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Stelco Awaits Ontario
Superior Court Decision

March 16, 2004 — Stelco Inc. announced that it has substantially completed the documentation relating to its $75 million debtor-in-possession financing.

Availability under the facility depends on satisfaction of financing conditions and the outcome of the motion before the Ontario Superior Court of Justice with respect to the granting of the initial court order to Stelco Inc. and other applicants pursuant to the Companies' Creditors Arrangement Act. Stelco is awaiting the decision of the Ontario Superior Court of Justice following a hearing of the motion on March 5, 2004.

Stelco also announced that fourth quarter 2003 financial information will be provided in conjunction with the 2003 annual audited financial statements that the corporation expects to issue by not later than mid-May 2004.

Stelco Inc., Canada's largest and most diversified steel producer, is involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Stelco has a presence in six Canadian provinces and two states of the United States. Consolidated net sales in 2002 were $2.8 billion.

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