HAMILTON, ON, March 14 /CNW/ - Stelco Inc. today confirmed that, as it
had requested, its common shares were delisted from the Toronto Stock Exchange
("TSX") as at the close of trading on Friday, March 10, 2006.
The Company had announced on March 3, 2006 that its board of directors
had authorized the filing of a delisting application. As disclosed on previous
occasions, there is insufficient value in the Company under the approved
restructuring plan to provide recovery for the current common shareholders. As
a result, the existing common shares will be eliminated on plan implementation
with no value being attributed to them.
Stelco is expected to emerge from its Court-supervised restructuring on
March 31, 2006. At that time, new common shares will be issued under the
approved restructuring plan and are expected to begin trading on the TSX on
April 3, 2006, subject to certain conditions.
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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