HAMILTON, ON, May 12 /CNW/ - Stelco Inc. (TSX:STE) today announced that the Twenty-Ninth Report of the Monitor in the matter of the Company's Court-supervised restructuring was filed today. The full text of the Report can be accessed through a link available on Stelco's Web site. The Report provides additional information on the Company's first quarter results and information with respect to the Company's strategic capital expenditures. In particular, the Report notes that the capital expenditure program, a portion of which is currently underway, will take a further 18 to 24 months to implement and Stelco's estimated cost is between $360 and $467 million. In addition, Stelco is continuing its Phase II upgrade at the Lake Erie Hot Strip Mill and has commenced two mini-cogeneration projects, one at Lake Erie and one at Hamilton. The Monitor also provides an update on the Company's restructuring plan outline. The Report notes that Stelco has prepared a plan outline following discussions with various stakeholders and their advisors. The Monitor also reports that the Company will present the plan outline and supporting information immediately to stakeholders on a confidential basis. The Report notes that the views of stakeholders vary widely with respect to the restructuring alternatives for the Company. The Report indicates the Company's view is that a Court-supervised mediation process would be an efficient and effective method of assisting Stelco and its stakeholders in attempting to build a consensus around which a restructuring plan could be formulated. The Report states that the Monitor agrees with this view, and notes that several stakeholders have indicated their support for the concept of a mediation to the Monitor. The Monitor notes that Stelco, with the Monitor's assistance, intends to develop the terms of a mediation process in consultation with its stakeholders. The Report adds that Stelco and various stakeholders have expressed their views to the Monitor on how such a mediation process could be structured. In an Appendix to the Report, the Monitor provides its own views as to the key elements of such a process. Those views contemplate the appointment of an acceptable mediator, following which the mediator, with the assistance of the Monitor and others as required, would determine the nature, format and duration of the process itself. 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