HAMILTON, ON, Nov. 2 /CNW/ - Stelco Inc. (TSX:STE) announced today that it has signed a Letter of Intent concerning the sale of Norambar Inc., Stelfil LtDee and Stelwire Ltd. to Mittal Canada Inc., a subsidiary of Mittal Steel Company N.V. The transaction is subject to a number of conditions, including the negotiation of a definitive agreement and the obtaining of Court approval. It is anticipated that, if all conditions are satisfied as planned, the sale will close early in 2006. The pursuit of the sale of these non-core assets was announced previously and has been updated on numerous occasions throughout Stelco's Court- supervised restructuring process. The initiative reflects Stelco's decision, as outlined in the four-point strategy announced in July 2004, to focus on its core integrated steel business. Courtney Pratt, Stelco President and Chief Executive Officer, said, "This marks an important step in the process of pursuing a transaction that would be good for all concerned. We're committed to working with Mittal to conclude a definitive agreement as quickly as possible." Stelco Inc. is a large, diversified steel producer. Stelco is involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. 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