Stelco
Latest News
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.
Stelco Negotiates Amended Deutsche Bank Commitment
28 November 2004 - Stelco Inc. has successfully negotiated Commitments from Deutsche Bank and its affiliates to replace the previously announced Commitments, which had depended on a General Motors contract. Stelco's Board of Directors unanimously approved the company entering into the revised Commitments with Deutsche Bank.
Court Delay Prompts Steelworkers to Urge Consideration of Union Principles
24 November 2004 - With the court delaying its decision on Stelco Inc.'s refinancing deal with Deutsche Bank, the United Steelworkers is urging that the company ensure that the union's seven principles are adhered to in its capital-raising process.
Stelco Announces Failure to Provide Security of Supply for General Motors
23 November 2004 - Stelco Inc. announced that it has been unable to satisfy the conditions regarding the provision of security of supply required by General Motors, the company's largest customer, through 2005.
Steelworkers Object to Stelco Motion to Approve Deutsche Bank Proposal
22 November 2004 - The United Steelworkers filed objection late last week to Stelco Inc.'s motion to seek approval for the financing commitment offered by Deutsche Bank (the DB Commitment) with the Ontario superior court.
Stelco Reaches Another Round of Deadlines
22 November 2004 - Over the weekend, Stelco Inc. provided updates regarding its capital raising activities and other matters. In its second update, the company emphasized the importance of its continued focus on maintaining its important business relationship with General Motors.
Stelco Reaches Tentative Contract Agreement with General Motors
18 November 2004 - Stelco Inc. has reached agreement with General Motors for a contract commencing April 1, 2005 and ending December 31, 2006. While recent contracts with General Motors have typically been for one year, the new arrangement covers a longer period.
Steelworkers Oppose Deutsche Bank Offer for Stelco
18 November 2004 - The United Steelworkers announced that it is firmly opposed to the deal between Deutsche Bank and Stelco Inc. and will oppose it in court on Nov. 22.
Deutsche Bank to Remove 3% Equity Clause from Stelco Agreement
18 November 2004 - Stelco Inc. has had discussions with Deutsche Bank for the purpose of deleting reference to a management share plan in the Deutsche Bank Commitment Letter.
Stelco Provides Additional Details Regarding Deutsche Bank Commitment
16 November 2004 - Stelco Inc. provided further details of the transaction announced on November 14, 2004, with respect to a proposal from Deutsche Bank Securities Inc. and Deutsche Bank AG.
Stelco and Deutsche Bank Agree on Terms of New Financing
15 November 2004 - Stelco Inc.’s Board of Directors unanimously approved a term sheet with Deutsche Bank Securities Inc. and Deutsche Bank AG. The term sheet provides for a recapitalization of Stelco Inc. involving a financing of $900,000,000. The financing includes an asset-based loan facility co-underwritten by Deutsche Bank AG and CIT Business Credit Canada, for which Deutsche Bank Securities Inc. will act as Lead Arranger, and a purchase commitment by Deutsche Bank Securities Inc. of Stelco Inc. convertible notes and bridge notes.
Stelco to Evaluate Bondholder Proposal
10 November 2004 - Stelco Inc. has received a comprehensive proposal from a group of its bondholders, as well as several other expressions of interest. Stelco's Board of Directors, in consultation with its advisors, is actively reviewing the bondholder proposal.
Stelco Reports 3rd Quarter Results
08 November 2004 - Stelco Inc. reported net earnings of $58 million on net sales revenue of $953 million in the third quarter ended September 30, 2004.
Stelco and Local 8782 Welcome Agreement with DaimlerChrysler
31 October 2004 - Stelco Inc. and United Steelworkers of America (USWA) Local 8782 jointly announced that they have reached agreement with DaimlerChrysler to extend the deadline for providing assurances regarding security of steel supply. The deadline, originally set for October 31, 2004, has now been moved to November 18, 2004.
Stelco Reaches Agreement with GM, Receives Court Approval of Capital Raising Process
21 October 2004 - Stelco Inc. received Court approval of a process designed to raise capital and to pursue the sale of non-core assets. The company also announced that it has reached an agreement with General Motors (GM) regarding the sourcing of supply in 2005.
Tenth Monitor Report Available for Stelco Restructuring
15 October 2004 - Stelco Inc. announced the filing of the Tenth Report of the Monitor for the company's Court-supervised restructuring.
Cliffs Announces Labor Agreement at Wabush Mines
12 October 2004 - Cleveland-Cliffs Inc. announced that contract settlements have been reached and ratified by the United Steelworkers Union, representing approximately 575 hourly employees at Wabush Mines in Canada.
Stelco Customer Reacts to 90-Day Notice
11 October 2004 - One of Stelco Inc.’s largest customers has served notice that it will remove its business from the company for 2005 unless it receives assurances of Stelco's ability to provide security of supply through the coming year.
Steelworkers Vote to Strike at Stelco-Owned AltaSteel
11 October 2004 - Members of the United Steelworkers have voted over 82% to strike if necessary at Stelco-owned AltaSteel. The vote was completed late Friday with a turnout of 197 out of 270 eligible voters.
Stelco Earns International Automotive Quality Certification
08 October 2004 - Stelco Inc. has been awarded ISO/TS 16949:2002 Quality Management System certification for its Cold Rolled and Coated Products Division.
