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Stelco
Latest News
Stelco Board Commences Review of Bids
21 February 2005 - Stelco Inc.’s Board of Directors has commenced its review of bids submitted under the Court-approved capital raising and asset sale process.
Stelco Concludes Bid Process for Core and Non-Core Assets
16 February 2005 - Several bids have been received for the recapitalization or purchase of Stelco Inc.’s core integrated steel business. Bids, as defined under Stelco’s Court-approved capital raising and asset sale process, had been due by the end of the day on Monday, Feb. 14.
Stelco Steelworkers Reach Understanding with Severstal
14 February 2005 - After a weekend of round-the-clock discussions, United Steelworkers' local unions representing workers at Stelco Inc. operations in Alberta, Ontario and Quebec came to an understanding with Russian steelmaker Severstal to continue talks with the Steelworkers to completion.
Court Extends Stelco Stay Period to April 29
10 February 2005 - Stelco Inc. obtained an Order of the Superior Court of Justice (Ontario) extending the stay period under its Court-supervised restructuring from February 11, 2005 until April 29, 2005.
Algoma Steel Announces Record Earnings, Withdrawal from Stelco Process
10 February 2005 - Algoma Steel Inc. reported record net income of $122.2 million on sales of $489.8 million for the fourth quarter and net income of $343.8 million on sales of $1,803.1 million for the full year ended December 31, 2004.
Steelworkers Renew Strike Mandate at AltaSteel
08 February 2005 - Members of the United Steelworkers' Local 5220 at Stelco Inc.'s Edmonton subsidiary, AltaSteel, have voted 92% in favor of renewing its strike mandate. The mandate was initially granted to the local's bargaining committee last September during ongoing contract negotiations.
Stelco Court Monitor Files 18th Report
08 February 2005 - Stelco Inc.’s court-appointed Monitor has filed its Eighteenth Report regarding the company's Court-supervised restructuring. The Report outlines production and shipping data for Stelco’s segments as well as information on cash flow and forecasts; pension plan and OPEB information. The Report also includes an update on Stelco’s capital raising process, including the sale of Plateco, and an update on the claims procedure. In addition, the Report notes Stelco’s intention to request an extension of the stay period.
Steelworkers to Vote on Strike Mandate at AltaSteel
03 February 2005 - Members of the United Steelworkers' Local 5220 at Stelco Inc.'s Edmonton subsidiary, AltaSteel, will vote Thursday, Feb. 3, to renew its strike mandate. The mandate was first granted to the local's bargaining committee last September during ongoing contract negotiations.
Stelco Court Monitor Files 17th Report
31 January 2005 - Stelco Inc.’s court-appointed Monitor has filed its Seventeenth Report regarding the company's Court-supervised restructuring. The Report outlines an extension of Stelco’s credit facilities, progress on the sale of Stelco Plate Co. assets, and simplification of Stelco’s corporate structure.
Court Allows Stelco to Extend Deadline for Binding Offers
18 January 2005 - 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 Hopes to Extend Deadline for Binding Offers
14 January 2005 - Stelco Inc.’s court-appointed Monitor has filed its Sixteenth Report regarding the company's Court-supervised restructuring. The Report outlines the Court-appointed Monitor’s recommendation that the deadline for parties to file binding offers for Stelco's core business, non-core subsidiaries, or both be extended from January 31, 2005 to February 14, 2005.
Seven Potential Bidders Move on to Phase Two of Stelco Sale Process
05 January 2005 - Six parties have demonstrated their interest in participating in Stelco Inc.’s Court-approved capital raising process for its core integrated steel business by submitting detailed proposals by the December 31, 2004 deadline.
Algoma Shows Interest in Stelco Assets
22 December 2004 - Algoma Steel Inc. has entered into the process for reviewing a potential acquisition of Stelco.
Stelco Welcomes Two New Bidders to Capital Raising Process
22 December 2004 - Stelco Inc. announced that two additional prospective bidders made public their expressions of interest in Stelco's core integrated and non-core businesses.
Court Approves Claims Process for Stelco Creditors
21 December 2004 - The Superior Court of Justice (Ontario) approved a creditors' Claims Procedure Process for Stelco Inc.’s restructuring. Approval was granted during a hearing held Friday, Dec. 17.
Canadian Courts Deny USWA Locals Leave to Appeal Stelco Initial Order
13 December 2004 - The Supreme Court of Canada has denied several USWA locals leave to appeal the Initial Order providing Stelco Inc. with protection of the Companies' Creditors Arrangement Act in January 2004.
Stelco Court Monitor Files 14th Report
09 December 2004 - Stelco Inc.’s court-appointed Monitor has filed its Fourteenth Report regarding the company's Court-supervised restructuring. The Report outlines a proposed creditors' claims process and provides an update on Stelco's asset sale process.
Stelco Director Resigns from Board
02 December 2004 - Stelco Inc. announced that Peter Dey has resigned from the Board of Directors in order to avoid any perception of conflict of interest between his role as a Director and his affiliation with Osler, Hoskin & Harcourt LLP.
Court Approves Deutsche Bank Proposal as Stalking Horse Bid
30 November 2004 - The Superior Court of Justice (Ontario) has approved the Deutsche Bank commitment as the stalking horse in Stelco Inc.’s capital raising process. The Court also approved amendments to the process itself that were proposed by the company.
Stelco Court Monitor Files Second Supplemental 11th Report
29 November 2004 - Stelco Inc.’s court-appointed Monitor has filed a Second Supplemental Eleventh Report regarding the company's Court-supervised restructuring. The Report provides an update on the amended Deutsche Bank commitment letter announced by Stelco, including the Monitor's views regarding the commitment.
