Stelco
Latest News
Stelco Creditor Meetings Adjourned Again
22 November 2005 - Stelco Inc. announced that the meeting of its creditors has been further adjourned until Wednesday, November 23, 2005. Meetings of creditors of Stelco’s subsidiaries will also be adjourned to the same date.
Stelco Court Monitor Files 39th Report
17 November 2005 - Stelco Inc.’s Court-appointed Monitor has filed its thirty-ninth report regarding the company's Court-supervised restructuring.
Stelco Unions Target Restructuring as One Company
15 November 2005 - Stelco local unions recently endorsed a set of seven principles that they will use to evaluate any plan to restructure Stelco. At their meeting, the unions agreed that Stelco must be restructured as one company, not sold off in parts.
Stelco Reports 3rd Quarter Loss
11 November 2005 - Stelco Inc. reported a net loss of $42 million on net sales revenue of $725 million for the quarter and net earnings of $47 million on sales revenue of $2.462 billion for the nine months ended September 30, 2005.
Stelco Completes Sale of Stelpipe
04 November 2005 - Stelco Inc. has completed its sale of Stelpipe Ltd.’s assets to Lakeside Steel Corp. on October 31, 2005.
Stelco to Sell Norambar, Stelfil and Stelwire to Mittal Canada
03 November 2005 - Stelco Inc. has signed a Letter of Intent concerning the sale of Norambar Inc., Stelfil Ltée and Stelwire Ltd. to Mittal Canada Inc., a subsidiary of Mittal Steel Co. NV.
Stelco Distributes Restructuring Plan Information
17 October 2005 - Stelco Inc. has mailed to creditors a Notice of Proceedings and Meetings and Information Circular concerning the company's previously announced restructuring plan.
Court Okays Stelco Agreements, Creditor Meetings
05 October 2005 -
Stelco-Tricap Agreement Filed with Court
30 September 2005 - Stelco Inc. announced that its restructuring agreement with Tricap Management Limited was filed with the Court Wednesday evening (Sep. 28) as part of the Motion Record for a hearing scheduled for October 3, 2005.
Tentative Agreements a Positive Step that Bondholders Should Welcome
26 September 2005 - Tentative agreements reached late Friday, Sept. 23, between two locals of the United Steelworkers and Stelco Inc. should be good news for everyone, including bondholders, says Steelworkers' National Director Ken Neumann.
Stelco Advances toward Restructuring
26 September 2005 - Stelco Inc. announced that it has satisfied the preliminary conditions under the restructuring agreement entered into between the company and the Province of Ontario.
Stelco Court Monitor Files 37th Report
22 September 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-seventh report regarding the company's Court-supervised restructuring. The Report provides updated information regarding Stelco’s restructuring plan and restructuring agreement with the Province; Stelco’s request for further extension of the stay period; and Stelco’s operating performance and current market conditions.
Stelco Files Restructuring Plan
21 September 2005 - Stelco Inc. filed a restructuring plan with the Court on Tuesday, Sep. 20. It also filed a restructuring agreement with the Province of Ontario that includes an arrangement for funding the company's pension plans.
Court Extends Stelco Stay Period to September 23
08 September 2005 - Stelco Inc. sought and obtained an extension to the stay period for its Court-supervised restructuring during a hearing held on Wednesday, Sep. 7. During the same hearing, the Court also granted Stelco’s request to appoint a Special Officer to oversee a review of complaints made by two former directors.
Stelco Continues to Pursue Plan of Arrangement
02 September 2005 - Stelco Inc. is continuing active discussions with stakeholders concerning its intention to introduce a plan of arrangement under the Companies' Creditors Arrangement Act that would enable Stelco to exit Court protection. The company notes that it is continuing to develop a detailed plan designed to help the company emerge as a viable and competitive steel producer in the North American market environment.
Stelco Court Monitor Files 35th Report
01 September 2005 - Stelco Inc.’s court-appointed Monitor has filed its thirty-fifth report regarding the company's Court-supervised restructuring. The Report provides updated information regarding the previously-announced agreement for the sale of substantially all of the assets of Stelpipe Ltd. to Romspen Investment Corp.
Stelco Enters Agreement in Sale of Stelpipe
22 August 2005 - Stelco Inc. has entered into a definitive agreement for the sale of the assets of Stelpipe Ltd. to Romspen Investment Corp., an independent non-bank lender and financier based in Toronto.
Stelco Announces Adjournment of Motions
19 August 2005 - Stelco Inc. announced that the Superior Court of Justice (Ontario) has agreed to a request to adjourn motions in the matter of the company's Court-supervised restructuring that were scheduled to be heard Thursday.
Steelworkers Vow to Protect Pensions and Jobs at Stelco
16 August 2005 - The Presidents of five Steelworker local unions at Stelco Inc., the President of the Hamilton Chapter of the Steelworkers Organization of Active Retirees (SOAR), and the United Steelworkers' Ontario/Atlantic and Canadian National Directors have reaffirmed their strong commitment to fight for pensions and jobs for all Steelworkers and Steelworker retirees at Stelco.
Stelco Opposes USW International Motion
11 August 2005 - Stelco Inc. filed material with the Superior Court of Justice (Ontario) opposing the USW International's bid to enable any creditor to prepare and file a restructuring plan in the matter of the company's CCAA process. The USW International motion is to be heard by the Court on August 16, 2005.
