Business
Stelco to seek delisting of current common shares
Stelco to seek delisting of current common shares.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 3 /CNW/ - Stelco Inc. (TSX:STE) announces that its\nboard of directors today approved a resolution authorizing an application for\nthe delisting of the Company's current common shares from the Toronto Stock\nExchange (\"TSX\"). The application will request that the shares be delisted as\nat the close of trading on March 10, 2006.\nStelco previously announced that it was in discussions with the TSX\nconcerning delisting and indicated that it expected to file a delisting\napplication at such time as it was confident major business issues relating to\nimplementation of its restructuring plan would be satisfied. While there are\nstill some significant issues to be settled between stakeholders before\nStelco's plan can be implemented, Stelco now reasonably expects the issues to\nbe resolved for a March 31 plan implementation date.\nCourtney Pratt, President and Chief Executive Officer: \"We are making\nprogress in our drive to completion. Key stakeholders have agreed on an\nimplementation timetable and we are committed to working toward a successful\nconclusion in the near future.\"\nAs disclosed on previous occasions, there is insufficient value in the\nCompany under the approved restructuring plan to provide recovery for the\ncurrent common shareholders. As a result, the existing common shares will be\neliminated on plan implementation with no value being attributed to them.\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 Ontario-\nbased integrated steel business 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...