Business
TSX requests that Stelco apply to delist current shares
TSX requests that Stelco apply to delist current shares.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 27 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nit has been in discussions with the Toronto Stock Exchange concerning requests\nreceived from the TSX to delist the Company's common shares. Discussions are\nongoing.\nAs disclosed on previous occasions, and as reflected in Stelco's approved\nrestructuring plan, there is insufficient value in the Company under the plan\nto provide recovery for the current common shareholders. As a result, the\nexisting common shares will be eliminated on plan implementation with no value\nbeing attributed to them.\nStelco advised today that it expects to file a delisting application with\nthe Toronto Stock Exchange as soon as it is confident with respect to the\nsatisfaction of all major business issues relating to implementation of the\nCompany's restructuring plan. Stelco anticipates that it will be able to make\nthis determination on or about March 2, 2006, in which case a delisting\napplication is expected to be filed shortly thereafter.\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.\n\n%SEDAR: 00001549E\n\n\n","length":2033,"tagName":"div"}]