HAMILTON, ON, March 31 /CNW/ - Stelco Inc. announced today that it is on
track to emerge from its 26 month long Court-supervised restructuring by
midnight tonight.
The Company indicated that it has satisfied the conditions to
implementation of its restructuring plan under the Companies' Creditors
Arrangement Act ("CCAA") and has filed Articles of Reorganization.
Stelco also indicated that it has satisfied the conditions to
implementation of the reorganization of its corporate structure under the
Canada Business Corporations Act and has filed Articles of Arrangement.
These steps are important to enabling the Company to close its multi-step
refinancing and reorganization, and to emerge from the CCAA process by the end
of today.
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 2005 Annual Report. To learn more about Stelco and its
businesses, please refer to our Web site at www.stelco.ca.
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