Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Stelco's Sale of AltaSteel Approved by Courts

Dec 19 2005

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Stelco Inc. announced today that, during a hearing held this morning, the Superior Court of Justice (Ontario) approved the previously announced sale of AltaSteel Ltd. to Moly Cop Steel Inc., an affiliate of Scaw International Sarl.

As in past non-core asset sale transactions during Stelco's restructuring process, the Court agreed to seal certain terms of the sale agreement until the transaction closes or until further order of the Court.

At the same hearing this morning, the Court granted an order temporarily sealing certain commercially sensitive information contained in a report prepared by Navigant Consulting. The report was commissioned and will be used by certain equity holders in opposing Stelco's motion for Court approval of the restructuring plan approved by affected creditors on December 9, 2005. That motion will be heard on January 17, 2006. A version of the report excluding the sealed information has been filed with the Court and will be accessible through a link available on Stelco's web site.

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