Business
Stelco engaged in strategic review
Stelco engaged in strategic review.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\nHAMILTON, ON, June 1 /CNW/ - Stelco Inc. (TSX: STE) today confirmed that\nit is reviewing strategic options for the company in light of the ongoing\nconsolidation in the steel industry. The company has appointed a special\ncommittee of directors and CIBC World Markets and UBS to assist it in this\nreview. The company intends to evaluate a broad range of possible alternatives\nincluding mergers, strategic partnerships, acquisitions or a sale of all or\npart of the company.\n\n\nDiscussions regarding these alternatives with third parties are at a very\npreliminary stage and there have been no discussions on the material terms of\nany transaction. Accordingly, there is no assurance that a transaction will\nresult from these discussions or as to the timing, structure or terms of any\ntransaction, and no further comment will be forthcoming unless the situation\nwarrants.\n\n\n"Since emerging from CCAA, Stelco has been committed to building a\nstronger, more cost-efficient steel company, which would eventually become\npart of the global consolidation in the industry. As part of the restructuring\nefforts, Stelco has focused on completing the upgrade of the Lake Erie Hot\nMill and addressing productivity and cost issues at the Hamilton works. We\nbelieve it is appropriate to begin the next phase of our business plan and\nexplore all potential alternatives for positioning Stelco to be an integral\npart of a larger, globally competitive company," stated Rodney Mott, President\nand Chief Executive Officer.\n\n\nAbout Stelco\n\n\nStelco is one of Canada's largest steel companies. It is focused on its\ntwo Ontario-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. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.com.\n\n\nCAUTION REGARDING FORWARD-LOOKING INFORMATION\n\n\nThis press release contains "forward-looking information" that is based\non Stelco's expectations as of the date of this press release or as of the\ndate which such information is identified to be given. This forward-looking\ninformation includes, among other things, factors relating to the business,\noperations and prospects of Stelco, including the possibility of the\ncomplet...