Business
Stelco announces court approval of AltaSteel sale
Stelco announces court approval of AltaSteel sale.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Dec. 16 /CNW/ - Stelco Inc. (TSX:STE) announced today that,\nduring a hearing held this morning, the Superior Court of Justice (Ontario)\napproved the previously announced sale of AltaSteel Ltd. to Moly Cop Steel\nInc., an affiliate of Scaw International Sarl.\nAs in past non-core asset sale transactions during Stelco's restructuring\nprocess, the Court agreed to seal certain terms of the sale agreement until\nthe transaction closes or until further order of the Court.\nAt the same hearing this morning, the Court granted an order temporarily\nsealing certain commercially sensitive information contained in a report\nprepared by Navigant Consulting. The report was commissioned and will be used\nby certain equity holders in opposing Stelco's motion for Court approval of\nthe restructuring plan approved by affected creditors on December 9, 2005.\nThat motion will be heard on January 17, 2006. A version of the report\nexcluding the sealed information has been filed with the Court and will be\naccessible through a link available on Stelco's web site.\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. 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 2004 Annual Report. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.ca.\n%SEDAR: 00001549E\n\n\n","length":1829,"tagName":"div"}]