HAMILTON, ON, Nov. 23 /CNW/ - Stelco Inc. (TSX:STE) today announced that it has entered into a definitive agreement for the sale of 100% of the shares of Norambar Inc., Stelfil LtDee and Stelwire Ltd. and related assets to Mittal Canada Inc., an affiliate of Mittal Steel Company N.V. On November 2, 2005, Stelco and Mittal Canada Inc. announced that they had signed a Letter of Intent in this matter. The sale process reflects Stelco's decision, as outlined in the four-point strategy announced in July 2004, to focus on its integrated steel business. The purchase price was not disclosed. As in past asset sale transactions during its restructuring process, Stelco will ask the Court to seal such information until the sale has closed or until such other time as may be appropriate. The transaction is subject to certain conditions, including regulatory, lender and Court approval. Stelco expects to seek Court approval in December 2005. It is anticipated that, if all conditions are satisfied as planned, the transaction will close early in 2006. Courtney Pratt, Stelco President and Chief Executive Officer, said, "This transaction is good news for the subsidiaries, for their employees and retirees, and for Stelco. It provides the subsidiaries with ownership that views them as strategic assets. It provides the employees and retirees with increased certainty. And it assists Stelco in focusing on its integrated steel business going forward. On behalf of everyone in the Stelco community I want to thank these subsidiaries and their employees for their important and ongoing contribution." 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