Norambar Inc. has obtained an arrangement for a new credit facility.

The new $40 million credit facility, which will be used for operating purposes, will cover Norambar Inc. and Fers et Métaux Recyclés Ltée. The facility replaces an existing $30 million facility that was to expire January 28, 2007.

The lenders are CIT Business Canada Inc. with GE Canada Finance Inc.

Norambar Inc. is a modern minimill located in Contrecoeur, Qué., where it employs more than 400 qualified people. Norambar supplies over 600,000 tons of quality bars and billets for the automotive, construction, service center and railway industries. Over 60% of its production is 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. Norambar is a wholly owned subsidiary of Stelco Inc.

Stelco Inc. is a large, diversified steel producer involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses.