Business
Stelco completes sale of Norambar, Stelwire and Stelfil to Mittal
Stelco completes sale of Norambar, Stelwire and Stelfil to Mittal.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 1 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nit has received a Court Order facilitating the sale of the shares of Norambar\nInc., Stelwire Ltd. (\"Stelwire\") and Stelfil LtDee to Mittal Canada Inc.\n(\"Mittal\"). The Order was granted at a hearing held this morning,\nnotwithstanding that Stelwire was still an applicant under Stelco's CCAA\nproceedings. As a result of this Order, the transaction closed today.\nA definitive agreement in this matter was announced on November 23, 2005\nwith the stated expectation that the transaction would close early in 2006.\nThe Court approved the sale on December 12, 2005.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"I'm\npleased for all concerned that the Court has facilitated the closing of this\ntransaction. It provides the subsidiaries with ownership that views them as\nstrategic assets. It provides certainty to their employees and retirees. And\nit assists Stelco in focusing on its integrated steel business going forward.\"\n\nThis news release may contain forward-looking information with respect to\nthe Corporation's business operations, financial performance and conditions.\nActual results may differ from expected results for a variety of reasons\nincluding factors discussed in the Corporation's Management's Discussion and\nAnalysis section of the Corporation's 2004 Annual Report. To learn more about\nStelco and its businesses, please refer to our Web site at www.stelco.ca.\n\n%SEDAR: 00001549E\n\n\n","length":1569,"tagName":"div"}]