The short answer is "yes, sometimes". You would be best served to have a consultation with a periodontist (gum specialist) and see if your situation makes you a candidate for one of the various bone augmentation procedures.
But more importantly is that before having any treatment you should have a diagnosis to tell you why you lost gum and bone tissue around your teeth? If it was caused by long term steroids like you say, and you are still using that medication, then even with bone augmentation you might find that the bone loss is uncontrollable.
If it was a result of periodontal disease and poor oral hygiene, has your daily regimen of caring for your teeth and gums improved? Are your gums puffy, red and bleed easily? Your periodontist would need to make sure that you are delivering optimal oral hygiene at least daily before he/she would do any bone augmentation procedure.
Another often overlooked cause of bone loss is your bite (occlusion). If you grind your teeth and/or clench them together with much force, which frequently occurs at night while you're sleeping, this can also cause gum recession and bone loss.
If your periodontist feels that the bone around your teeth has already lost too much, then there are other ways of correcting the problem. He might discuss dental implants or bridges as an alternative to the gum surgery and bone augmentation.