HAMILTON, ON, Feb. 1 /CNW/ - Stelco Inc. (TSX:STE) today announced that
it has received a Court Order facilitating the sale of the shares of Norambar
Inc., Stelwire Ltd. ("Stelwire") and Stelfil LtDee to Mittal Canada Inc.
("Mittal"). The Order was granted at a hearing held this morning,
notwithstanding that Stelwire was still an applicant under Stelco's CCAA
proceedings. As a result of this Order, the transaction closed today.
A definitive agreement in this matter was announced on November 23, 2005
with the stated expectation that the transaction would close early in 2006.
The Court approved the sale on December 12, 2005.
Courtney Pratt, Stelco President and Chief Executive Officer, said, "I'm
pleased for all concerned that the Court has facilitated the closing of this
transaction. It provides the subsidiaries with ownership that views them as
strategic assets. It provides certainty to their employees and retirees. And
it assists Stelco in focusing on its integrated steel business going forward."
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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