SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* PLAYFORD GILBERT E (Last) (First) (Middle) C/O NOVAMERICAN STEEL INC. 28 W. 44TH STREET, 16TH FLOOR (Street) NEW YORK NY 10036 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol NOVAMERICAN STEEL INC. [ TONS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/14/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								1,172,500	I	Held through a limited partnership(1)
Common Stock	05/14/2008		P		2,200	A	$2.8	446,333	I	Held by trust(2)
Common Stock	05/14/2008		P		38,317	A	$2.85	484,650	I	Held by trust(2)
Common Stock	05/14/2008		P		600	A	$2.86	485,250	I	Held by trust(2)
Common Stock	05/14/2008		P		600	A	$2.87	485,850	I	Held by trust(2)
Common Stock	05/14/2008		P		100	A	$2.88	485,950	I	Held by trust(2)
Common Stock	05/15/2008		P		424	A	$2.85	486,374	I	Held by trust(2)
Common Stock	05/15/2008		P		11,537	A	$2.95	497,911	I	Held by trust(2)
Common Stock	05/15/2008		P		220,000	A	$3	717,911	I	Held by trust(2)
Common Stock								312,500	I	Held through a limited partnership(3)
Common Stock								625,000	I	Held by trust(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	$5.5							03/07/2008	03/07/2011	Common Stock	3,222,222		3,222,222	I	Held through a limited partnership(1)
Warrants	$5.5							03/07/2008	03/07/2011	Common Stock	125,000		125,000	I	Held by trust(2)
Warrants	$5.5							03/07/2008	03/07/2011	Common Stock	53,265(5)		53,265(5)	I	Held through a limited partnership(5)
Warrants	$5.5							03/07/2008	03/07/2011	Common Stock	750,000		750,000	I	Held through a limited partnership(6)
Warrants	$5.5							03/07/2008	06/12/2011	Common Stock	787,402		787,402	I	Held through a limited partnership(3)
Warrants	$5.5							03/07/2008	11/15/2011	Common Stock	312,500		312,500	I	Held through a limited partnership(3)
Warrants	$5.5							03/07/2008	11/15/2011	Common Stock	625,000		625,000	I	Held by trust(4)

Explanation of Responses:

1. These securities are held directly by Playford SPAC Portfolio, Ltd. ("Portfolio"), a limited partnership of which Mr. Playford is a 24.8% limited partner and Playford's Grantor Retained Annuity Trust is a 75% limited partner. The remaining 0.2% of the outstanding partnership interest is owned by the general partner of Portfolio, Playford SPAC Management Corp., of which Playford is the sole beneficial and record owner.

2. These securities are held by Gilbert E. Playford Revocable Trust, a revocable trust, of which the reporting person is the settler and sole trustee.

3. Represents the reporting person's pecuniary interest in the securities owned by Playford Holding, Ltd., a partnership of which Mr. Playford is the general partner.

4. Represents the reporting person's pecuniary interest in the Gilbert E. Playford 2007 Charitable Remainder Trust U/A/O 6/12/07, a trust of which the reporting person is trustee.

5. Represents the reporting person's pecuniary interest in the 500,000 Warrants purchased by Playford Family Limited Partnership. The sole general partner of Playford Family Limited Partnership is Playford Management LLC, of which the reporting person is the sole member. The general partner holds .653% of the outstanding partnership interests. The remainder of the reporting person's pecuniary interest in Playford Family Limited Partnership is held through Gilbert E. Playford Revocable Trust, a revocable trust, of which the reporting person is the settler and sole trustee. Gilbert E. Playford Revocable Trust, a limited partner, holds 10% of the outstanding partnership interests. The remaining outstanding partnership interests (89.347%) are held by two limited partners, each of which is an irrevocable trust he created for his children who are neither members of his household nor supported by him. The reporting person is not a trustee of either irrevocable trust.

6. The reported securities are held by Playford Grandkids Limited Partnership whose sole general partner and 0.1% owner is Playford Management LLC, of which the reporting person is the sole member. All of the outstanding limited partnership interests of such limited partnership are held by the 2007 Playford Grandkids Gift Trust U/A/D 5/2/07. The reporting person disclaims beneficial ownership of such securities except as to his pecuniary interest therein.

Remarks:

	/s/ Karen G. Narwold as Attorney-in-Fact for Gilbert E. Playford	05/15/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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