Business
Stelco announces filing of 54th Monitor's Report
Stelco announces filing of 54th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 10 /CNW/ - Stelco Inc. announces that the Fifty-\nFourth Report of the Monitor in the matter of the Company's Court-supervised\nrestructuring was served this evening and will be filed on Monday, March 13,\n2006. The full text of the Report will be accessible through a link available\non Stelco's web site.\nThe Report deals exclusively with a motion by the Company to be heard on\nMarch 16, 2005. The motion concerns the distribution of sale proceeds with\nrespect to Stelco's disposition of non-core assets during its restructuring.\nIn pursuit of its previously-announced strategy, and as announced\nthroughout the asset sale process, the Company sold the issued and outstanding\nshares of four wholly-owned subsidiaries: AltaSteel Ltd., Norambar Inc.,\nStelfil LtDee and Stelwire Ltd. The Company also sold the assets of CHT Steel\nCompany Inc., Stelpipe Ltd. and Welland Pipe Ltd.\nThe sale proceeds from those transactions were paid to, and have been\nheld since then by, the Monitor in trust. The motion seeks a Court Order\nauthorizing the Monitor to distribute the funds that can be released on the\nrestructuring plan implementation date to Stelco or as Stelco may direct. The\nmotion also deals with those sale proceeds the Monitor is required to hold\nbeyond the plan implementation date pursuant to any of the above-noted sale\nagreements. The Order being sought would authorize the Monitor to release such\nsale proceeds in accordance with those agreements without further Order of the\nCourt.\n\nAbout Stelco\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 including factors discussed in the Corporation's\nManagement's Discussion and Analysis section of the Corporation's 2...