Stelco
Latest News
Stelco Court Monitor Files 29th Report
13 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-ninth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding Stelco’s first quarter results and strategic capital expenditures.
Stelco Reports 1st Quarter Earnings
10 May 2005 - Stelco Inc. reported record net earnings of $49 million on net sales revenue of $968 million for the first quarter ended March 31, 2005.
Court Approves Sale of Stelco Welland U&O Mill
05 May 2005 - Stelco Inc. announced that the Superior Court of Justice (Ontario) has approved the sale of Welland Pipe's U&O Mill to Grinolet Inc.
Stelco Court Monitor Files 28th Report
03 May 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-eighth Report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the sale of Welland Pipe's U&O Mill. The Monitor reports that Stelco will seek a Court Order on May 4, 2005 approving the sale of the Mill to Grinolet Inc.
Oregon Steel Mills Reports 1st Quarter Results
29 April 2005 - Oregon Steel Mills, Inc. reported net income of $28.4 million on sales of $296 million for the first quarter of 2004.
Court Grants Stelco Extension of Stay
27 April 2005 - 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.
Stelco Court Monitor Files 26th Report
26 April 2005 - Stelco Inc.’s court-appointed Monitor has filed its twenty-sixth Report regarding the company's Court-supervised restructuring. The Report provides an update on Stelco’s operations and finances, including a first-quarter production and shipping summary by business operation, a review of market and pricing conditions, cash flow results for the period January 29, 2005 to April 15 of this year, and cash flow forecasts for the period April 16, 2005 to July 8, 2005. Additional portions of the Report review previously announced developments.
Stelco and USWA Reach Agreement on Near Term Plans
22 April 2005 - Stelco Inc. has reached agreement with the USWA on the next steps in the company's capital raising process and restructuring. The agreement was submitted to and approved by the Superior Court of Justice (Ontario) on Thursday, April 21, 2005.
Steelworkers Urge Hamilton City Council to Adopt Motion on Stelco
20 April 2005 - The United Steelworkers is pleased with a motion passed Tuesday by the Hamilton City Council’s Planning and Economic Development Committee urging Stelco Inc. to consent to the Steelworkers' appointment of Tricap Management Limited as a financial advisor for the purpose of recapitalizing Stelco.
Steelworkers Preparing Plan to Save Stelco
14 April 2005 - The United Steelworkers of America has signed a letter of intent with Tricap Management Limited (Brascan Corp.'s restructuring fund) to work together on a C$1.35 billion plan to recapitalize Stelco Inc., and remove the company from protection under the Companies' Creditors Arrangement Act (CCAA).
Stelco Reports Fourth Quarter and Full Year Results
12 April 2005 - Stelco Inc. released its 2004 Audited Consolidated Financial Statements together with Management's Discussion and Analysis, which outlines the corporation's financial results and condition. Stelco also released its Annual Information Form (AIF). In its statements, Stelco reported net earnings of $1 million for the fourth quarter, and net earnings of $65 million for the year ended December 31, 2004.
Stelco Details Game Plan for Financial Reporting, Annual Meeting
07 April 2005 - Stelco Inc. has provided an update regarding the filing of financial statements and the timing of its Annual General Meeting of shareholders.
Stelco Authorized to Access Capital Markets
31 March 2005 - Stelco Inc. has received Court authorization to access the capital markets in pursuit of new capital in the form of equity or a combination of debt and equity.
Stelco Seeks Approval to Sell Interest in Camrose Pipe
25 March 2005 - Stelco Inc. has applied for a Court order approving the sale by Stelcam Holdings Inc., a wholly-owned subsidiary of Stelco, of its partnership interest in Camrose Pipe Co. to Canadian National Steel Corp. (CNSC). CNSC, an indirect subsidiary of Oregon Steel Mills Inc., is the other partner in the Camrose Pipe Partnership.
Stelco Offers Operating Earnings Estimate
09 March 2005 - Stelco Inc. has issued preliminary unaudited operating results for the fourth quarter and year 2004, as well as commentary on estimated 2005 results. The company cautions that the estimates are unaudited and do not include possible adjustments to operating earnings that may be required as a result of the capital raising and sales process, the claims reconciliation process or other matters that may arise prior to finalization of Stelco's 2004 financial statements.
Steelworkers Applaud Reassurance on Sale of Stelco Subsidiaries
04 March 2005 - The United Steelworkers is pleased with Stelco Inc.'s agreement to not proceed with the sale of one or more of its subsidiaries, whose hourly employees are represented by the union.
Stelco Court Monitor Files 20th Report
03 March 2005 - Stelco Inc.’s court-appointed Monitor has filed its twentieth Report regarding the company's Court-supervised restructuring. The Report provides an update on the capital raising process, in particular the review process and results for Phase II of the process.
Steelworkers Pledge Conditional Support for Stelco Restructuring
02 March 2005 - The United Steelworkers said that it is prepared to work with Stelco Inc. to develop a plan based on full adherence to the union's seven principles for restructuring and on new labor agreements for Locals 8782 (Lake Erie), 5220 (AltaSteel) and 5328 (Stelwire), that allows Stelco to successfully emerge from bankruptcy protection under the Companies' Creditors Arrangement Act (CCAA).
Stelco Offers Miss the Mark
02 March 2005 - Stelco Inc.’s Board of Directors has determined that none of the proposals received satisfy its requirements for being designated as a prevailing offer under the order of the Ontario Superior Court of Justice. As a result, the Board will pursue new refinancing alternatives for the integrated steel business as part of its capital raising process.
Stelco Comments on Court Decisions
28 February 2005 - Stelco Inc. commented on the Court hearing held Friday. Feb. 25, in the matter of the company's Court-supervised restructuring.
