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Stelco Comments
on Government Statement

May 14, 2004 — Stelco Inc. commented on the announcement by the Ontario government offering to assist in identifying a neutral third party to start discussions between the company and its United Steelworker of America locals.

Courtney Pratt, Stelco President and CEO, said: "If the recruitment of a neutral third party affords an opportunity to achieve the start of meaningful discussions, then we are certainly open to it. As all of our stakeholders know, the success of this process rests on all of their participation and a willingness of all to contribute. Without that, this company will not be positioned for survival."

"The terms of reference for any such third party will be extremely important. We must remember that this process must ultimately include not only the company and its unions, but the many other stakeholders who have a role to play in the restructuring process and a vote in shaping the outcome.

"We will continue our efforts to bring all representatives to the same table. As always, we are open to any suggestions and assistance that will achieve this goal in the interest of our employees, retirees, the community and other stakeholders."

Stelco Inc., a large, diversified steel producer, is involved in all major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. Consolidated net sales in 2003 were $2.7 billion.

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