Business
Stelco announces filing of 41st Monitor's Report
Stelco announces filing of 41st Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Dec. 7 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Forty-First Report of the Monitor in the matter of the Company's \nCourt-supervised restructuring has been filed. The full text of the Report can\nbe accessed through a link available on Stelco's web site.\nThe Report deals exclusively with the previously-announced signing of a\ndefinitive agreement for the sale of 100% of the shares of Norambar Inc.,\nStelfil LtDee and Stelwire Ltd. and related assets to Mittal Canada Inc.\nThe Monitor reviews the history of these non-core assets, the nature of\ntheir businesses, the sale process that was followed and terms of the\nagreement.\nThe Report notes that Stelco has advised the Monitor that it will seek an\nOrder on Monday, December 12, 2005 to approve the sale and to seal certain\nterms in the agreement until confirmation that the transaction has closed or\nuntil further order of the Court.\nThe Monitor indicates its view that Stelco and its advisors adequately\ncanvassed the market for prospective purchasers, that the purchase price is\nfair and commercially reasonable under the circumstances, and that a sealing\norder is appropriate and reasonable as it protects certain commercially\nsensitive information from being disclosed until the transaction is closed or\nuntil further order of the Court. Based on these considerations, the Monitor\nrecommends that the sale be approved and that a sealing order be granted until\nconfirmation that the transaction has closed or until further order of the\nCourt.\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\n%SEDAR: 00001549E\n\n\n","length":2286,"tagName":"div"}]