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Slater Steel Applies for
Disclosure Exemptions

Feb. 24, 2004 — Slater Steel Inc. has submitted applications for a ruling that it be exempt from the continuous disclosure requirements under applicable securities legislation. Applications were submitted to the securities authority, or regulator, in each of Ontario, Alberta, British Columbia, Quebec, Saskatchewan, Manitoba, Nova Scotia and Newfoundland and Labrador

Slater also said that, on or prior to receiving such exemption, it will seek to delist its common shares from trading on The Toronto Stock Exchange.

Slater said that it believes that the incremental cost of providing the additional disclosure to shareholders required by legislation is not warranted given its circumstances. In addition, continuing to comply with the continuous disclosure requirements is overly onerous and costly and creates a misleading impression that shareholders will continue to have a real economic interest in Slater.

Slater and its subsidiaries sought creditor protection under applicable Canadian and U.S. legislation on June 2, 2003 and have announced either the wind-down and orderly realization or the sale of its remaining assets. In press releases, the company has stated on four occasions — October 7, 2003, November 20, 2003, December 19, 2003 and January 7, 2004 — that it does not expect that shareholders will receive any value from the insolvency proceedings. The company said that there can be no assurance that the relief that it is seeking will be obtained.

Slater Steel is a minimill producer of specialty steel products.

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