Gerdau Ameristeel Announces Change in Auditor

    TAMPA, FL, March 21 /CNW/ - Gerdau Ameristeel Corporation (NYSE:   GNA;
TSX: GNA.TO) today announced that its Audit Committee and Board of Directors
have selected Deloitte & Touche LLP to serve as the Company's independent
auditor. Deloitte & Touche is replacing PricewaterhouseCoopers LLP who
resigned at the request of the Company. The Company's majority shareholder,
Gerdau S.A., is changing to Deloitte & Touche in order to comply with Brazil's
requirement regarding auditor rotation every five years and the Company
decided it should also change to Deloitte & Touche for efficiency reasons due
to the level of coordination and reliance required. In connection with the
change of auditor and pursuant to the section 4.11 of National Instrument
51-102 - Continuous Disclosure Obligations, the Company will file notice with
the Securities Regulatory Authorities announcing the change and reporting that
there were no reportable disagreements with PricewaterhouseCoopers on the
Company's financial statements for the two most recently filed fiscal years,
including the period subsequent to the most recently completed period for
which an audit report was issued.
    "During the relationship with Gerdau Ameristeel, PricewaterhouseCoopers
has provided quality service to our Company and we would like to thank them
for their professionalism and assistance in making this a smooth transition,"
commented Mario Longhi, President and CEO.

    About Gerdau Ameristeel
    Gerdau Ameristeel is the second largest minimill steel producer in North
America with annual manufacturing capacity of over 9.0 million tons of mill
finished steel products. Through its vertically integrated network of 17
minimills (including one 50%-owned joint venture minimill), 17 scrap recycling
facilities and 51 downstream operations (including seven joint venture
fabrication facilities), Gerdau Ameristeel serves customers throughout North
America. The Company's products are generally sold to steel service centers,
to steel fabricators, or directly to original equipment manufacturers (or
"OEMs") for use in a variety of industries, including construction,
automotive, mining, cellular and electrical transmission, metal building
manufacturing and equipment manufacturing. Gerdau Ameristeel's common shares
are traded on the Toronto Stock Exchange under the symbol GNA.TO and on the
New York Stock Exchange under the symbol GNA. For additional financial and
investor information, visit

    %SEDAR: 00000593E

For further information:

For further information: Tom J. Landa, Vice President and Chief
Financial Officer, Gerdau Ameristeel, (813) 207-2300,

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