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Slater Steel Exempted from Financial Filing Requirements

May 19, 2004 — Slater Steel Inc. has received exemptions from each of the securities regulatory authorities in the provinces of Ontario, Alberta, British Columbia, Quebec, Saskatchewan, Nova Scotia and Newfoundland and Labrador with respect to year-end and first quarter financial filing requirements.

The exemptions waive Slater’s obligations to

• File comparative financial statements for the financial year ended December 31, 2003, and to deliver such statements to shareholders, within 140 days of the financial year end.
• File interim financial statements for the period ended March 31, 2004, and to deliver such statements to shareholders, within 45 days of the end of such period.

The securities regulatory authorities of each of Ontario, Quebec and Saskatchewan also granted Slater exemptions from the requirement to file an annual information form for the financial year ended December 31, 2003 and to file Management's Discussion and Analysis relating to the financial year ended December 31, 2003 and deliver such Management's Discussion and Analysis to shareholders within 140 days of the financial year end.

These exemptions have been granted on the condition that Slater issues a press release disclosing the details of the granting of such relief and that Slater files on SEDAR all reports that it or PricewaterhouseCoopers Inc., the monitor appointed in respect of Slater's insolvency proceedings, files with the Ontario Superior Court of Justice within 10 days of the date of any such filing. The exemptions will no longer apply in the event that Slater emerges from creditor protection under the Companies' Creditors Arrangement Act or in the event that Slater implements a proposal under the Bankruptcy and Insolvency Act (Canada).

Slater Steel 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. Slater once again states that it does not expect that shareholders will receive any value from the insolvency proceedings.

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