Business
Stelco announces closing of AltaSteel sale transaction
Stelco announces closing of AltaSteel sale transaction.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 1 /CNW/ - Stelco Inc. (TSX:STE) announces that the\ntransaction for the sale of the assets of AltaSteel Ltd. to Moly Cop Steel\nInc., an affiliate of Scaw International Sarl, closed late yesterday.\nA definitive agreement in this regard was announced on December 1, 2005\nwith the stated expectation that the transaction would close early in 2006.\nThe Court approved the sale on December 16, 2005.\nScaw has indicated on previous occasions its intention to continue\noperating AltaSteel in its current lines of business and in its current\nlocation near Edmonton, Alberta. Scaw has also indicated that it looks forward\nto building upon the strong business platform that AltaSteel has established,\nwhile making focused capital investments to provide for increasing demand in\nthe growing Alberta economy.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"This\nis positive news for everyone concerned. It provides AltaSteel with ownership\nthat views it as a strategic asset. It provides employees and retirees with\nincreased certainty. And it enables Stelco to focus on its integrated steel\nbusiness going forward.\"\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":1700,"tagName":"div"}]