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Stelco comments on resignation letter of former directors
Stelco comments on resignation letter of former directors.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Jan. 21 /CNW/ - Stelco Inc. (TSX:STE) today commented on\nthe resignation letter of two former directors which was made public under an\nOrder of the Superior Court of Justice (Ontario) last evening.\nThe Company noted that allegations contained in the letter had been\naddressed previously by the board of directors and by a Special Officer of the\nCourt. A Special Committee of the board was established to review the\nallegations following receipt of the resignation letter last August. In\naddition, the Company sought and obtained the appointment of the Honourable\nCoulter Osborne as a Special Officer of the Court. His mandate was to assist\nand oversee the Special Committee's review of the allegations, and to report\nto the Court.\nMr. Osborne's report (\"the Osborne report\") was filed and made public on\nSeptember 21, 2005. The report confirmed the appropriateness of the process\nand findings of the Special Committee in the matters under review. The report\nexpressed the view that there was no conflict of interest on the part of the\npresident and chief executive officer or other members of senior management,\nthat there had been no stakeholder complaint about the forecasting model that\nwas used, and that the board had acted responsibly in considering all aspects\nof the forecasts with which it was presented.\nThe Company today noted in particular a number of allegations in the\nformer directors' letter concerning the Chief Restructuring Officer (\"CRO\"),\nMr. Hap Stephen. The Company noted the Osborne report's finding that \"there\nwas nothing which emerged in the course of the Special Committee process which\nin any way compromised the role of the CRO.\"\nRichard Drouin, chairman of Stelco's board of directors, said, \"The\nallegations, and particularly those concerning the motives and conduct of\nspecific individuals, are not accepted by Stelco's current directors who\nconsider those allegations to be inappropriate and unjustified.\n\"The activities of the board, management, advisors and the CRO have been\noverseen by the Court-appointed Monitor. For its part, the board has had\ncomplete confidence in every member of the Company's restructuring team\nthroughout this process.\"\n\nAbout Stelco\nStelco Inc. is a large, diversified steel producer. Stelco is involved in\nmajor segments of the steel ind...