HAMILTON, April 21 /CNW/ - Stelco Inc. (TSX:STE) announced today that it has reached an agreement with the USWA on the next steps in the Company's capital raising process and restructuring. The agreement was submitted to and approved by the Superior Court of Justice (Ontario) this afternoon. Under the terms of the agreement the USWA has withdrawn its motion that was scheduled to be heard this morning. Under today's agreement, the parties agreed that Tricap Management Limited will be treated as a financial advisor to the USWA. Other terms of the agreement provide assurances, guidelines and timelines regarding the discussions and actions to be conducted by both parties in the coming weeks. Courtney Pratt, Stelco's President and Chief Executive Officer, said, "We're very pleased to have concluded this agreement with the USWA. It provides a clear framework within which we can work together and with other stakeholders. This will enable us all to focus on achieving our shared goal - the successful outcome of our restructuring process. "The Court-appointed Monitor and the Government of Ontario made strong contributions in helping us find common ground and conclude this agreement. "We'll now proceed to, among other things, develop a plan outline that can be brought before the Court and that will provide a focus for further discussion. The nature of that outline, which we will have by May 12, 2005, will be based on the sources of capital that Stelco and its advisors believe are available to the Company." About Stelco Stelco Inc. is a large, diversified steel producer. Stelco is involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. 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