March 22, 2007 — Gerdau Ameristeel Corp. announced that its Audit Committee and Board of Directors have selected Deloitte & Touche LLP to serve as the company's independent auditor.

Deloitte & Touche will replace PricewaterhouseCoopers LLP, who resigned at the company’s request.

The move follows a similar change by Gerdau SA, the company's majority shareholder, who is making the change in order to comply with Brazil's requirement for auditor rotation every five years. Gerdau Ameristeel decided it should also change to Deloitte & Touche for efficiency reasons because of the level of coordination and reliance required.

"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.

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.

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 for use in a variety of industries.