March 3, 2006 — The Superior Court of Justice (Ontario) has granted Stelco Inc. an Order extending the stay period in its Court-supervised restructuring until March 31, 2006. The stay was previously scheduled to expire from March 3, 2006.

Stelco’s Court-appointed Monitor had recommended that the extension be granted on the grounds that the parties have been working diligently towards implementation of the company's restructuring plan, that a plan implementation date of March 31, 2006 is achievable, and that Stelco has been acting in good faith and with due diligence.

The Order contains a provision that the Monitor report to the Court as to the status of the plan implementation process. A further Court hearing would be held on March 23, 2006 if progress in that regard is unsatisfactory and should the Court so direct.

Courtney Pratt, Stelco President and CEO, said, "We are making progress in our drive to completion. The stakeholders involved in these final stages have agreed on an implementation timetable they believe is achievable. We're committed to working with stakeholders, to achieving those targets, and to bringing this process to a successful conclusion."

During the same hearing, the Court approved the previously announced sale of real property owned by Welland Pipe Ltd. and ordered the temporary sealing of certain commercially sensitive financial information contained in the agreement of purchase and sale.

Stelco is one of Canada's longest-established steel companies. It is currently in the final stages of a Court-supervised restructuring, a process that 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, producing high quality value-added hot rolled, cold rolled, coated sheet and bar products.