HAMILTON, ON, March 16 /CNW/ - Stelco Inc. announced today that it has applied for and received an Order concerning the distribution of sale proceeds generated by the Company's disposition of non-core assets. In pursuit of its previously-announced strategy, and as announced on previous occasions, Stelco sold the issued and outstanding shares of four wholly-owned subsidiaries: AltaSteel Ltd., Norambar Inc., Stelfil LtDee and Stelwire Ltd. The Company also sold the assets of CHT Steel Company Inc., Stelpipe Ltd. and Welland Pipe Ltd. The sale proceeds from those transactions were paid to, and have been held since then by, the Monitor in trust. At a hearing held this morning, the Superior Court of Justice (Ontario) granted an Order authorizing the Monitor to distribute the funds that can be released on the restructuring plan implementation date to Stelco or as Stelco may direct. The motion also dealt with those sale proceeds the Monitor is required to hold beyond the plan implementation date pursuant to any of the above-noted sale agreements. The Order granted today authorizes the Monitor to release such sale proceeds in accordance with those agreements without further Order of the Court. 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. %SEDAR: 00001549E