Stelco Comments on Court Denial of Leave for Steelworkers Seeking Appeal
05/06/2004 -
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Stelco Comments on Court Denial of Leave for Steelworkers Seeking Appeal
May 6, 2004 — Stelco Inc. has commented on this week's ruling denying several local USWA unions leave to appeal a decision of the Superior Court of Justice (Ontario) that the company was insolvent under the Companies' Creditors Arrangement Act (CCAA).
Courtney Pratt, Stelco President and CEO, said, "We welcome this decision because now we can focus on pursuing a successful restructuring.
"I invite our union representatives to join with us in the meaningful discussions that must begin soon. A successful restructuring is the only available means of achieving a positive outcome and our common goal — a viable and competitive Stelco providing well-paying jobs to our employees, security to our retirees, and a range of benefits to the community."
Stelco Inc., a diversified Canadian 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 in two states of the United States. Consolidated net sales in 2002 were $2.8 billion.
