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Ivaco’s Court Protection
Extended to April 2

Feb. 17, 2004 — The Ontario Superior Court of Justice has extended Ivaco Inc.’s period of Court protection under the Companies' Creditors Arrangement Act (CCAA) until April 2, 2004.

Ivaco has also been relieved of its obligation to call or hold an annual general meeting of shareholders until further order of the Court.

Ivaco filed for protection under the CCAA on September 16, 2003, citing difficult market conditions for the entire North American steel industry, which included the high Canadian dollar, U.S. anti-dumping duty deposits and higher input, energy and transportation costs.

Ivaco, a Canadian corporation, is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco's modern steel operations include Canada's largest rod mill, which has a rated production capacity of 900,000 tons of wire rods per annum. In addition, its fabricated steel products operations have a rated production capacity in the area of 350,000 tons per annum of wire, wire products and processed rod, and over 175,000 tons per annum of fastener products.

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