The Superior Court of Justice (Ontario) has approved Stelco Inc.’s application to amend the provisions of its capital raising process. Stelco had applied for permission to extend the deadline for filing of binding offers for Stelco's core business, its non-core subsidiaries, or both, from January 31, 2005 to February 14, 2005.

Stelco’s Court-appointed Monitor had recommended approval of the extension on the basis of the high level of interest shown by prospective bidders and the concern expressed by certain parties that the current timeline may not provide enough time in which to conduct their due diligence. The Monitor also cited the volume of work required to assist parties engaged in this process.

As part of the same hearing, the Court also authorized Stelco to admit two additional potential bidders into the Stelpipe Ltd. sale process, even though their expressions of interest were submitted after the stated deadline of December 1, 2004. The Monitor had recommended that the company's application in this regard be approved, following a thorough evaluation of the proposals and determination that it was in the best interests of Stelpipe and its stakeholders to have the late parties participate in the next phase of the process.

Hap Stephen, Stelco's Chief Restructuring Officer, said, "These procedural adjustments will enhance the effectiveness of the due diligence process as well as encourage well-informed and competitive binding offers."

Stelco Inc. is a large, diversified steel producer involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses.