Stelco Inc. and its USWA Locals 1005, 8782 and 5238 have agreed to extend their June 23rd Agreement until November 26, 2004.

The June 23rd Agreement established a framework for discussions concerning a collective agreement at the Lake Erie facility and the company's overall restructuring. The Agreement broadly requires Stelco and Local 8782 to bargain for renewal of a collective bargaining agreement. Existing arrangements continue, whereby the company and Local 8782 agree to provide 90 days prior written notice of any potential lockout or work stoppage respectively.

Courtney Pratt, Stelco President and CEO, said, "This extension provides a measure of stability for everyone concerned. It continues the process governing Lake Erie negotiations, restructuring and other discussions involving the company and its USWA Locals."

The Agreement was scheduled to expire on September 30, 2004 unless the parties consented to its extension.

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