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

Stelco Complete Sale of Noramber to Mittal

Feb 2 2006

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Stelco Inc. today announced that it has received a Court Order facilitating the sale of the shares of Norambar Inc., Stelwire Ltd. ("Stelwire") and Stelfil Ltée to Mittal Canada Inc. ("Mittal"). The Order was granted at a hearing held this morning, notwithstanding that Stelwire was still an applicant under Stelco's CCAA proceedings. As a result of this Order, the transaction closed today.

A definitive agreement in this matter was announced on November 23, 2005 with the stated expectation that the transaction would close early in 2006. The Court approved the sale on December 12, 2005.

Courtney Pratt, Stelco President and Chief Executive Officer, said, "I'm pleased for all concerned that the Court has facilitated the closing of this transaction. It provides the subsidiaries with ownership that views them as strategic assets. It provides certainty to their employees and retirees. And it assists Stelco in focusing on its integrated steel business going forward."

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