the doors off" as it relates to a company's year-over-year earnings growth. Which leaves us wide open to impose our own definition -- why not use a growth threshold of, say, 50% to mean "blew the doors off"? Gerdau Ameristeel (NYSE:GNA) handily exceeded that in its most recent quarter.

Indeed, Ameristeel followed other American steel companies, such as mini-mills Nucor (NYSE:NUE) and Steel Dynamics (NASDAQ:STLD) -- not to mention the big enchilada, U.S. Steel (NYSE:X) -- in reporting an unusually solid quarter. Ameristeel blew the doors off to the extent that its profit jumped by 88%, while its sales were up 92%. Admittedly, a large part of the growth in the quarter stemmed from Ameristeel's purchase of Chaparral Steel last September. Chaparral, which for many years was part of Texas Industries (NYSE:TXI), manufactures a range of steel bars and beams. Ameristeel, which is majority-owned by Brazil's Gerdau (NYSE:GGB), now operates 19 mini-mills across the U.S.

I'm inclined to urge my Foolish friends to keep an eye on Ameristeel for two key reasons: First, it's unlikely that the world's voracious appetite for steel will be satisfied anytime soon. Indeed, China and India are leading the global steel-demand parade. And beyond that, a construction recovery in North America would do wonders for domestic demand.

Second, I find the company quantitatively interesting: For instance, its PEG ratio is below 0.85 and returns on equity are consistently north of 20%. Foolish CAPS players have accorded Gerdau Ameristeel top-of-the-heap five-star status. Do you agree?

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