Business
Stelco announces agreement to sell surplus land to the Hamilton Port Authority
Stelco announces agreement to sell surplus land to the Hamilton Port Authority.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Aug. 29 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nHamilton Land Limited Partnership and Stelco Inc. have entered into an\nagreement to sell a parcel of non-core, surplus land to the Hamilton Port\nAuthority. The agreement provides that the Hamilton Port Authority will\npurchase the land, consisting of approximately 103 acres and a building\ncontained on the land, for total cash proceeds of $17.5 million. Completion of\nthe purchase is expected to take place by the end of 2006 and is subject to a\nnumber of conditions. The net proceeds from the purchase will be used to\nreduce the outstanding indebtedness of Stelco under its secured revolving term\nloan facility.\n\nAbout Stelco\n\nStelco is one of Canada's longest-established steel companies. It is\nfocused on its two Ontario-based integrated steel businesses located in\nHamilton and in Nanticoke. These operations produce high quality value-added\nhot rolled, cold rolled, coated sheet and bar products. This news release may\ncontain forward-looking information with respect to the Corporation's business\noperations, financial performance and conditions. Actual results may differ\nfrom expected results for a variety of reasons including factors discussed in\nthe Corporation's Management's Discussion and Analysis section of the\nCorporation's 2005 Annual Report. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.com.\n\n%SEDAR: 00001549E\n\n\n","length":1531,"tagName":"div"}]