Sorel Forge Inc., a subsidiary of Slater Steel, has entered into a definitive agreement to sell substantially all of its assets, on a going-concern basis, to the Tricap Restructuring Fund. The transaction, which is expected to close on, or about, March 1, 2004, is subject to certain conditions, including approval from the Ontario Superior Court of Justice.

Located in Sorel-Tracy, Que., Sorel Forge is the largest integrated open-die forging plant in Canada. Sorel produces mold, tool and die steels, custom forgings and forged steel bars. The facility is among only a few in the world that are capable of producing large mold blocks of up to 55,000 pounds.

Sorel employs approximately 270 hourly and salaried employees.

The Tricap Restructuring Fund, with dedicated capital exceeding $415 million, was established by Brascan Asset Management to provide a source of patient long-term capital and strategic assistance to companies experiencing financial or operational difficulty.

Slater Steel is a minimill producer of specialty steel products. The company's minimills are located in Fort Wayne, Ind.; Hamilton and Welland, Ont.; and Sorel-Tracy, Que. (See steelnews.com's Slater Steel page for additional background.)