Stelco Inc. applied for and was granted an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring until July 8, 2005. The stay period was previously scheduled to expire on April 29, 2005.

Citing the Court-appointed Monitor's grounds for supporting the extension, Courtney Pratt, Stelco's President and CEO, said, "This extension is in the interests of all stakeholders. It will maintain operational and financial stability while we continue discussions with stakeholders, pursue the capital raising process, complete the claims procedure and develop a restructuring plan."

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.