Stelco announces filing of 33rd Monitor's Report

HAMILTON, ON, July 14 /CNW/ - Stelco Inc. (TSX:STE) today announced that
the Thirty-Third Report of the Monitor in the matter of the Company's     
Court-supervised restructuring was filed today. The full text of the Report
can be accessed through a link available on Stelco's Web site.

The Report reviews the following matters:

Monitor's discussions with stakeholders: The Monitor arranged and held
meetings with representatives of stakeholder groups to discuss, among other
things, views on moving the restructuring process forward. At the beginning of
those meetings Stelco management reviewed the Company's updated financial
forecast.
Based on those meetings, the Monitor reports that most stakeholders
expressed the view that it was unlikely that any consensus on the substance of
a CCAA plan outline could be reached by July 18, 2005 and that, in general
terms, the next step should be the production of a plan leading to a vote. The
Monitor notes that there is no consensus on the best party to bring forward a
plan or on the content of such a plan. Noting that the Company has indicated
its intention to file a plan outline on July 15, 2005, the Report recommends
that the Monitor arrange and direct meetings between the Company and
stakeholders beginning the week of July 18, 2005 for the purpose of discussing
Stelco's plan outline.

Market conditions: The Monitor notes that the North American steel
industry continues to remain soft from in terms of price and demand. The
Report adds that the current spot market price for hot roll black coils,
Stelco's largest product category, has declined approximately 9.1% to
approximately $500/net ton since June 21, 2005. The Monitor notes, as it has
before, that Stelco's future financial results will be highly dependent on the
direction of the Company's input costs and the strength of North American
steel markets.

Request to extend the stay period: The Monitor recommends that the
Company's request for an extension of the stay period until September 9, 2005
be granted, stating that an extension is in the interest of all stakeholders
on the following grounds: to allow discussions concerning Stelco's plan
outline; to provide time for the subsequent development and filing of a formal
restructuring plan; to complete the claims procedure; and, to maintain
Stelco's operational and financial stability.

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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