Business
Stelco Announces Filing of 51st Monitor's Report
Stelco Announces Filing of 51st Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 23 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Fifty-First Report of the Monitor in the matter of the Company's \nCourt-supervised restructuring was filed this afternoon. The full text of the\nReport can be accessed through a link available on Stelco's web site.\nThe Report deals exclusively with the sale of real property owned by\nWelland Pipe Ltd. as part of Stelco's non-core asset sale process. The sale of\ntwo pipe manufacturing mills that had been located on the property was\napproved in 2004 and 2005.\nThe Monitor notes that the real property was appraised and marketed for\nsale by an independent realtor. An agreement of purchase and sale was entered\ninto on January 9, 2006 by Welland Pipe Ltd. and the purchaser, Universal\nCapital Corporation. The transaction, which is subject to Court and other\napprovals as well as the fulfillment of other conditions, is expected to close\non May 15, 2006.\nThe Report adds that Stelco has indicated that it will seek the Court's\napproval of the transaction, as well as the temporary sealing of certain\ncommercially sensitive financial information contained in the agreement of\npurchase and sale, at a hearing to be held on March 2, 2006.\nThe Monitor expresses the view that the property was marketed for sale in\na commercially reasonable fashion, that the purchase price is fair and\ncommercially reasonable, that the request for a sealing Order is appropriate,\nand that the transaction represents the best recovery for Welland Pipe\nstakeholders. As a result, the Monitor recommends that Stelco's application in\nthese matters be approved.\n\nAbout Stelco\n\nStelco is one of Canada's longest-established steel companies. It is\ncurrently in the final stages of a Court-supervised restructuring. This\nprocess is designed to establish the Company as a viable and competitive\nproducer for the long term. The new Stelco will be focused on its Ontario-\nbased integrated steel business located in Hamilton and in Nanticoke. These\noperations produce high quality value-added hot rolled, cold rolled, coated\nsheet and bar products. This news release may contain forward-looking\ninformation with respect to the Corporation's business operations, financial\nperformance and conditions. Actual results may differ from expected results\nfor a variety of reasons includin...