Business
Stelco announces completion of Stelpipe sale
Stelco announces completion of Stelpipe sale.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 3 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nit completed the previously-announced sale of the assets of Stelpipe Ltd. on\nOctober 31, 2005.\nOn August 19, 2005, the Company announced that it had entered into a\ndefinitive agreement for the sale of substantially all of the assets of\nStelpipe to Romspen Investment Corporation (\"Romspen\"). That agreement was\nsubsequently assigned to Lakeside Steel Corporation (\"Lakeside\"), a \nwholly-owned subsidiary of Romspen. On September 6, 2005, the transaction was\napproved by the Court.\nThe transaction reflects Stelco's previously-announced decision, as\noutlined in the four-point strategy announced in July 2004, to focus on its\ncore integrated steel business.\nAs a result of the transaction, Lakeside has assumed all of Stelpipe's\nobligations to its active employees retained by Lakeside and Stelco will\nassume all of the pension and benefit obligations respecting Stelpipe's\nretirees. In addition, Lakeside entered into a steel supply agreement with\nStelco.\nAt a hearing conducted on October 31, 2005, the Court ordered that\ncertain commercially sensitive information contained in the sale agreement\ncontinue to be sealed for a further period and that the steel supply agreement\nbe sealed permanently or until further order of the Court. Accordingly,\nfurther details of the transaction may not be disclosed at this time.\n\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%SEDAR: 00001549E\n\n\n","length":2152,"tagName":"div"}]