HAMILTON, ON, March 24 /CNW/ - Stelco Inc. announced today that it has
been informed by Toronto Stock Exchange ("TSX") that at the opening on
March 24, 2006, TSX will halt trading on its 9.5% Convertible Subordinated
Debentures due 2007 (TSX: STE.DB) (the "Debentures") and will delist the
Debentures at the close on March 24, 2006. The company's restructuring plan
(the "Plan") is expected to be completed on March 31, 2006. Accordingly,
Stelco has set a record date of the close of business on March 28, 2006 for
the distribution of New Common Shares, New Warrants, New Secured Floating Rate
Notes (the "FRNs") and cash to its affected creditors, including holders of
the Debentures. Distributions to which the holders of Debentures may be
entitled will be paid to the Monitor in trust in accordance with the Plan.
TSX has conditionally approved the listing of the New Common Shares, New
Warrants and FRNs. It is anticipated that trading of these securities will
begin on TSX on or about April 3, 2006.
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 two
Ontario-based integrated steel businesses 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.
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