Business
Stelco announces filing of 55th Monitor's Report
Stelco announces filing of 55th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 22 /CNW/ - Stelco Inc. announces that the Fifty-Fifth\nReport of the Monitor in the matter of the Company's Court-supervised\nrestructuring was served today. The full text of the Report will be accessible\nthrough a link available on Stelco's web site.\nThe Report deals exclusively with the steps that have been taken in\nrecent weeks by Stelco, the Monitor and other relevant parties towards\nimplementation of the restructuring plan under the Companies' Creditors\nArrangement Act and the reorganization of Stelco's corporate structure under\nthe Canada Business Corporations Act.\nThe Monitor notes that the parties have been working diligently towards\nthat objective. This activity has entailed the resolution of outstanding\nissues and the finalization of principal documents.\nThe Report adds that Stelco, the Monitor and other relevant parties are\nof the view that a plan implementation date of March 31, 2006 is achievable.\nThe Monitor concludes by expressing the view that the extension of the stay\nperiod to March 31, 2006 continues to be appropriate under the circumstances.\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 two \nOntario-based integrated steel businesses located in Hamilton and in\nNanticoke. These operations produce high quality value-added hot rolled, cold\nrolled, coated sheet and bar products. This news release may contain \nforward-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\n%SEDAR: 00001549E\n\n\n","length":2142,"tagName":"div"}]