Business
Stelco announces filing of 42nd Monitor's report
Stelco announces filing of 42nd Monitor's report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Dec. 9 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Forty-Second Report of the Monitor in the matter of the Company's Court-\nsupervised restructuring has been filed. The full text of the Report can be\naccessed 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 the shares of AltaSteel Ltd. and related\nassets to Moly Cop Steel Inc., an affiliate of Scaw International Sarl,\nsubject to Court approval.\nThe Monitor reviews the history of AltaSteel, the nature of its business,\nthe sale process that was followed and terms of the agreement.\nThe Report notes that Stelco has advised the Monitor that it will seek an\nOrder on Friday, December 16, 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\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":2307,"tagName":"div"}]