May 5, 2006 — Stelco Inc. announced that William E. (Bill) Vaughan will retire as Chief Financial Officer, effective May 20, 2006.

Bill has had a distinguished 38-year career with Stelco. A Certified Management Accountant, he joined the company in 1968. Since then he has held a number of executive positions in the areas of administration, planning and control, and finance. He was named Senior Vice President — Finance in January 2004 and Chief Financial Officer in April of that year.

Bill played a central role in the company's recent successful restructuring under the Companies Creditors Arrangement Act. He has indicated that he is prepared to assist during a transition period.

Stelco is one of Canada's largest publicly-traded steel companies. It is focused on its two Ontario-based integrated steel businesses located in Hamilton and in Nanticoke, producing high quality value-added hot rolled, cold rolled, coated sheet and bar products.