HAMILTON, ON, Feb. 14 /CNW/ - Stelco Inc. (TSX:STE) announces that the Superior Court of Justice (Ontario) granted an Order late this afternoon approving the previously announced proposed reorganization of the Company's corporate structure. As a result, distinct portions of Stelco's business will be transferred into separate limited partnerships upon the Company's emergence from its Court-supervised restructuring process. In its Order, the Court declared that the proposed reorganization was fair and reasonable. As disclosed on previous occasions, among the features of the reorganization are provisions concerning the pension plan funding arrangement contained in Stelco's restructuring plan. Among these provisions, the ten-year funding arrangement agreed to by the Company and the Province is confirmed, the responsibilities of Stelco and the general partners in the limited partnerships are identified, and the ongoing pension funding obligations of Stelco and of any acquirer of the Company are outlined. Stelco will also be prohibited from making dividend payments or other forms of distribution on its common shares while the pension funding arrangements are in effect. About Stelco Stelco is one of Canada's longest-established steel companies. It is currently in the final stages of a Court-supervised restructuring. This process is designed to establish the Company as a viable and competitive producer for the long term. The new Stelco will be focused on its Ontario- based integrated steel business located in Hamilton and in Nanticoke. These operations produce high quality value-added hot rolled, cold rolled, coated sheet and bar products. This news release may contain forward-looking information with respect to the Corporation's business operations, financial performance and conditions. Actual results may differ from expected results for a variety of reasons including factors discussed in the Corporation's Management's Discussion and Analysis section of the Corporation's 2004 Annual Report. To learn more about Stelco and its businesses, please refer to our Web site at www.stelco.ca. %SEDAR: 00001549E