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Norambar Announces Credit Facility Acquisition of Fers et Métaux Recyclés

Feb. 3, 2004 — Norambar Inc. announced an arrangement for a new credit facility to be used for operating purposes. The new credit facility of $30 million will cover Norambar Inc. and Fers et Métaux Recyclés Ltée. The facility covers a period of three years expiring January 28, 2007.

Lenders are CIT Business Credit Canada Inc. with GE Canada Finance Inc.

Norambar Inc. also announces that it has acquired 100% of Fers et Métaux Recyclés Ltée from Philip Services Inc. at the end of December 2003. Previously it owned 50% of this company.

Norambar Inc. (formerly known as Stelco-McMaster Ltée) is a private and independent company whose shares are owned by Stelco Inc. It is a modern mini-mill located in Contrecoeur, Québec, where it employs more than 400 qualified people. Norambar supplies over 600,000 tons of quality bars and billets, with over 60% of its production sold outside Canada. An important recycler, Norambar is also involved in ferrous and non-ferrous scrap metal recuperation and processing through Fers et Métaux Recyclés Ltée of La Prairie, Qué., and Cyclomet of Scoudouc, New Brunswick.

Stelco Inc., Canada's largest and most diversified steel producer, is involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Stelco has a presence in six Canadian provinces and two states of the United States. Consolidated net sales in 2002 were $2.8 billion.

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