Stelco announces court approval of Stelpipe sale

HAMILTON, ON, Sept. 6 /CNW/ - Stelco Inc. (TSX:STE) said today that,
during a hearing held this morning, the Superior Court of Justice (Ontario)
approved the previously announced sale of substantially all of the assets of
Stelpipe Ltd. to Lakeside Steel Corporation, a wholly-owned subsidiary of
Romspen Investment Corporation.
As in past asset sale transactions during Stelco's restructuring process,
the Court agreed to seal certain commercially sensitive information contained
in the sale agreement until further order of the Court or until the
transaction closes, anticipated to occur at or about the end of October, 2005.
Stelco announced on August 19, 2005 that it had entered into a definitive
agreement with Romspen in this matter. As was also announced previously,
Romspen has indicated that it will continue, through Lakeside, Stelpipe's
current operations in the current facilities and will retain almost all of
Stelpipe's employees. In addition, and conditional upon the closing of the
transaction, Stelco will assume all of the pension and benefit obligations
respecting Stelpipe's retirees.

About Stelco
Stelco Inc. is a large, diversified steel producer. Stelco is involved in
major segments of the steel industry through its integrated steel business,
mini-mills, and manufactured products businesses. This news release may
contain forward-looking information with respect to the Corporation's business
operations, financial performance and conditions. Actual results may differ
from expected results for a variety of reasons including factors discussed in
the Corporation's Management's Discussion and Analysis section of the
Corporation's 2004 Annual Report. To learn more about Stelco and its
businesses, please refer to our Web site at www.stelco.ca.
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