HAMILTON, ON, March 3 /CNW/ - Stelco Inc. (TSX:STE) announces that its
board of directors today approved a resolution authorizing an application for
the delisting of the Company's current common shares from the Toronto Stock
Exchange ("TSX"). The application will request that the shares be delisted as
at the close of trading on March 10, 2006.
Stelco previously announced that it was in discussions with the TSX
concerning delisting and indicated that it expected to file a delisting
application at such time as it was confident major business issues relating to
implementation of its restructuring plan would be satisfied. While there are
still some significant issues to be settled between stakeholders before
Stelco's plan can be implemented, Stelco now reasonably expects the issues to
be resolved for a March 31 plan implementation date.
Courtney Pratt, President and Chief Executive Officer: "We are making
progress in our drive to completion. Key stakeholders have agreed on an
implementation timetable and we are committed to working toward a successful
conclusion in the near future."
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.
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.
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