Business
Stelco confirms delisting of common shares
Stelco confirms delisting of common shares.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 14 /CNW/ - Stelco Inc. today confirmed that, as it\nhad requested, its common shares were delisted from the Toronto Stock Exchange\n(\"TSX\") as at the close of trading on Friday, March 10, 2006.\nThe Company had announced on March 3, 2006 that its board of directors\nhad authorized the filing of a delisting application. As disclosed on previous\noccasions, there is insufficient value in the Company under the approved\nrestructuring plan to provide recovery for the current common shareholders. As\na result, the existing common shares will be eliminated on plan implementation\nwith no value being attributed to them.\nStelco is expected to emerge from its Court-supervised restructuring on\nMarch 31, 2006. At that time, new common shares will be issued under the\napproved restructuring plan and are expected to begin trading on the TSX on\nApril 3, 2006, subject to certain conditions.\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 Ontario-\nbased integrated steel businesses 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 2004 Annual\nReport. To learn more about Stelco and its businesses, please refer to our Web\nsite at www.stelco.ca.\n%SEDAR: 00001549E\n\n\n","length":1939,"tagName":"div"}]