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Slater Steel Common Shares
to be Delisted

March 12, 2004 — Slater Steel Inc. announced that the Toronto Stock Exchange (TSX) has accepted notice of the company's request to delist its common shares from trading on the TSX. The common shares will be delisted effective at the close of business on Friday, March 19, 2004.

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, Slater has stated on six occasions that it does not expect that shareholders will receive any value from the insolvency proceedings.

Slater Steel is a minimill producer of specialty steel products.

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