HAMILTON, ON, Oct. 29 /CNW/ - Stelco Inc. ("Stelco" or the "Corporation") (TSX: STE) today announced that it has been advised that United States Steel Corporation has received all regulatory approvals required to complete the arrangement (the "Arrangement") of Stelco under section 192 of the Canada Business Corporations Act involving the acquisition by an indirect wholly-owned subsidiary of United States Steel Corporation of all of the common shares of Stelco. The completion of the Arrangement remains subject to the approval of the Ontario Superior Court of Justice at a hearing scheduled for October 30, 2007 and the satisfaction of certain other conditions described in the management proxy circular dated September 24, 2007 that was mailed to shareholders of Stelco and is available on SEDAR at www.sedar.com. Subject to the satisfaction of such conditions, it is anticipated that the Arrangement will be completed on or about October 31, 2007.
About Stelco
Stelco is one of Canada's largest steel companies. It is 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. To learn more about Stelco and its businesses, please refer to our web site at www.stelco.ca.
Cautionary Statement with Respect to Forward-Looking Statements
Certain statements included herein constitute "forward-looking statements". All statements, other than statements of historical fact, included in this release that address future activities, events, developments or financial performance, are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "will", "could", "expect", "intend", "plan", "estimate", "anticipate", "believe", "future" or "continue" or the negative thereof or similar variations. The forward-looking statements are based on certain assumptions and analyses made by Stelco and its management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. Stelco believes the following factors could cause actual results to differ materially from those discussed in the forward-looking statements: failure to satisfy the conditions to complete the Arrangement, including failure to receive Court or other approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement in respect of the Arrangement; and the failure of the Arrangement to be completed for any other reason. Although Stelco has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The factors identified above are not intended to represent a complete list of the factors that could affect Stelco. Furthermore, the forward-looking statements contained in this Circular are made as of the date of this release. In light of these risks, which are inherent in forward-looking statements, readers are cautioned not to place undue reliance on those forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
%SEDAR: 00001549E