HAMILTON, ON, Jan. 21 /CNW/ - Stelco Inc. (TSX:STE) today announced that its restructuring plan was sanctioned and approved by the Superior Court of Justice (Ontario) last evening. The Court indicated its view that Stelco has been in compliance with all statutory requirements, has adhered to previous orders of the Court, and that nothing has been done or purported to be done that is not authorized by the Companies' Creditors Arrangement Act. The Court also found that the restructuring plan was fair, reasonable and equitable. Courtney Pratt, Stelco President and Chief Executive Officer, said, "This is wonderful news for Stelco, for our employees and retirees, for our other stakeholders, and for the communities in which we operate. The conclusion of our restructuring is now in sight. The new Stelco that emerges from this process will be much better positioned to become a viable and competitive steel producer for the long term. Stelco will do everything possible to reward the confidence that has been shown in the restructuring plan and in the future of this great company." The Court had indicated earlier this week that it wanted to be certain that the restructuring plan presented for approval could actually be implemented. To that end, the Company had advised the Court that it expected to be in a position to deliver term sheets in the matter of the $600 million asset based loan and the $375 million bridge loan to the Monitor by 5:00 p.m. on January 20, 2006. Letters and term sheets in a form acceptable to the Court were delivered, as referenced in the 48th Report of the Monitor issued late yesterday afternoon. Having reviewed these materials and the Monitor's Report, the Court indicated that it was satisfied the restructuring plan was implementable. The Court also determined that the restructuring plan was fair to existing shareholders on the grounds that there was insufficient value with which to provide them any recovery. In addition, the Court noted its belief that the marketplace had been exhaustively and well canvassed for prospective purchasers of the Company during the restructuring process. The Court also noted that no real or realistic interest had been shown even though certain existing shareholders had made efforts in this regard in recent months. The Sanction Order also extended the stay period from January 31, 2006 until March 3, 2006. About Stelco 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