Business
Stelco and USWA reach agreement on next steps in capital raising process and restructuring
Stelco and USWA reach agreement on next steps in capital raising process and restructuring.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, April 21 /CNW/ - Stelco Inc. (TSX:STE) announced today that it\nhas reached an agreement with the USWA on the next steps in the Company's\ncapital raising process and restructuring. The agreement was submitted to and\napproved by the Superior Court of Justice (Ontario) this afternoon.\nUnder the terms of the agreement the USWA has withdrawn its motion that\nwas scheduled to be heard this morning. Under today's agreement, the parties\nagreed that Tricap Management Limited will be treated as a financial advisor\nto the USWA.\nOther terms of the agreement provide assurances, guidelines and timelines\nregarding the discussions and actions to be conducted by both parties in the\ncoming weeks.\nCourtney Pratt, Stelco's President and Chief Executive Officer, said,\n\"We're very pleased to have concluded this agreement with the USWA. It\nprovides a clear framework within which we can work together and with other\nstakeholders. This will enable us all to focus on achieving our shared goal -\nthe successful outcome of our restructuring process.\n\"The Court-appointed Monitor and the Government of Ontario made strong\ncontributions in helping us find common ground and conclude this agreement.\n\"We'll now proceed to, among other things, develop a plan outline that\ncan be brought before the Court and that will provide a focus for further\ndiscussion. The nature of that outline, which we will have by May 12, 2005,\nwill be based on the sources of capital that Stelco and its advisors believe\nare available to the Company.\"\n\nAbout Stelco\nStelco Inc. is a large, diversified steel producer. Stelco is involved in\nmajor segments of the steel industry through its integrated steel business,\nmini-mills, and manufactured products businesses.\n\nThis news release may contain forward-looking information with respect to\nthe Corporation's business operations, financial performance and conditions.\nActual results may differ from expected results for a variety of reasons\nincluding factors discussed in the Corporation's Management's Discussion and\nAnalysis section of the Corporation's 2004 Annual Report. To learn more about\nStelco and its businesses, please refer to our Web site at www.stelco.ca.\n\n%SEDAR: 00001549E\n\n\n","length":2291,"tagName":"div"}]