Stelco Inc.’s Board of Directors has commenced its review of bids submitted under the Court-approved capital raising and asset sale process.

Working from detailed reports submitted by the company's financial advisor, UBS, and the Court-appointed Monitor, the Board initiated the review of bids during its Friday, Feb. 18 meeting. No decisions were made in relation to preferred bids or next steps.

Courtney Pratt, Stelco's President and CEO, said, "We've now begun the review and analysis of bids submitted under the Court-approved process. While we hope to proceed in a timely manner, we'll take the time needed to do the job well in the interests of all our stakeholders."

The Board will continue its analysis at its next meeting, anticipated to occur during the coming week.

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.