HAMILTON, ON, March 2 /CNW/ - Stelco Inc. (TSX:STE) today was granted an Order of the Superior Court of Justice (Ontario) extending the stay period in its Court-supervised restructuring from March 3, 2006 until March 31, 2006. The Court-appointed Monitor had recommended that the extension be granted on the grounds that the parties have been working diligently towards implementation of the Company's restructuring plan, that a plan implementation date of March 31, 2006 is achievable, and that Stelco has been acting in good faith and with due diligence. The Order contains a provision that the Monitor report to the Court as to the status of the plan implementation process and that a further Court hearing be held on March 23, 2006 if progress in that regard is unsatisfactory and should the Court so direct. Courtney Pratt, Stelco President and Chief Executive Officer, said, "We are making progress in our drive to completion. The stakeholders involved in these final stages have agreed on an implementation timetable they believe is achievable. We're committed to working with stakeholders, to achieving those targets, and to bringing this process to a successful conclusion." At the same hearing held this morning, the Court approved the previously announced sale of real property owned by Welland Pipe Ltd. and ordered the temporary sealing of certain commercially sensitive financial information contained in the agreement of purchase and sale. 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 Ontario- based integrated steel business 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