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                            [GERDAU AMERISTEEL LOGO]

                          GERDAU AMERISTEEL CORPORATION
                       ANNOUNCES SUCCESSFUL COMPLETION OF
                         EXCHANGE OFFER FOR SENIOR NOTES



TORONTO, ON, JANUARY 23, 2003 -- Gerdau Ameristeel Corporation (TSX:GNA.TO)
announced today the successful completion of its offer to exchange up to
$405,000,000 aggregate principal amount of registered 10 3/8% Senior Notes due
2011 (the "Exchange Notes") of Gerdau Ameristeel Corporation ("Gerdau
Ameristeel") and GUSAP Partners (together with Gerdau Ameristeel, the "Issuers")
for the Issuers' outstanding Notes (the "Existing Notes") which were offered in
a private placement in June 2003. All of the Existing Notes validly tendered to
the exchange offer have been accepted for exchange.

The exchange offer was contemplated in the Registration Rights Agreement dated
June 27, 2003, pursuant to which the Issuers agreed to register substantially
identical Notes, including unconditional guarantees on the Notes from certain of
Gerdau Ameristeel's subsidiaries, and to offer to exchange the registered
Exchange Notes for the Existing Notes.

The Exchange Notes (including the subsidiary guarantees) have substantially the
same form and terms as the outstanding Existing Notes, except that the Exchange
Notes are issued under a prospectus in Ontario and the Exchange Notes and
subsidiary guarantees have been registered under the U.S. Securities Act of
1933, as amended, and are not subject to restrictions on transfer.

The Exchange Notes have been accepted for clearance through the DTC and assigned
the following CUSIP number: 37373MAC6. No payment of additional interest is
required.


ABOUT GERDAU AMERISTEEL

Gerdau Ameristeel is the second largest minimill steel producer in North America
with annual manufacturing capacity of over 6.8 million tons of mill finished
steel products. Through its vertically integrated network of 11 minimills
(including one 50%-owned minimill), 13 scrap recycling facilities and 26
downstream operations, Gerdau Ameristeel primarily serves customers in the
eastern half of North America. The company's products are generally sold to
steel service centers, fabricators, or directly to original equipment
manufacturers for use in a variety of industries, including construction,
automotive, mining and equipment manufacturing. Gerdau Ameristeel's common
shares are traded on the Toronto Stock Exchange under the symbol GNA.TO. GUSAP
Partners is a partnership formed between Gerdau Ameristeel and its wholly-owned
subsidiary, Gerdau Ameristeel MRM Special Sections Inc., that was created for
the purpose of borrowing and providing funds to Gerdau Ameristeel and its
subsidiaries.

This news release may contain forward-looking information with respect to Gerdau
Ameristeel's operations. Actual results may differ from these forward-looking
statements due to numerous


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factors, including global competition, steel imports, market supply and demand
for steel, pricing of energy and raw material inputs and other matters. These
and other factors are outlined in Gerdau Ameristeel's regulatory filings with
the Canadian securities regulatory authorities and the Securities and Exchange
Commission, including those in Gerdau Ameristeel's Annual Report for 2002 and
its Form 40-F. All dollar amounts are in U.S. dollars unless otherwise
specified.


For more information please contact:


Phillip E. Casey                      Tom J. Landa
President & CEO                       Vice President and Chief Financial Officer
Gerdau Ameristeel                     Gerdau Ameristeel
(813) 207-2225                        (813) 207-2300

pcasey@gerdauameristeel.com           tlanda@gerdauameristeel.com




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