Business
Stelco announces definitive agreement in sale of Norambar, Stelfil and Stelwire
Stelco announces definitive agreement in sale of Norambar, Stelfil and Stelwire.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 23 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nit has entered into a definitive agreement for the sale of 100% of the shares\nof Norambar Inc., Stelfil LtDee and Stelwire Ltd. and related assets to Mittal\nCanada Inc., an affiliate of Mittal Steel Company N.V.\nOn November 2, 2005, Stelco and Mittal Canada Inc. announced that they\nhad signed a Letter of Intent in this matter. The sale process reflects\nStelco's decision, as outlined in the four-point strategy announced in \nJuly 2004, to focus on its integrated steel business.\nThe purchase price was not disclosed. As in past asset sale transactions\nduring its restructuring process, Stelco will ask the Court to seal such\ninformation until the sale has closed or until such other time as may be\nappropriate. The transaction is subject to certain conditions, including\nregulatory, lender and Court approval. Stelco expects to seek Court approval\nin December 2005. It is anticipated that, if all conditions are satisfied as\nplanned, the transaction will close early in 2006.\nCourtney Pratt, Stelco President and Chief Executive Officer, said,\n\"This transaction is good news for the subsidiaries, for their employees and\nretirees, and for Stelco. It provides the subsidiaries with ownership that\nviews them as strategic assets. It provides the employees and retirees with\nincreased certainty. And it assists Stelco in focusing on its integrated steel\nbusiness going forward. On behalf of everyone in the Stelco community I want\nto thank these subsidiaries and their employees for their important and\nongoing contribution.\"\n\nAbout Stelco\nStelco Inc. is a large, diversified steel producer. Stelco is involved\nin major 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":2370,"tagName":"div"}]